The Hindu : Business : Matrix’s success in third party verification

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Saturday, Nov 07, 2009
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Matrix’s success in third party verification

Special Correspondent

CHENNAI: In periods of rapid growth of an industry, organisations end up recruiting a large number of employees. The IT, ITeS segment is a classic example. Companies find the traditional methods of recruitment to be found wanting. The employers have hence started using specialised services and one such is third party verification.

Matrix Business Services India Pvt Ltd, a third party verification company, offers a wide range of services for customers across banking and financial services, retail, FMCG, telecom and IT/ITeS segments. R. Swaminathan, Managing Director of Matrix, said his company offered a combination of centralised back-office outsourcing capability and decentralised ‘feet-on-street’ (field verification) outsourcing capability at 130 locations. He said his company was involved in three types of verification such as commercial, consumer and financial. Under commercial verification, the company does enterprise-level audit and assurance for large fast moving consumer goods and retailing organisations. The consumer verification deals with background checks on employees largely for software/BPO companies and banks. The financial verification is done on behalf of banks and financial institutions.

Mr. Swaminathan said the company had so far done two-lakh verification. Matrix had also identified 1,200 fake employers.

He said Matrix had so far hired 700-odd employees. It has a paid-up capital of Rs. 56 lakhs and Kotak Mahindra group has an equity stake of over 30 per cent.

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