A system for verifying an entity for processing application and a method thereof

Abstract

"A SYSTEM FOR VERIFYING AN ENTITY FOR PROCESSING APPLICATION AND A METHOD THEREOF" The present disclosure discloses a technique for verifying an entity for processing at least one application The technique proposes receiving a request for processing of an application. Based on type of the application, requesting one or more credentials associated with the entity for processing the application. Thereafter, receiving the one or more credentials. Further, the technique proposes authenticating the received one or more credentials to verify identity of the entity for processing of the application. Storing the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified. Thereafter, receiving a request for processing of another application. For processing of another application, accessing the one or more logical blocks for fetching the one or more credentials associated with the entity to save resources and to enhance user experience.

Description

A SYSTEM FOR VERIFYING AN ENTITY FOR PROCESSING APPLICATION AND A METHOD THEREOFTECHNICAL FIELD

[0001] This disclosure relates to identity verification of an entity. More particularly, the present disclosure relates to a system and method for authenticating credentials of the entity for processing an application and managing those credentials of the entity for processing of other applications as well.BACKGROUND

[0002] Identity verification of entity (i.e., person or business) is a pre-requisite to process different applications. Specifically, when the applications involve transactions, then it becomes very crucial for a service platform to know the customer or business before processing the application. For example, if a person is buying insurance for himself then it is important to authenticate the credentials associated with the person before issuing the insurance.

[0003] In today’s world, the identity verification process is performed online for majority of the applications, in that scenario, authentication of the information provided by the entity becomes a challenging task if the verifying agency is not available to authenticate the details shared by the entity at a point of time. Specifically, such situations become inconvenient for the users as they have to request the service platform repeatedly for processing the application till the time the verifying agency becomes available. Further, on the same platform, sometimes, it becomes a tedious task to provide the same credentials again even if the credentials are shared by the entity for an application earlier. Furthermore, the collection of credentials for onboarding is repetitive and leads to wastage of resources in storing and processing of sensitive information in duplicate, if the same entity is requesting for processing of another application on same platform.

[0004] Therefore, there is a need to provide a system and method that is capable of solving the above-mentioned problems and is efficient in terms of time and cost.

[0005] The information disclosed in this background of the disclosure section is only for enhancement of understanding of the general background of the disclosure and should not be takenas an acknowledgement or any form of suggestion that this information forms the prior art already known to a person skilled in the art.SUMMARY

[0006] In an embodiment, the present disclosure relates to a method for verifying an entity for processing at least one application. The method comprising receiving a request for processing of an application. Based on type of the application, the method comprising requesting one or more credentials associated with the entity for processing the application, wherein the one or more credentials are unique to the entity. Further, the method comprising receiving the one or more credentials from the entity. Furthermore, the method comprising authenticating the received one or more credentials to verify identity of the entity for processing of the application, wherein the identity of the entity once verified allow processing of the application. The method further comprises storing the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified. Thereafter, the method comprising receiving a request for processing of another application. Once the request for processing another application is received, the method comprising accessing the one or more logical blocks for fetching the one or more credentials associated with the entity and re-verifying the identity of the entity for processing of the another application based at least in part on the one or more credentials fetched from the one or more logical blocks.

[0007] In another embodiment, the present disclosure discloses an apparatus for verifying an entity for processing of at least one application. The apparatus comprising at least one processor and a memory unit coupled with the at least one processor. The at least one processor is configured to receive a request for processing of an application. Based on type of the application, the at least one processor is configured to request one or more credentials associated with the entity for processing the application. In an embodiment, the one or more credentials are unique to the entity. The at least one processor is further configured to receive the one or more credentials from the entity. Further, the at least one processor is configured to authenticate the received one or more credentials to verify identity of the entity for processing of the application, wherein the identity of the entity once verified allow processing of the application. Thereafter, the at least one processor is configured to store the authenticated one or more credentials in one or more logical blocks once the identity ofthe entity is verified. Further, the at lease one processor is configured to receive a request for processing of another application. Furthermore, the at lease one processor is configured to access the one or more logical blocks for fetching the one or more credentials associated with the entity and re-verify the identity of the entity for processing of another application based at least in part on the one or more credentials fetched from the one or more logical blocks.

