Axis Bank, one of the largest private sector banks in India, has launched ‘Sarathi’, a first of its kind digital on-boarding journey to enable Electronic Data Capture (EDC) or Point of Sale (POS) for merchants. Unlike the cumbersome traditional on-boarding process that can take several days, Sarathi provides a seamless and hassle-free experience for merchants.The solution enables merchants to complete the on-boarding process in just four simple steps which includes:
Ø Realtime database checks for faster application processing
Ø Live video verification to authenticate merchant information at his/ her convenience
Ø It eliminates the field verification process which helps in instant decision-making
Ø Instant installation of POS
With an innovative on-boarding solution, Sarathi is built to provide merchants with a smooth and effective experience. The paperless on-boarding process eliminates the need for merchants to fill out cumbersome forms or wait for extended periods to have their POS terminals installed.
Merchants stand to benefit significantly from Sarathi's innovative features, which include immediate status updates, eliminating the need for follow-up visits, and the ability to transact on the same day their application is processed. The paperless on-boarding process ensures that all necessary documents are collected at one go, avoiding the need for merchants to make multiple visits or submit forms repeatedly.
The solution provides quick installations within 45 minutes of processing the application.Commenting on the announcement, Sanjeev Moghe, President & Head - Cards & Payments, Axis Bank, said “Axis Bank will continue to focus on creating digital differentiators across the lifecycle of merchants and consumers.
Sarathi gives us the immense potential to drive value for both merchants as well as the sales channel, especially at a time when instant gratification is the norm. This rapidification of on-boarding combined with top-notch feature-rich terminals should deliver a superior experience for our merchant community and at the same time improve productivity for our sales teams from an efficiency and productivity standpoint.”
Sarathi's on-boarding solution marks a fundamental leap in the way merchants onboard, simplifying the process and delivering an unparalleled level of convenience and efficiency.
About Axis Bank:
Axis Bank is one of the largest private sector banks in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture, and Retail Businesses. With its 4,903 domestic branches (including extension counters) and 15,953 ATMs across the country as on 31st March 2023, the network of Axis Bank spreads across 2,741 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services.
The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge, Axis Pension Fund and Axis Bank Foundation.For further information on Axis Bank, please refer to the website: https://www.axisbank.com