Top Challenges with Traditional Bank Statement Analysis Processes
Manual verification can be time consuming and prone to errors
Gain comprehensive insights for smarter lending with GST Analyser API
Manual and Resource Heavy Process
Operationally inefficient, manual analysis are huge drain of costs, non-scalable and susceptible to errors
Physical Document Submissions
Physical Account statement submissions are a huge hassle to maintain for compliance and come with privacy concerns
Serious Productivity
Concerns
Traditional process lets the focus shift on non-core verification activities and follow-ups leading to productivity issues
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GST Analyser API Features
360-degree Borrower Assessment
Data Integration and Collection
Verification and Anomaly Detection
Reporting and Insights
360-degree Borrower Assessment
Utilize advanced analytics to obtain a comprehensive view of a customer’s financial status, integrating multiple data points for thorough evaluation.
360-degree Borrower Assessment:
360-degree Borrower Assessment:Gain in-depth insights into a borrower’s business, including geographic reach, product offerings, tax obligations, and key partnerships to assess creditworthiness effectively.
Holistic Business Insight Dashboard:
Holistic Business Insight Dashboard:Presents a complete overview of the borrower’s operations, enhancing understanding of their market position and risks.
Detailed Creditworthiness Evaluation:
Detailed Creditworthiness Evaluation:Analyzes multiple factors affecting credit risk, offering lenders a clearer picture of potential lending decisions.
Data Integration and Collection
Ensure smooth integration and efficient collection of financial data from multiple sources, maintaining high data integrity and accessibility.
Risk-Based Categorization:
Risk-Based Categorization:A sophisticated system designed to enhance credit evaluation speed by highlighting various risks, categorized into green, yellow, and red flags for severity understanding.
Proactive Risk Identification Framework:
Proactive Risk Identification Framework:Detects and categorizes critical compliance and growth risks, allowing businesses to address issues promptly.
Visual Risk Flagging Mechanism:
Visual Risk Flagging Mechanism:Utilizes color-coded flags for immediate recognition of risk levels, facilitating quick decision-making during evaluations.
Verification and Anomaly Detection
Enhance the accuracy and security of financial data through robust verification methods and proactive anomaly detection technologies.
Multi-GSTIN Support:
Multi-GSTIN Support:An essential feature that enables the management and analysis of multiple GST numbers within a single platform for streamlined operations.
Centralized Management Interface:
Centralized Management Interface:Simplifies the handling of multiple GST registrations, reducing administrative burden and increasing efficiency.
Comprehensive Compliance Tracking:
Comprehensive Compliance Tracking:Allows for integrated monitoring of compliance across various GSTINs to ensure adherence to regulations.
Reporting and Insights
Generate detailed and actionable reports by aggregating and analyzing financial data, providing valuable insights into financial health and behaviors.
Plug and Play Integration
Plug and Play IntegrationAn intuitive solution that provides an easy-to-use interface with quick integration capabilities for seamless GST analysis and verification processes.
User-Friendly Interface Design:
User-Friendly Interface Design:Ensures a smooth experience for users of all technical backgrounds, promoting widespread adoption across teams.
Rapid Deployment Features:
Rapid Deployment Features:Facilitates swift integration into existing systems with minimal setup time required, allowing businesses to start benefiting immediately.
Core Capabilities
Helping you scale creditworthiness checks with minimal risk and cost
Integrable
Seamlessly Integrable with Web/Mobile app or LoS
10+ Report Formats
Human and machine-readable report formats
6 Month Retention
6 Months of report retention to ease compliance and records
Custom Reporting
Customized Report with business defined calculations and categorization
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Use Cases of GST Analyser API
Lending Institutions
Lenders can use the GST Analyzer API to assess the creditworthiness of businesses by verifying GST compliance, ensuring accurate tax filing, and detecting any discrepancies in financial reporting.
Financial Auditing
The GST Analyzer API can assist auditors in reviewing businesses’ GST data, identifying inconsistencies, and ensuring compliance with tax regulations, making financial auditing more transparent and efficient.
