KredX DTX · Product Design

Onboarding Indian MSMEs
onto a TReDS Platform

A fully RBI-compliant, digital-first onboarding flow that gets an MSME from sign-up to their first invoice upload in under 20 minutes — without needing to visit a branch or upload a single physical document.

RBI KYC Master Direction 2016 TReDS Master Direction 2021 Draft TReDS Directions 2026 Indian MSMEs Only Digital-First

One line summary: Instead of asking businesses to upload 10 documents and wait 3 days, we fetch everything automatically from government databases in under 3 minutes — and the RBI's own evolving rules now support exactly this approach.

1 / 10
The Problem

Why do MSMEs avoid TReDS platforms?

MSMEs desperately need working capital — they have invoices but the money takes 60–90 days to arrive. TReDS was built to solve this. But the sign-up process was so painful that most MSMEs gave up.

Old onboarding (before this design)

❌ Upload 10+ physical documents
❌ Wait 3–5 days for manual review
❌ Fill the same information across multiple forms
❌ Visit branch for video KYC
❌ Different process for each business type
❌ No save-and-resume — start over if interrupted

This design

✅ Enter PAN → we fetch everything else
✅ Under 20 min for most businesses
✅ Mobile-first, camera-based
✅ Instant identity check (no physical visit)
✅ Flow adapts to your business type automatically
✅ Save and resume anytime, any device

2 / 10
Context

What is TReDS, simply explained?

Imagine you're a small textile supplier. You delivered goods to a big company. They owe you ₹10 lakh, but they'll pay only after 90 days. You need money now. TReDS is a platform where a bank bids to give you ₹9.8 lakh today — and collects ₹10 lakh from the big company later. You get paid immediately. The bank earns the ₹0.2 lakh difference.

🔑 Key fact for compliance: If the big company (buyer) fails to pay, the bank takes the loss — not you. This is called "without recourse." Because the MSME seller has no financial risk, the RBI's 2026 Draft TReDS Directions propose that platforms should NOT need to do full bank-level identity checks on sellers.

$12B+
KredX transaction volume
65K+
MSMEs on platform
700+
Corporate buyers
90 days
Avg payment wait time solved
3 / 10
The Regulatory Shift

The RBI changed the rules — and it helps us move faster

In April 2026, the RBI published Draft TReDS Directions 2026 that acknowledges a simple truth: MSMEs' money goes into their existing bank account. That bank already verified who they are. So why verify everything again?

Before (Old Rule)

Full bank-grade identity verification. Collect every document. Verify all directors. Complex for even a small partnership firm. Could take days.

After (2026 Draft)

Focus on 3 things only: (1) Is this a real, registered business? (2) Does the bank account belong to them? (3) Are the invoices genuine?

⚠️ Important: This is still a draft law — not final yet. So our system is built to work under both the old and new rules. A single toggle switches between full-KYC mode and simplified mode. Both are production-ready from Day 1. Reference: KYC Master Direction 2016

4 / 10
Our Solution

The core idea: fetch data, don't ask for it

India has incredible government databases. A business's name, address, bank account, and owner details already exist in these systems. Instead of making MSMEs re-type everything, we connect to these databases directly. The user enters two numbers — we do the rest.

📋

User enters PAN

We fetch: business name, type, tax status

→ ITD PAN API

🏭

User enters Udyam No.

We fetch: MSME classification, industry, address, bank account

→ Udyam Verify API

🪪

Person's CKYC ID

We fetch: identity, address, photo — from bank records

→ CKYCR Registry API · §56

Result: a typical proprietorship onboards in 10–15 minutes. A Pvt Ltd with 2 directors takes 20–30 minutes. Zero physical document uploads in most cases.

5 / 10
The Flow

5 phases from sign-up to first invoice

1

Verify your phone & give consent

OTP on mobile → you say yes to which databases we can check · §16 KYC MD · ~60 seconds

2

Tell us your PAN and Udyam number

We auto-fill everything else from government APIs · §19–33 KYC MD · ~2 min

3

Verify who you are (person, not just company)

CKYC → Aadhaar OTP → Upload ID → Video call (in that order, stop at first that works) · §18, §18A, §56

4

Verify your bank account

We send ₹1, your bank tells us your name, we cross-check — 3-way validation · TReDS MD 2021 · ~60 seconds

5

Risk check & digital sign

Automatic low/medium/high risk scoring → eSign with Aadhaar OTP → Account live · §17 KYC MD

6 / 10
Entity Types

Different businesses → different document needs

The system detects your business type from the PAN API and shows only what's relevant. You never see a confusing menu asking you to "select your entity type."