[0008] In yet another embodiment, a method for requesting verification for an entity to process at least one application is disclosed. The method comprising transmitting a request for processing of an application. The method further comprises receiving a request to transmit one or more credentials associated with the entity to process the application. In an embodiment, the one or more credentials is requested based on the type of the application and is unique to the entity. Further, the method comprises transmitting the one or more credentials for processing of the application. The one or more credentials once authenticated, verifies an identity of the entity for processing of the application. Furthermore, the method comprises providing consent to store the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified. The method further comprising transmitting a request for processing of another application and providing one or more additional credentials for re-verification of the identity of the entity for another application if the one or more credentials transmitted for processing of the earlier application is not sufficient.

[0009] In still another embodiment, a user device for requesting verification for an entity to process at least one application is disclosed. The user device comprising at least one processor and memory. There are additional structural limitations present in the user device but same is not disclosed for the sake of brevity. The at least one processor is configured to transmit a request for processing of an application. The at least one processor is further configured to receive a request to transmit one or more credentials associated with the entity to process the application. In an embodiment, the one or more credentials is requested based on the type of the application and is unique to the entity. Further, the at least one processor is configured to transmit the one or more credentials for processing of the application. The one or more credentials once authenticated, verifies an identity of the entity for processing of the application. Furthermore, the at least one processor is configured to provide consent to store the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified. The at least one processor isfurther configured to transmit a request for processing of another application and provide one or more additional credentials for re-verification of the identity of the entity for another application if the one or more credentials transmitted for processing of the earlier application is not sufficient.

[0010] The foregoing summary is illustrative only and is not intended to be in any way limiting. In addition to the illustrative aspects, embodiments, and features described above, further aspects, embodiments, and features will become apparent by reference to the drawings and the following detailed description.BRIEF DESCRIPTION OF THE ACCOMPANYING DRAWINGS

[0011] The accompanying drawings, which are incorporated in and constitute a part of this disclosure, illustrate exemplary embodiments and, together with the description, serve to explain the disclosed principles. In the figures, the left-most digit(s) of a reference number identifies the figure in which the reference number first appears. The same numbers are used throughout the figures to reference features and components. Some embodiments of the system and / or methods in accordance with embodiments of the present subject matter are now described, by way of example only, and regarding the accompanying figures, in which:

[0012] Fig. 1 illustrates an environment for authenticating credentials of an entity, in accordance with some embodiments of the present disclosure;

[0013] Fig. 2 illustrates a detailed diagram of a system for authenticating and managing the credentials of the entity for various applications, in accordance with some embodiments of the present disclosure;

[0014] Fig. 3 depicts a flow diagram of processing application request for an entity, in accordance with some embodiments of the present disclosure;

[0015] Fig.4 depicts a flow chart of an exemplary method for verifying an entity for processing of an application in real-time, in accordance with some embodiments of the present disclosure;

[0016] Fig.5 depicts a flow chart of an exemplary method for requesting verification for an entity to process at least one application in real-time, in accordance with some embodiments of the present disclosure;

[0017] It should be appreciated by those skilled in the art that any block diagrams herein represent conceptual views of illustrative systems embodying the principles of the present subject matter. Similarly, it will be appreciated that any flow charts, flow diagrams, state transition diagrams, pseudo code, and the like represent various processes which may be represented in computer readable medium and executed by a computer or processor, whether such computer or processor is explicitly shown.DESCRIPTION OF THE DISCLOSURE

[0018] In the present document, the word “exemplary” is used herein to mean “serving as an example, instance, or illustration.” Any embodiment or implementation of the present subject matter described herein as “exemplary” is not necessarily to be construed as preferred or advantageous over other embodiments.

[0019] While the disclosure is susceptible to various modifications and alternative forms, specific embodiments thereof have been shown by way of example in the drawings and will be described in detail below. It should be understood, however, that it is not intended to limit the disclosure to the particular forms disclosed, but on the contrary, the disclosure is to cover all modifications, equivalents, and alternative falling within the spirit and the scope of the disclosure.

[0020] The terms “comprises”, “comprising”, or any other variations thereof, are intended to cover a non-exclusive inclusion, such that a setup, device or method that comprises a list of components or steps does not include only those components or steps but may include other components or steps not expressly listed or inherent to such setup or device or method. In other words, one or more elements in a device or system or apparatus proceeded by “comprises... a” does not, without more constraints, preclude the existence of other elements or additional elements in the device, system, or apparatus.

