Jahnavi- What is the major idea behind the company?
Jaibir– TraqCheck is Artificial Intelligence based background verification company that uses technology and automation to streamline the background verification process for companies at the time of hiring. TraqCheck’s technology increases speed, enhances efficiency, reduces human error and helps companies maintain compliance.
Jahnavi- Are there any long-term goals planned for the company? If yes, what are they?
Jaibir– We want to become the largest background verification company in India within the next 3–5 years and then expand into global markets. We also constantly upgrade our product with the new advancements of AI and ML and want to reach a level of automation where background checks are 100% completed with technology and require no manual intervention.
Jahnavi- Since TraqCheck is India’s first AI-based background verification product, what was the idea behind it? How does it actually work?
Jaibir– Background verification is a manual, slow, costly and not efficient process. Traditional background verification companies have large teams to carry out the process. There is a team for collecting data from the client, organizing the data, reaching out to educational institutes and past employers, reaching out to police stations for criminal verifications, making the background check report etc.
The excessive manpower makes the princess lengthy, time consuming and drastically increases the chances of errors. TraqCheck is India’s first AI based background verification product, which can authenticate & aggregate a person’s criminal record, education history, previous employment, Identity, address & psychometric results with meticulous accuracy and fast turnaround time.
TraqCheck is an ‘Application Programming Interface (API) First Product’ and integrates with any Human Resource System with just a few lines of code. TraqCheck’s API first product can integrate with any HRSM system with just a few lines of code. Companies can view Background Check results within their HRMS and maintain one tech stack. Different tech stacks will not be required. Even requesting a Background Check will be automated and a team of humans will not be required to send data.
The API can be customized as per your use case. The algorithm can learn which discrepancies matter as per your hiring policies. Smaller companies use our web based product where we give them log in credentials. The HR can login and request to run background verifications on prospective candidates and see results in real time on the dashboard. Larger companies have an API integration with us as it is not viable for the HR teams to manually request thousands of checks a month. We integrate with their current HRMS system and extract candidate data from there, verify it and send it back to their HRMS system. This saves HR time and effort in the process.
Jahnavi- How will it avoid fraud in different industries?
Jaibir– Rise in digitalization has not only created a multitude of benefits for enterprises, but it has also made them vulnerable to fraudulent employees. Given this competitive era, every company aims to bring the right individual into their business who can prove to be a valuable asset in the future. Background checks allow companies to validate the veracity of a person’s employment history, business records, financial records, criminal records, and other information.
Traditionally it was challenging for companies to conduct background verification before hiring employees. However, given the advancements in technology, various background check platforms emerged, making it simple to screen candidates before employing.
A prospective employer might appear to be an ideal one for your organization, only for you to later find out that the candidate has a questionable background. In order to avoid such situations, running background checks has become more than necessary for businesses. In fact, tech-enabled background verification platforms have made it possible for companies to screen potential employees swiftly, conveniently, and effectively before hiring them.
Jahnavi- How does blockchain increase the ‘trust’ factor in background screening?
Jaibir– We do not use blockchain yet but the anonymity and transparency of its technology could potentially have numerous benefits in the industry. Employees in the future could potentially be able to store all their background verification data on the blockchain under a digital asset. This asset could then be shared with organizations at the time of hiring and give employees the power over their identities and help in fair hiring.
Jahnavi- What is basically The Significance of Background Verification Services (BGV) for Startups in the Indian Market?
Jaibir– Start-ups hire in large numbers as they are super high growth and also want to hire super-fast. They cannot wait for 20 days for a background verification and that’s where TraqCheck comes in. We complete most checks instantly and complete an entire background verification is a few days. This really supports start-ups and allows them to onboard candidates fast. Heavily funded startups – especially the ones that raise funds from international companies need to verify all employees as it is mandatory due to regulations. Most of the startups also belong to the gig economy and gig workers are in constant contact of customers and a background verification becomes super important in such a situation. TraqCheck uses proprietary algorithms and sophisticated technology to empower Indian startups to facilitate hiring at scale and mitigates risk.
Jahnavi- What types of background verification are most appropriate for the Indian market?
Jaibir– Checks that are important are as follows:
1. Identity Check – The system interacts with the government database via an API and outputs the verification instantly.
2. Credit Check – the AI interacts with the credit bureau instantly and gives an output.
3. Employment Check : We have automated the entire process via AI systems. As the employment check data hits our systems – automatically the bot sends an email to the concerned HR of the previous company. Once the reply comes in , the system understands the response and shows it to the client. No human intervention involved, hence thousands of employment checks can be processed in real time. We have built a proprietary forgery detection algorithm which can instantly authenticate a computer generated Relieving Letter (Without the company responding). This removes any third party dependence in the employment check The AI can instantly authenticate the resignation acceptance email conversation between the candidate and his company HR & RM. This instantly verifies the reason for exit and last working day – without any 3rd party dependence.
4. Education Check : We have integrated with various API’s which can instantly verify a degree if it is digitized. Our system has already aggregated all registrar email ids of all Universities. As the education check is initiated, instantly the registrar is reached out to and the response is automatically parsed. There are TraqCheck partner companies in every state. The system uses past data and auto allocates the case to the partner if the above 2 methods do not give results. All these 3 systems run in parallel and the client sees the fastest response. This is how education checks close within a range of instant – 3 days.
5. Criminal Check: TraqCheck has completely automated the Criminal Check. The proprietary Identity Matching Algorithm takes unique identifiers of the candidate such as Name, Address etc
Psychometric assessment: We use the big 5 personality test where the candidate performs a quick assessment which includes a multiple choice set of questions. We then give the client a personality evaluation of the candidate.