Credit Risk Management
Financial institutions can leverage the API to manage credit risks by analyzing GST return patterns, identifying anomalies, and evaluating the financial health of potential borrowers.
Fraud Detection
Clear Insights, Clear Decisions.
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Countries
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Customers
Over 2,000 companies, both big and small, are growing their business with Authbridge.
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Our database contains over 1 billion proprietary data records for conducting background checks.
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Banks and Credit Unions
To streamline loan approval processes, verify income, and assess financial stability of applicants.
Fintech Companies
Including payment processors to verify account activity and prevent fraud.
Human Resources and Payroll
Including HR departments to verify salary deposits and employment status.
Insurance Companies
For claim verification to validate financial history and transaction patterns, and underwriting for risk assessment.
Mortgage Lenders
For accurate and fast assessment of borrower’s financial health and transaction patterns.
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GST Analyser: A Comprehensive Guide
Table of Contents
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Introduction
In today’s lending landscape, GST compliance is more critical than ever. Many lenders face significant challenges due to unreliable financial data from small and medium-sized enterprises (SMEs). Problems such as inconsistent GST filing status, potential fraud detection, and complex regulatory requirements can undermine lending decisions. To address these challenges, a GST Analyser can play a pivotal role in enhancing credit risk assessment and ensuring accurate GST data analysis.
What is a GST Analyser?
A GST Analyser is a specialized tool designed to analyze Goods and Services Tax (GST) data from businesses. This tool provides lenders with essential insights into a borrower’s financial health and compliance, enabling more informed lending decisions. By verifying GST return verification and evaluating GST metrics, lenders can better understand a business’s credibility and reliability.
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The Need for a GST Analyser in Today's Lending Landscape
Accuracy and Efficiency
GST Analysers significantly enhance the accuracy and efficiency of financial data processing. Manual data entry is prone to errors, which can lead to incorrect financial analysis and decision-making. Automated analysers eliminate these errors by ensuring precise data extraction and categorisation.
Time-Saving
Automating the extraction and analysis of GST statements saves considerable time for financial institutions and businesses. What used to take hours or even days can now be completed in minutes. This time-saving is crucial, especially during peak periods such as the end of the financial year or during loan processing times.
Better Decision Making
With comprehensive and accurate data at their disposal, businesses can make more informed decisions. The detailed financial insights provided by GST Analysers aid in assessing creditworthiness, identifying financial trends, and planning future financial strategies. For instance, lenders can better evaluate a borrower’s financial stability and repayment capacity, leading to more accurate credit risk assessments.
Superior Experience
GST Analysers also contribute to an enhanced customer experience. By speeding up processes like loan approvals and account reconciliation, these tools reduce waiting times for customers. Additionally, the accuracy of data processing ensures that customers receive reliable information and services, building trust and satisfaction.
How Does the GST Analyser Work?
Key Features and Functionality
A GST Analyser typically includes features such as:
- Verifying GSTIN: Ensuring the authenticity of the GST Identification Number.
- Reviewing Filing Status: Analyzing the timeliness and accuracy of GST returns.
- Detecting Anomalies: Identifying unusual transaction patterns that may indicate fraud.
- Cross-checking Transactions: Ensuring consistency between GST data and bank statements.
- Compliance Rating: Generating a score based on GST adherence, which helps in credit risk assessment
Step-by-Step Process of GST Analysis
- Data Collection: Gather all relevant GST filings and financial data from the business.
- Verification: Confirm the authenticity of the GSTIN and check the GST filing status.
- Analysis: Identify discrepancies and anomalies in the submitted GST data.
- Risk Assessment: Evaluate the overall compliance and risk levels of the business.
- Reporting: Generate comprehensive reports for lenders to facilitate decision-making.
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FAQs of GST Analyser API
A GST Analyzer is a tool used to assess and analyze GST data for credit evaluation purposes.
It provides accurate insights into a borrower’s financial health, reducing the risk of lending.
Key features include GSTIN verification, filing status reviews, anomaly detection, and compliance ratings.
The key features of a bank statement analyser may include transaction categorization, expense tracking, budgeting tools, financial reports, alerts and notifications, data security, and integration with other financial tools.
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