[0021] The terms “includes”, “including”, or any other variations thereof, are intended to cover a non-exclusive inclusion, such that a setup, device, or method that includes a list of components or steps does not include only those components or steps but may include other components or steps not expressly listed or inherent to such setup or device or method. In other words, one or more elements in a system or apparatus proceeded by “includes... a” does not, without more constraints, preclude the existence of other elements or additional elements in the system or method.

[0022] As used herein, the term “computing device or Mobile device or user device” may refer to one or more electronic devices that are configured to directly or indirectly communicate with or over one or more networks. A Mobile device or user device may be a mobile or portable computing device, a desktop computer, a laptop, palmtop, server, and / or the like. Furthermore, the term “computer” may refer to any computing device that includes the necessary components to receive, process, and output data, and normally includes a display, a processor, a memory, an input device, and a network interface. A “computing system” may include one or more computing devices or computers. An “application” or “Application Program Interface” (API) refers to computer code or other data sorted on a computer-readable medium that may be executed by a processor to facilitate the interaction between software components, such as a client-side front-end and / or server-side back-end for receiving data from the client. An “interface” refers to a generated display, such as one or more graphical user interfaces (GUIs) with which a user / entity may interact, either directly or indirectly (e.g., through a keyboard, mouse, touchscreen, etc.).

[0023] As used herein, the term "processor" may refer to any suitable data computation device or devices. A processor may comprise one or more microprocessors working together to accomplish a desired function. As used herein, the term “processor” is not limited merely to those integrated circuits referred to in the art as a processor, but broadly refers to a microcontroller, a microcomputer, a programmable logic controller, an application-specific integrated circuit, and any other programmable circuit. In some embodiments, processor(s) may include specially designed hardware (e.g., application-specific integrated circuits (AS-ICs), electrically erasable programmable read-only memories (EEPROMs), field-programmable gate arrays (FPGAs), and the like) for controlling the operations of computing device. The processor may include a CentralProcessing Unit (CPU) which comprises at least one high-speed data processor adequate to execute program components for executing user and / or system-generated requests.

[0024] As used herein, the term "memory" may be any suitable device or devices that can store electronic data. A suitable memory may comprise a non-transitory computer readable medium that stores instructions that can be executed by a processor to implement a desired method. Examples of memories may comprise one or more memory chips, disk drives, etc. Such memories may operate using any suitable electrical, optical, and / or magnetic mode of operation. However, there are many different ways in which memory may be coupled to the system or processor. Memory block may be used for a variety of purposes such as, for example, caching and / or storing data, programming instructions, and the like.

[0025] As used herein, the application may be service request raised by a user on a service platform. For example, the application and / or service request may be related to commercial or noncommercial activities such as financial services, education related services, legal service, medical service, insurance, Hotel and Travel services etc. The stated services are only examples and should not be construed as a limitation. A person skilled in art may appreciate that the service platform may support multiple services at one instance and the services may also be updated on the service platform based on the requirement and / or on user request.

[0026] As used herein, the term “service provider" may refer to an entity, such as a company, an issuing bank or merchant, that enables the user to process the application. The service provider may be a single entity or group of entities that facilitates multiple services or applications.

[0027] The terms such as “entity” or “individual” or “business” or “user” are used interchangeably throughout the disclosure and should not be considered as a limitation.

[0028] The terms such as “service platform” or “application server” or “server” or “service provider” are used interchangeably throughout the disclosure and should not be considered as a limitation

[0029] It will be apparent that systems and / or methods described herein can be implemented in different forms of hardware, software, or a combination of hardware and software. The actualspecialized control hardware or software code used to implement these systems and / or methods is not limiting the implementations. Thus, the operation and behavior of the systems and / or methods are described herein without reference to specific software code, it being understood that software and hardware can be designed to implement the systems and / or methods based on the description herein.