Business TypeKey DocumentsWho gets individually verified?Time
Sole Proprietorship
E.g. Ramesh Trading Co.		PAN + GSTIN (auto) + 1 more ID proof · §33Proprietor only~12 min
Partnership Firm
E.g. Sharma & Sons		PAN + Partnership deed · §25All managing partners~25 min
LLPPAN + CoI (auto from MCA21) · §26Designated partners~20 min
Private Limited Co.PAN + CoI + MOA/AOA (auto) · §27All directors + auth. signatory~30 min

⚠️ Updated BO threshold: Any person owning 10%+ of the business must also be personally verified. This was previously 25%, but RBI aligned with FATF 2023 recommendations and lowered it to 10%. Reference: §22 KYC MD

7 / 10
Risk Framework

Not everyone needs the same level of checking — and the RBI agrees

The RBI requires us to apply a risk-based approach — verify more carefully for riskier businesses, go faster for safe ones. Reference: §17 KYC Master Direction

LOW RISK

Most TReDS MSMEs

Consistent GST filing, mainstream industry, registered for 2+ years. → Simplified checks. Auto-approved in <2 hours. Re-verify every 10 years.

MEDIUM RISK

Complex structures

Newer business, irregular GST, complex partnership. → Standard checks. Compliance review 4–8 hours. Re-verify every 8 years.

HIGH RISK

Rare edge cases

Precious metals/gems dealer, PEP connection, flagged on sanctions lists. → Enhanced Due Diligence. Manual review 24–48 hours. Re-verify every 2 years.

Risk inputs: Industry NIC code (from Udyam API), GST compliance history (from GSTN API), sanctions screening (UN/OFAC/RBI lists), adverse news API, PEP check

8 / 10
Technology

Every API we use and why

API / SystemWhat we fetchWhy this source
ITD PAN APIBusiness name, type, active statusGovernment source — authoritative, cannot be faked
Udyam Verify APIMSME class, industry, address, bank account refMandatory eligibility check per TReDS MD. Gives us a govt-verified bank account to cross-check.
GSTN APIGST registration status, filing history, addressProves the business is actively operating and tax-compliant
CKYCR (CERSAI)Verified individual identity from bank recordsMandatory first step per §56 KYC MD. Instant. No documents needed.
UIDAI eKYCAadhaar-verified identity + addressFallback if CKYC not found. OTP-based. Compliant per §18(b) KYC MD
MCA21 APICertificate of Incorporation, director list, shareholdingAuto-fetches company documents — no upload needed
DigiLocker APIMOA/AOA, Aadhaar XML, Driving LicenceGovernment-issued digital documents — legally equivalent to originals
Account AggregatorBank statement data (consent-based)Tamper-proof structured data. Helps financiers bid better rates for the MSME.
9 / 10
Success Metrics

How we know this is working

These are the numbers we track weekly. The first two are the most important — they directly reflect whether the design is working for real MSMEs.

<20m
Time from sign-up to active account (target P50)
>80%
Applications approved without any human review
<15%
Users who drop off before submitting
<5%
Applications rejected by compliance team
MetricTargetWhy it matters
CKYC hit rate>50% of individualsHigher hit rate = faster onboarding for most users. If low, we investigate why.
Aadhaar eKYC adoption>70% of individualsShows the fast path is working; low adoption means V-CIP bottleneck.
Manual review TAT<8 hours (medium risk)Even the non-auto path should be fast for MSMEs.
KYC refresh completion rate>90% before expiryPer §38 KYC MD — accounts are restricted if not refreshed. Affects MSME's ability to use platform.
10 / 10

Product Requirements Document

MSME Onboarding Flow — KredX DTX (TReDS)

Version: 1.0 Platform: TReDS (DTX) Scope: Indian MSMEs — Seller onboarding Regulatory basis: KYC MD 2016 · TReDS MD 2021 · PMLA 2002

Contents

  1. 1. Overview
  2. 2. Problem Statement
  3. 3. Goals & Non-Goals
  4. 4. Users & Personas
  5. 5. Regulatory Constraints
  6. 6. Functional Requirements
  7. 7. Non-Functional Requirements
  8. 8. API & Integration Requirements
  9. 9. Success Metrics
  10. 10. Risks & Mitigations
  11. 11. Assumptions
  12. 12. Out of Scope

1. Overview

This document defines the product requirements for onboarding Micro, Small, and Medium Enterprises (MSMEs) as invoice sellers onto KredX's DTX platform — a TReDS (Trade Receivables Discounting System) licensed by the Reserve Bank of India.

