The solar landscape is ablaze with activity, and the South African solar industry is experiencing significant growth. This surge is driven by the growing demand for sustainable energy solutions, the rise in electricity costs, and the persistent challenge of loadshedding. As the clamour for solar solutions intensifies, the importance of efficient and secure financing mechanisms becomes increasingly clear. Gathr emerges as a standout player in the solar finance arena, offering a revolutionary KYC solution. With its cutting-edge technology, Gathr provides a seamless and secure process for both consumers and businesses, making a substantial contribution to the thriving solar energy market.
How does Gathr work for the solar industry?
Gathr plays a crucial role in the solar finance industry by offering a sophisticated API designed to facilitate fintech products within the digital landscape. As the solar finance sector gains momentum in South Africa, Gathr becomes an essential component for ensuring its success as a viable business model. With the need for strict regulations to prevent customer defaults and reduce fraud, Gathr’s KYC solution proves invaluable.
Specifically geared toward the solar industry, Gathr’s KYC solution assesses affordability by analysing transactional data, checking credit scores and reports, verifying home addresses, and confirming identities. This comprehensive approach makes Gathr a holistic solution that addresses every KYC requirement for solar finance companies. By streamlining the onboarding process and efficiently gathering essential information, Gathr contributes to the industry’s growth and sustainability.
What Gathr modules are relevant for the solar industry?
Affordability assessment for solar financing
One of the key challenges in the solar finance industry is ensuring that customers have the financial capacity to take on solar financing. Gathr’s KYC solution addresses this concern by automatically extracting, verifying, and understanding potential customers’ affordability. This is achieved by accessing data directly from bank accounts or through bank statements. The solution reads all income and expenses, checks the applicant’s transaction history for sufficient transactions, and calculates average monthly expenses and incomes.
Furthermore, Gathr’s KYC solution identifies and calculates debit order obligations, ensuring a comprehensive assessment of the client’s financial health. The ability to retrieve data via USSD, online banking, or manual uploads adds a layer of flexibility to the process, catering to a diverse range of customers.
Fraud prevention and identity verification
In an era where digitisation is crucial for business success, ensuring the authenticity of customer information is paramount. Gathr’s KYC solution offers a robust set of tools to verify the identity of applicants, preventing fraud and ensuring a smooth onboarding process.
The solution includes a feature to verify whether the applicant is the rightful owner of the claimed bank account. By checking the accuracy of the account from which the money is being debited, Gathr provides an additional layer of security. The ability to verify South African citizens in seconds, coupled with state-of-the-art document recognition technology, makes Gathr an invaluable ally in compliance with FICA, RICA, and KYC regulations.
Credit checks and business information
For businesses seeking solar finance, Gathr’s KYC solution offers seamless integration with the Companies and Intellectual Property Commission (CIPC). This integration provides access to a comprehensive disclosure of information on the business register, enabling lenders to make well-informed decisions.
Gathr leverages long-term partnerships with leading credit bureaus, allowing businesses to obtain credit checks and reports at a fraction of the cost of traditional methods. This not only expedites the decision-making process but also ensures that lenders have a holistic view of the creditworthiness of the business seeking solar financing.
Why is the solar industry growing so rapidly?
The solar industry is growing rapidly due to a confluence of factors. Heightened awareness of environmental sustainability has driven a surge in demand for cleaner energy sources. Meanwhile, significant reductions in the cost of solar technology have made it more economically viable. Additionally, loadshedding, a persistent challenge in South Africa, has fueled the demand for alternative energy solutions, making solar power an attractive option for businesses and consumers alike. However, the success of the solar industry depends heavily on efficient financing mechanisms. Gathr’s KYC solution addresses the specific needs of the solar finance sector by providing a quick, reliable, and secure way to assess the affordability of potential customers and verify their identities.
Successful results from our Gathr clients
Gathr’s KYC solution emerges as a powerful tool for the solar finance industry in South Africa, providing a comprehensive set of features that address the unique challenges of the sector. From affordability assessments to fraud prevention and seamless onboarding, Gathr’s API offers a holistic solution to ensure that the solar financing process is secure, efficient, and tailored to the needs of both consumers and businesses. As the demand for solar solutions continues to rise, embracing innovative technologies like Gathr’s KYC solution becomes imperative for companies looking to thrive in the dynamic landscape of the solar industry.