[0030] As explained in the background section, verification of entity is a pre-requisite to process an application on any service platform. Each service platform before processing the application requires a set of credentials associated with the an entity for verification. These sets of credentials are based on the type of application that needs to be processed and are crucial for the service platform. The service platform gets to know about the customer or business and their association based on these credentials to process the requested application(s). Although, some techniques are available to collect the data and verify the same from an authorized agency but in case the authorized agency is not available then, if an entity has raised a request for processing the application has to wait till the time the authorized agency becomes available again. This may hamper user experience and in case the entity is repeatedly requesting for processing of the application if the authorized agency is unavailable then it may lead to wastage of resources like network bandwidth etc. Further, for processing of different applications on same service platform sometimes, an entity has to repopulate those credentials as well even if the credentials were submitted earlier for processing of a different application.

[0031] Thus, the present disclosure provides a robust solution for all these problems and supports a variety of configurable workflows to verify any entity details and update the KYC (Know Your Customer) / KYB (Know Your Business) documents for the entity in the database. In particular, present disclosure aims to solve the problem of resubmitting KYC / KYB documents on multiple instances for different applications on the same platform along with complaince of the data goverance as per business and / or regulatory. Further, it also helps in verification of data / documents belonging to an entity in the event of downtime observed from the authorized agency and / or provider system. In such scenario, the present diclosure provides mutiple options to the entity / user for enabling the data verification and enhances user experience.

[0032] To support different configuration for data / credentials provided by the entity based on regulatory requirements, the present disclosure provides a technique where the credentials or information from the entity is collected in different logical blocks. The dislosure provides a technique to generate variations in configuration files / logical blocks at the backend and same may be utilized in different applications based on the applications’ requirement at later stage. In this way, present disclosure efficienlty manage the resources along with enriched user experience while supporting verification of the entity in various scenarios. Same is explained in detail in upcoming paragraphs.

[0033] Fig. 1 illustrates an exemplary environment 100 for authenticating credentials of an entity in real-time for processing of an application, in accordance with an embodiment of the present disclosure. The exemplary environment 100 depicts an entity 102 from which a request for application processing is received at the service platform 104. It may be appreciated that the entity may be an individual, a business, or a combination of individual or business. In other words, the request for processing of an application may be received from any user for himself or on behalf of the business and there is also a provision that the same user may transmit a request to process the application for himself and for his / her business.

[0034] The entity 102 may send a request for processing the application from the user device 104. As stated earlier, the term “User device” may refer to one or more electronic devices that are configured to directly or indirectly communicate with the service platform 106 via one or more communication networks 112. In an exemplary embodiment, there may be a single service platform that may facilitate multiple applications. Further, a skilled person may appreciate that the user device may be a mobile or portable computing device, a desktop computer, a laptop, palmtop, server, and / or the like.

[0035] The user device 104 may comprise a processor, memory, user interface etc. The entity 102 may utilize the user interface of the user service to select the application for processing. Once the application is selected then the processor of the user device may instruct the transceiver of the user device to transmit the request to the service platform 106 to process the service request initiated by the entity / user for a particular application. The user device 104 is connected to the service platform 106 via a communication network 112.

[0036] The communication network 112 may be a wired network, a wireless network, or may include a combination of wired and wireless networks. For example, the network 112 may be a local area network (LAN), a wide area network (WAN), a wireless WAN, a wireless LAN (WLAN), a cellular network, the internet, etc. Additionally, the network 112 may include multiple networks operated by different entities. For example, the network 112 may include a plurality of network based on the requirement. The user device 104 may communicate with the service platform 106, authorized agency 108 and / or the pre-engaged agency 110 via the connection to the communication network 112.

[0037] The service platform 106 may receive the request shared by the user device 104 via the communication network 112. Based on the type of application, the processor at the service platform 106 may transmit a request to the user device 104 seeking credentials associated with the entity for processing the application request. The credentials may be a unique ID and demographic details of the entity. For example, the unique ID may be Permanent Account Number (PAN), Adhaar number, Driving license, Voter identification number, Passport number, PAN of business, Taxpayer identification number(TIN), Tax deduction and collection account number (TAN), social security number (SSN)etc. Likewise, the demographic details for an individual may be name, age, education, location, Gender, height, income, employment status, marital status, family member details etc. The demographic details for a business may be date of incorporation, directors / founder details, number of employees, employee details, financial status / details, tax documents, place of business etc. The referred details are mere examples and should not be construed as a limitation. The unique ID and demographic details may vary based on the type of application and service provider requirement.