TReDS allows MSMEs to sell their unpaid invoices to banks and financiers, getting cash immediately instead of waiting 60–90 days. The onboarding flow is the first experience every MSME has with DTX. If it is confusing or slow, they leave. If it is fast and clear, they stay and grow with the platform.

Design north star: An MSME owner with a 5th-grade education should be able to complete onboarding on their phone in under 20 minutes, without calling customer support.

2. Problem Statement

Indian MSMEs face a severe cash-flow problem: they deliver goods and services but wait months to be paid. TReDS was built to solve this. However, platform adoption has been low because the onboarding process itself is a barrier.

Root causes of drop-off

  • Users are asked to manually upload 10+ documents — many don't know what these documents are
  • The same information is requested multiple times in different forms
  • There's no clear indication of progress or how long it will take
  • If interrupted, users must start over — there's no save-and-resume
  • The process doesn't adapt to the user's business type — a sole proprietor sees the same complex form as a large company
  • Manual review adds 2–5 business days of wait time

💡 Insight: All the information MSMEs are asked to upload already exists in government databases (Udyam, GSTN, MCA21, PAN). The real problem is that platforms haven't built the API connections to fetch it automatically.

3. Goals & Non-Goals

Goals

  • Reduce median onboarding time from 3–5 days to under 20 minutes
  • Achieve >80% straight-through approval (no human review needed)
  • Maintain 100% compliance with RBI KYC Master Direction 2016, TReDS MD 2021, and PMLA 2002
  • Support all 4 MSME legal entity types (Proprietorship, Partnership, LLP, Pvt Ltd)
  • Make the flow usable on a mid-range Android phone on a 3G connection
  • Support save-and-resume across devices
  • Build a modular architecture that can toggle between simplified (2026 draft) and full CDD mode

Non-Goals

  • Onboarding corporate buyers or financiers (separate flows, separate document)
  • Onboarding MSMEs from outside India
  • Credit assessment or invoice limit setting (post-onboarding feature)
  • Support for informal enterprises without any Udyam registration (flagged for UAP-assisted registration first)

4. Users & Personas

PersonaWho they areTheir biggest painWhat success looks like
Ramesh
Proprietor, auto-parts supplier, Ludhiana. Limited digital literacy. Aadhaar-linked phone.		Runs a 1-person firm. Submits invoices to a large car manufacturer. Needs ₹5L now, will get it in 90 days.Doesn't know what "Partnership deed" or "MOA" means. Gives up when asked to upload documents.Completes onboarding in 12 minutes on his phone. Never asked for a document he doesn't understand.
Priya
CFO of a 3-partner food ingredient firm, Pune. Has CA on call. Comfortable with digital.		Needs all 3 partners to complete KYC. Worried about which partner's documents are needed.Sequential partner KYC means the process takes 3 days if partners are in different cities.All 3 partners get simultaneous KYC links. Onboarding complete in 25 minutes despite geographic split.
Amit
Director of a textile exporter Pvt Ltd, Surat. 2 directors, 3 shareholders. Referred by anchor corporate.		Complex shareholding. Needs to declare beneficial owners accurately. Has DSC and DigiLocker.Unclear which shareholders need KYC (old 25% threshold vs new 10% threshold creates confusion).System auto-fetches director list from MCA21. Clearly explains the 10% BO rule in plain language.

5. Regulatory Constraints (Non-Negotiable)

These are not optional features — they are legal obligations. Any change to these requires a compliance sign-off, not just a product decision.

