TraqCheck an AI based background verification company helps organizations of all sizes onboard the right people. Their streamlined solution can accurately authenticate and aggregate an individual’s historical information, including criminal record, education, previous employment, residence, and psychometric results. Startup Reporter recently conducted an interview with Mr. Jaibir Nihal Singh, Co Founder, TraqCheck.
Kindly brief us about the company, its specialization and the services that your company offers.
TraqCheck helps organizations of all sizes onboard the right people. Their streamlined solution can accurately authenticate and aggregate an individual’s historical information, including criminal record, education, previous employment, residence, and psychometric results. With their seamless solution, their client companies are able to maintain compliance, fasten their hiring process, increase efficiency, and reduce human errors. Striving to help companies mitigate risks, the fast-growing firm has leveraged the power of AI to deliver innovative products to the market.
What tools and technologies does TraqCheck use for Comprehensive Background Verification?
Owing to the AI and ML capabilities, TraqCheck has completely automated its background checks, which can be processed within seconds. The products include a myriad of bots and algorithms, such as the Identity Matching Algorithm, the Employment Verification Bot, and the Forgery Detection Algorithm, amalgamated with an End to End’ automated system, providing organizations with complete background check solutions under one umbrella. TraqCheck is the only company in India to provide automated continuous monitoring, which identifies gaps in the information and provides details about any criminal history in real time.
What sets your AI-based background verification solution apart from other traditional verification methods, such as manual checks or third-party agencies?
TraqCheck is a product, unlike other companies that provide services that are not scalable. The product’s ability to deliver a speedy solution, accurately, with less turnaround time and reduced cost is what makes it unique from its competition. The Application Programming Interface (API) First Product is customizable and simple to integrate with HRMS, reducing the necessity of different tech stacks. With the Positive Adjudication Matrix, TraqCheck’s algorithms can recognise the significant discrepancies that can modernize the adjudication process. In addition, they have partnered with world-renowned OpenAI and built various features such as categorizing criminal records, computer vision for current address verification, and more.
How does your AI-powered background verification system ensure accurate and reliable results?
Through a number of processes, their AI-powered background verification system can guarantee accurate and trustworthy results. The system gathers a variety of information from many sources, such as public records, online databases, social media platforms, work history databases, educational institutions, and more. This thorough data gathering aids in creating a thorough profile of the person undergoing verification. Furthermore, the data that has been gathered is analyzed and understood using AI algorithms. These algorithms can spot patterns, trends, and anomalies in data, allowing the system to forecast and decide depending on the information at hand.
What is your biggest USP that differentiates the company from competitors?
TraqCheck stands out from its competitors due to its “first to market” features.
- a) Automated Continuous Monitoring – TraqCheck’s automated continuous monitoring feature helps the client get notified in real time about their employees’ track record.
- b) Positive Adjudication Matrix – TraqCheck’s algorithms can learn which discrepancies matter and hence only those discrepancies are red flagged.
- c) Open AI Partnership: TraqCheck has partnered with Open AI. They’ve built various features on top of these APIs such as– categorizing criminal records, computer vision for current address verification, etc.
What’s your growth plans for this financial year?
Since its inception as a bootstrapped company, TraqCheck has been cash positive. Having carved their own niche, TraqCheck is uniquely positioned in the market with their exceptional product. It thrives to become the largest background verification company in India while expanding its footprint across the globe. With a positive outlook for the next 3-5 years, TraqCheck expects to increase their revenue up to 5X, expand their workforce, and remain extremely profitable.
What are some of the challenges faced by your company today?
Though TraqCheck provides advanced solutions to its clients, it also faces many challenges in its field. Few of them are:
- Data Availability and Quality: Getting precise and thorough data might be difficult. Some entries can be missing information or old, and access to some data sources might be restricted or require authorization.
- Legal and Regulatory Compliance: TraqCheck needs to abide by a number of legal and regulatory requirements, including employment laws, fair credit reporting rules, and data protection and privacy laws.
- Evolving Technology and AI Advancements: While AI-powered systems can enhance the efficiency and accuracy of background verification, keeping up with the rapidly evolving technology landscape can be challenging.
