Gridlines by OnGrid looks at transforming underwriting in lending; Launches India’s pioneering Criminal and Court Record Verification (CCRV) API
OnGrid – India’s leading trust platform offering comprehensive background verification and checks has recently announced the launch of its Criminal and Court Record Verification (CCRV) API for NBFCs and the Fintech ecosystem. Gridlines’ CCRV API is poised to transform the way underwriting decision-making happens via swift and in-depth criminal or civil court record check.
With crores of ongoing criminal and civil cases in the country, and with the developing lending ecosystem, the API is set to help with an alternate approach to underwriting. CCRV API has emerged as a robust solution offering a comprehensive check across criminal and civil court records, that can help lenders mitigate the risk that arises from bad loans or non-performing assets (NPAs).
Talking about the importance of CCRV in lending, Piyush Peshwani, Co-founder and CEO commented that “The economic expansion in India is poised to receive a boost with the increasing accessibility of loans, facilitating upward mobility for millions of people within society. Notably, there is a surge in loans being provided by Non-Banking Financial Companies (NBFCs) and Fintechs. However, caution is advised, as historical instances have demonstrated the consequences of compromising underwriting thresholds in certain regions. Our team conducted an analysis of Non-Performing Asset (NPA) data, revealing a substantial correlation between NPAs and the existence of criminal or civil records associated with borrowers. Consequently, the introduction of this API is envisioned to assist lenders in effectively managing a critical risk.”
Vaibhav Yadav, Associate Director, Product at OnGrid, commented that “Leading the charge in the BFSI industry, our focus remains steadfast on enhancing safety and reliability. Our commitment to excellence in criminal court record verification is not just a service, but a cornerstone of trust and integrity in financial operations. We empower our clients with the tools to make informed decisions, securing a foundation of unwavering confidence in their operations”.
CCRV API searches through 20+ Crore criminal and civil records available publicly, and thus delivers holistic coverage for accurate criminal history verification. The output from the API is a comprehensive report that includes case summary, (if a match is found), key data points related to the case, FIR copies, case documents, etc. and thus allow NBFCs and Fintechs to take a more accurate decision. This API thus complements a simple credit check that can only catch credit defaults.
Furthermore, CCRV APIs not only reduce the risk of financial fraud by ensuring a seamless criminal history verification but can also be consumed as a standalone service, benefitting myriad lending corporations and individuals. It can be utilised by lending service providers, banks, NBFCs, insurance providers, product managers, engineers, and entrepreneurs operating under a plethora of sectors. Additionally, Gridlines also provides a comprehensive suite of APIs that can be leveraged to address several ID verification, KYC and onboarding requirements across sectors.
Incorporated in 2016 by IIT alumni Piyush Peshwani and Vineet Bansal, OnGrid, in a short span, has created hundreds of cohesive trust-enablement solutions that are being used by over 3000 organisations. These solutions include APIs as well as comprehensive background reports. The output from these solutions helps its clients establish trust and safety, ensure compliance, and reduce the friction in business and economic transactions by simplifying verification and background checks, making them faster, more accurate and cost-effective.
About OnGrid:
OnGrid is a digital trust platform empowering HR managers and service providers by offering thorough background verifications and checks to ensure trust, accountability, and compliance with HR/ISO standards. Established in 2016 and based in Gurgaon, OnGrid is a prominent technology-oriented enterprise specializing in thorough background verifications. Renowned for its excellence, it has catered to a diverse clientele of more than 3000 businesses from various sectors, completing in excess of 200 million verifications. OnGrid’s wide array of offerings encompasses over 125 verification choices, ranging from immediate API responses to digital checks in almost real-time (such as identity verification) and physical verifications conducted on-site (like address verification). By facilitating smooth onboarding procedures through innovative technological solutions, OnGrid strives to enable the use of authenticated credentials, fostering reliability and inclusivity for individuals, including those from the informal sector.