RequirementRegulatory SourceWhat it means in plain English
Customer Acceptance Policy§16 KYC MDNo anonymous accounts. No account activated until KYC is complete.
Risk categorisation§17 KYC MDEvery MSME must be rated Low / Medium / High risk. Level of checking must match the rating.
Check CKYC first§56 KYC MDBefore asking someone to redo their identity verification, check if it's already in the central registry.
Video KYC rules§18A KYC MDVideo must be live, recorded, stored on KredX's own servers. No Zoom/Teams. Facial gestures NOT mandatory (for accessibility, per 2025 update).
Beneficial Owner (BO) rule§22 KYC MD · FATF 2023Anyone who owns 10%+ of the business must be personally verified. (This was 25% — it was reduced to 10%.)
Record keeping§45 KYC MD · PMLA 2002All KYC documents must be stored securely for at least 5 years.
Periodic KYC renewal§38 KYC MDLow risk: renew every 10 years. Medium: 8 years. High: 2 years. Platform must restrict account if not renewed.
Sanctions screeningPMLA 2002Check every new MSME and owner against UN/OFAC/RBI sanctions lists before activation.
Udyam mandatoryTReDS MD 2021Only businesses with a valid Udyam Registration can use TReDS. No exceptions.
Aadhaar eKYC consent§18(b) KYC MDMust get explicit, written/digital consent before using Aadhaar OTP to verify anyone's identity.

6. Functional Requirements

MUST = required for launch   SHOULD = important, ship in v1.1   NICE = backlog

Phase 1 — Authentication & Consent

FR-1.1MUST Verify mobile number via OTP before any onboarding data is collected. Reference: §16 KYC MD
FR-1.2MUST Display a granular digital consent screen listing all third-party APIs to be called (UIDAI, CKYCR, Udyam, GSTN, MCA21). Log consent with timestamp. Reference: DPDP Act · §18(b) KYC MD
FR-1.3MUST Issue a unique session token and save-and-resume link via email and SMS after consent. Session must remain valid for 30 days.

Phase 2 — Entity Verification

FR-2.1MUST Verify PAN via ITD API and return entity name, entity type, and active status. Entity type must drive all downstream branching without user input.
FR-2.2MUST Verify Udyam Registration Number via Udyam API. Fetch enterprise type, NIC codes, address, and bank account reference. Reject if Udyam not active. Reference: TReDS MD 2021
FR-2.3MUST Run fuzzy name match between PAN name, Udyam name, and GSTN name. Auto-approve if confidence ≥85%. Route to manual review if 70–84%. Reject if <70%. All thresholds configurable without code deploy.
FR-2.4MUST Fetch GSTIN from PAN via GSTN API. Verify active registration, principal address, and filing compliance history (last 12 months).
FR-2.5MUST For Pvt Ltd and LLP: auto-fetch Certificate of Incorporation from MCA21 API using CIN. No upload required. Reference: §26–27 KYC MD
FR-2.6SHOULD Detect informal enterprises (no GST, no formal Udyam) and redirect them to Udyam Assist Platform in-flow to obtain a UAP certificate before proceeding.

Phase 3 — Individual KYC

FR-3.1MUST Attempt CKYCR lookup as the first and mandatory step for every individual KYC. Search by 14-digit CKYC ID or PAN + DOB. Reference: §56 KYC MD — this is not optional.
FR-3.2MUST If CKYC not found: offer Aadhaar OTP eKYC with explicit consent screen. Integrate with UIDAI eKYC API. Requires UIDAI authorization (KUA/AUA sub-entity). Reference: §18(b) KYC MD
FR-3.3MUST If Aadhaar eKYC fails: allow OVD upload (Passport/DL/Voter ID) with camera capture and AI liveness detection via approved KYC tech partner. Data must be stored on KredX servers — not vendor servers.
FR-3.4MUST Implement Video KYC (V-CIP) as final fallback. Must comply strictly with §18A KYC MD: live video, GPS geo-tag, E2E encryption, recorded on KredX servers, concurrent audit. NO mandatory facial gestures (2025 PwD update).
FR-3.5MUST For entities with multiple individuals (Pvt Ltd directors, LLP partners): send KYC links simultaneously to all, not sequentially. Entity activation waits for all to complete, but clock runs in parallel.
FR-3.6MUST Identify and verify all Beneficial Owners with ≥10% ownership stake. Reference: §22 KYC MD · FATF 2023. For Pvt Ltd: auto-fetch shareholder data from MCA21. For partnerships: self-declaration backed by digital undertaking.

Phase 4 — Bank Validation

FR-4.1MUST Validate bank account via penny drop (IMPS). Cross-match returned beneficiary name against (1) PAN entity name and (2) bank account on Udyam certificate — 3-way validation. Reference: TReDS MD 2021 — fund destination verification
FR-4.2SHOULD Offer optional Account Aggregator consent to share bank statement data. This is an enhancement, not a gate. MSMEs who consent get priority financier attention and better discount rates.

Phase 5 — Risk, Agreement & Activation

FR-5.1MUST Run automated risk scoring using NIC code, GST compliance rate, enterprise age, geography, and sanctions screening. Assign Low/Medium/High. Reference: §17 KYC MD
FR-5.2MUST Screen every entity and individual against UN/OFAC/RBI sanctions lists. Block activation on any match. Reference: PMLA 2002
FR-5.3MUST Collect three specific digital undertakings: (1) invoices are genuine, (2) no double-financing, (3) funds to go to verified account. Executed via Aadhaar eSign (preferred) or DSC. Reference: 2026 Draft TReDS Directions
FR-5.4MUST Low risk + all API confidence scores pass → auto-approve within 2 hours. Medium risk → compliance queue, target 4–8 hours. High risk → EDD + manual review, target 24–48 hours.
FR-5.5MUST Store all KYC documents and consent records for minimum 5 years, encrypted, with audit trail. Reference: §45 KYC MD · PMLA 2002

7. Non-Functional Requirements

NFR-1MUST All API calls must complete within 5 seconds or display a progress indicator. API timeout must not reset user progress — save state and retry asynchronously.
NFR-2MUST Mobile-first design. Must load on mid-range Android (2GB RAM) on 3G connection. Total page weight <1MB. Tested on Chrome Android 10+.
NFR-3MUST All language must be at a Grade 8 reading level. Regulatory terms (e.g., "Beneficial Owner", "CDD") must have plain-language explanations inline. No jargon without tooltip.
NFR-4MUST Compliance mode toggle: the system must be configurable to switch between Simplified CDD (2026 draft world) and Full CDD (current KYC MD) via admin flag, without a code deployment.
NFR-5MUST All data encrypted at rest (AES-256) and in transit (TLS 1.3). V-CIP video stored on KredX-owned infrastructure only. Reference: §18A KYC MD
NFR-6SHOULD Support regional language UI (Hindi, Marathi, Tamil, Telugu) via i18n framework. English default with language switcher in header.

8. API & Integration Requirements

SystemData fetchedRegulatory basisPriority
ITD PAN APIEntity name, type, status§18 KYC MDMUST
Udyam Verify APIMSME class, NIC code, address, bank account refTReDS MD 2021MUST
GSTN / GST Sahay APIGST status, compliance history, address§33 KYC MD (proprietorship OVD)MUST
CKYCR (CERSAI)Individual identity, address, photo§56 KYC MDMUST
UIDAI eKYC APIAadhaar-verified identity via OTP§18(b) KYC MDMUST
MCA21 APICoI, director list, shareholding§26–27 KYC MDMUST (for LLP/Pvt Ltd)
DigiLocker APIAadhaar XML, DL, MOA/AOA§18A KYC MDMUST
Penny Drop / IMPS Bank APIBank account beneficiary name validationTReDS MD — fund destinationMUST
Account AggregatorBank statement (consent-based)Optional enhancementSHOULD
Udyam Assist (UAP)Informal enterprise certificateMSME Ministry / SIDBISHOULD
Sanctions API (UN/OFAC/RBI)Sanctions match checkPMLA 2002MUST

9. Success Metrics

MetricTargetMeasurementReview cadence
Time-to-activate (P50)<20 minutesAccount creation timestamp → first invoice upload enabledWeekly
Straight-through approval rate>80%% submissions auto-approved without human reviewWeekly
Drop-off rate<15% overall% users who start and do not submitDaily
Per-step drop-off<5% per stepFunnel analysis in analytics dashboardDaily
CKYC hit rate>50% of individuals% KYC instances resolved via CKYCR without fresh KYCMonthly
KYC rejection rate<5%% applications rejected by compliance teamMonthly
Manual review TAT<8 hours (medium risk)Submission → decision timestamp for non-STP casesDaily
Regulatory compliance100%% applications with complete KYC per entity type (internal audit)Real-time

10. Risks & Mitigations

RiskProbabilityImpactMitigation
2026 Draft TReDS Directions not finalized or materially changedMediumHigh — simplified flow becomes non-compliantArchitecture has a compliance mode toggle. Full CDD path is production-ready from Day 1.
Government API downtime (Udyam, GSTN, UIDAI)MediumHigh — onboarding blockedAsync retry with exponential backoff. Session state saved at every step. Fallback to manual upload if API down >5 min.
Fuzzy matching thresholds too strict → high manual review queueHigh (on launch)Medium — slows onboarding, not a compliance riskPre-calibrate on existing 65K MSME dataset. Weekly ops review. All thresholds configurable without code deploy.
Fuzzy matching too loose → fraudLowVery High — compliance and financial riskMulti-source 3-way validation (PAN + Udyam + penny drop). Any mismatch routes to manual review, not auto-approve.
V-CIP infrastructure not RBI-compliantLow (if built correctly)Very High — regulatory violationV-CIP is Level 4 fallback — volume should be <10% of applications. Full §18A compliance checklist enforced pre-launch.
BO declaration is fraudulent (self-declared)LowHigh — PMLA violationMCA21 cross-verification for Pvt Ltd. Digital undertaking with explicit penalty clause. High-risk flag triggers EDD and manual review of all BO declarations.

11. Explicit Assumptions

  • A1 — Regulatory: 2026 RBI Draft TReDS Directions will be formalized without material changes that remove the intent to simplify MSME seller CDD.
  • A2 — Regulatory: GSTIN certificate qualifies as one of two OVDs for sole proprietorships per §33 KYC MD.
  • A3 — Regulatory: BO threshold is 10% per updated §22 KYC MD post FATF 2023 alignment.
  • A4 — Technical: KredX has obtained or will obtain UIDAI authorization for Aadhaar eKYC API access (KUA/AUA sub-entity status) before launch.
  • A5 — Technical: All government APIs (Udyam, GSTN, CKYCR, MCA21, PAN) are production-accessible with SLAs of >95% uptime.
  • A6 — Technical: V-CIP infrastructure will be hosted on KredX-owned or exclusively leased cloud infrastructure with full data localization as per §18A KYC MD.
  • A7 — Business: >90% of TReDS-eligible MSMEs are Low or Medium risk. High-risk sectors (gems, precious metals, real estate brokerage) are a small minority.
  • A8 — Business: CKYC hit rate for authorized signatories of formal MSMEs will be >50% (based on their prior banking relationships).
  • A9 — Business: Primary channel for MSME acquisition is anchor corporate referral — these users have higher intent and more data readiness than cold sign-ups.

12. Out of Scope

  • Onboarding corporate buyers or financiers (separate product workstreams)
  • MSMEs from outside India
  • Invoice submission, bidding, and discounting flows (post-onboarding)
  • Credit limit assessment or MSME scoring (post-onboarding, separate ML feature)
  • WhatsApp onboarding bot (listed as future enhancement, not v1 requirement)
  • Re-KYC flow for existing MSMEs (tracked separately; triggered by §38 expiry dates)

Wireframes

Click any screen to see full annotation. These represent the mobile-first onboarding flow — 9 screens from start to activation.

9:41
kredX
DTX PLATFORM

Get paid faster on your invoices

Sign up in under 20 minutes. No branch visit. No document uploads.

Get Started →
Already have an account? Log in
1. Welcome screen
Entry point. Clear value proposition. No jargon.
9:42
←
Verify your mobile

We'll send a 6-digit code to your phone. This creates your account and helps us contact you during onboarding.

Mobile number
+91 98765 43210
Enter OTP
3
Resend code in 28 seconds
Verify →
2. Mobile OTP
First step. Anti-bot. Creates session.
9:43
←
We need your permission

To verify your business quickly, we need to check these government databases on your behalf. You can say no to any of them.

Udyam & GSTN — Check your MSME registration & tax status
PAN database — Verify your business PAN
CKYC Registry — Fetch your ID if already verified by a bank
Aadhaar / UIDAI — Verify your identity via OTP if CKYC not found
I agree, continue →
3. Consent collection
Explicit, granular. Each API named clearly. Legally required.
9:44
←
Your business details

Enter 2 numbers — we'll auto-fill everything else.

Business PAN
AABCT1234Z
Udyam Registration Number
UDYAM-MH-01-0012345
✓ Auto-filled from government databases
XYZ Textiles Pvt Ltd · Private Limited · Active GST · Small Enterprise
Looks correct →
4. Business verification
2 inputs → everything else auto-fetched. Zero forms.
9:46
←
Verify who you are

We need to confirm the identity of the person running this account. We try the fastest option first.

✓
CKYC — from your bank records
Already verified. No action needed. (<30 sec)
2
Aadhaar OTP
If CKYC not found
3
Upload ID document
If Aadhaar OTP fails
4
Video call with our team
If all above fail
Continue →
5. Individual KYC waterfall
Clearly shows which step user is on. Steps 2–4 greyed if not needed.
9:48
←
Link your bank account

This is where KredX will send your money when invoices are paid. We'll verify it by sending ₹1 to confirm ownership.

Account number
0012 3456 7890
IFSC code
HDFC0001234
✅

Account verified

Matches: XYZ Textiles Pvt Ltd · HDFC Bank

This is correct →
6. Bank account validation
Penny drop + 3-way cross-check. Under 60 seconds.
9:50
←
Almost done — review & sign

Check everything below before signing.

BusinessXYZ Textiles Pvt Ltd
PANAABCT1234Z ✓
Risk ratingLow Risk ✓
BankHDFC xxxx7890 ✓
IdentityCKYC verified ✓
By signing, you confirm your invoices are genuine and will not be double-financed.
Sign with Aadhaar OTP →
7. Review & eSign
Summary before signing. 3 undertakings captured. Aadhaar eSign.
9:52
←
Application submitted
✓
You're in the queue!

Your application is being reviewed. Low-risk businesses are approved automatically in under 2 hours.

✓
Confirmation email sent
✓
You'll get an SMS when approved
✓
Reference: DTX-2026-087432
8. Confirmation
Clear expectation of what happens next. SMS + email triggers.
11:34
Welcome back,
XYZ Textiles Pvt Ltd
● Active
Available for discounting
₹0
Upload your first invoice to start
Upload Invoice →
View transactions
9. Post-approval dashboard
Active status confirmed. CTA to upload first invoice immediately.

Onboarding Steps

1
Welcome
2
Mobile OTP
3
Consent
4
Business details
5
Identity (KYC)
6
Bank account
7
Review & sign
8
Submitted!
kredX
DTX PLATFORM

Get paid faster on your invoices

No branch visit. No document scanning. Most MSMEs done in under 20 minutes.

📋 You'll need: your Business PAN and your Udyam number. That's it — we'll fetch everything else automatically from government databases.

Verify your mobile

We'll send a 6-digit code. This keeps your account secure.

📍 Why we need this: RBI requires us to verify your contact details before opening any financial account. Reference: §16 KYC MD

We need your permission

To verify your business quickly, we need to check these government databases.

Udyam & GSTN — Verify your MSME registration & tax filing status. Udyam portal
PAN database — Verify your business identity. ITD website
CKYC Registry (CERSAI) — Check if your ID is already verified by your bank. CKYC portal · §56 KYC MD
Aadhaar / UIDAI — Verify identity via OTP if CKYC not found. UIDAI · §18(b) KYC MD

Your business details

Enter two numbers — we do the rest automatically.

🔍 After you tap Continue, we'll automatically check: business name, type, GST status, MSME classification, and registered address — from government databases. No uploads needed.

Verify who you are

RBI requires us to confirm the identity of the person running this account. We try the fastest method first.

1
Check CKYC (from your bank records)
Enter your 14-digit CKYC ID or PAN + date of birth. If your bank already verified you, this takes 30 seconds. §56 KYC MD
— or —
2
Aadhaar OTP (if CKYC not found)
OTP sent to your Aadhaar-linked mobile. Takes 1–2 minutes. UIDAI · §18(b)

Link your bank account

This is where KredX sends money when invoices are paid. We'll verify it by sending ₹1 to confirm it's yours.

💡 Why 3-way verification? We cross-check your bank name against (1) your PAN records and (2) the bank account on your Udyam certificate. This is the RBI's primary requirement for TReDS sellers. TReDS MD 2021

Review & sign

Check everything below. You'll sign this with your Aadhaar OTP.

BusinessXYZ Textiles Pvt Ltd
PAN verified✓ AABCT1234Z
Risk rating✓ Low Risk
Bank account✓ HDFC xxxx7890
Identity✓ CKYC verified
By signing, you confirm that:
✓
All uploaded invoices are real trade invoices
✓
No invoice will be financed twice
✓
All payments will go to the verified bank account
✓
Application submitted!

Your business is Low Risk. You'll receive an approval SMS and email within 2 hours. Once approved, you can upload your first invoice immediately.

✓
Confirmation sent to your email and mobile
✓
Reference: DTX-2026-087432
✓
KYC records stored securely for 10 years (low risk)
⏱
Step 1 of 8

RBI References

© Nidhi Pawar