[0038] Once a request is received on the user device 104, a notification on the display panel is generated for the entity 102. Based on the request, the entity 102 may provide the credentials associated with the entity 102 and same is shared with the service platform 106 via the communication network. In this way, the service platform 106 may raise multiple requests to the user device 104 so that all the credentials required for processing the application may be collected. Once the requested credentials are received by the service platform 106, the service platform may authenticate the credentials to verify the identity of the entity for processing of the application. Askilled person in this field may appreciate that the application is processed once the credentials associated with the entity are verified. The service platform 106 may send an authentication request via the communication network 112 to an authorized agency 108 at the first instance. In case the authorized agency is unavailable or there is down time scheduled for the authorized agency, in such scenario, the service platform 106 may send a service request for verifying the credentials associated with the entity to a pre-engaged agency 110. The pre-engaged agency may be a third- party server that is specifically appointed for verification of details / documents of various entity in absence of authorized agency so that user experience may not hamper, and a smooth experience is observed at the user end. In an exemplary embodiment, the authorized agency may be a government agency that may be capable of verifying the details associated with the entity. For example, National Securities Depository Limited (NSDL) may serve as an authorized agency for verification of PAN details of an entity. In another exemplary embodiment, the authorized agency is a non-government agency that may be capable of verifying the details associated with the entity. For example, social security administration may serve as an authorized agency for verification of SSN details of an entity. Further, the pre-engaged agency may be an agency which is pre-appointed by the service provider for verification of the credentials. The cited examples are for exemplary purposes and must not be construed as a limitation. The present disclosure is explained considering only one entity therefore, the same may not be considered as a limitation as there may be a number of entities approaching the service platform 106 for processing of different applications. The service platform 106 may perform similar process for the processing of the applications.

[0039] Fig. 2 illustrates a system for authenticating and managing the credentials of the entity for various applications, in accordance with some embodiments of the present disclosure. The system 200 may comprise an interface 208, memory 210, at least one processor 222, and Units 224 operatively and communicatively coupled to one another. It may be understood that the system 200 may be accessed by multiple users through one or more user devices 204 or applications residing on the user devices. Examples of the user devices may include, but are not limited to, an loT device, loT gateway, portable computer, a personal digital assistant, a handheld device, and a workstation, a mobile device. The user device is communicatively coupled to the system 206 through a network (not shown in figure).

[0040] In one implementation, the network may be a wireless network, a wired network, or a combination thereof. The network may be implemented as one of the diverse types of networks, such as intranet, local area network (LAN), wide area network (WAN), the internet, and the like. The network may either be a dedicated network or a shared network. The shared network represents an association of the diverse types of networks that use a variety of protocols, for example, Hypertext Transfer Protocol (HTTP), Hypertext Transfer Protocol Secure (HTTPS), Transmission Control Protocol / Internet Protocol (TCP / IP), Wireless Application Protocol (WAP), and the like, to communicate with one another. Further the network may include a variety of network devices, including routers, bridges, servers, computing devices, storage devices, and the like.

[0041] The interface 208 may include a variety of software and hardware interfaces, for example, a web interface, a network interface, an Input / Output interface, a graphical user interface, and the like. The Input / Output (I / O) interface 210 may allow the server 206 to interact with the user through the user devices 204. For example, the user may interact to the server 206 through GUI, audio input, text input, video input or any combination thereof. Additionally, the I / O interface 208a may also receive application request from the user device 204 that indicates the intention of a user for accessing / processing of an application. Apart from receiving the application processing request from the user device 204, I / O interface 208a may enable the server 206 to communicate with other computing devices, such as web servers, authorized agency server, third part server, pre-engaged agency server, and external data servers (not shown). The I / O interface 208a may facilitate multiple communications within a wide variety of networks and protocol types, including wired networks, for example, LAN, cable, etc., and wireless networks, such as WLAN, cellular, or satellite. The I / O interface 208a may include one or more ports for connecting many devices to one another or to another server. The network interface 208b may allow the server 206 to interact with one or more databases / data sources either directly or via the network.

[0042] In one implementation, the units 224 may comprise Transceiver 224a, verification unit 224b, generation unit 224c, a determination unit 224d and other units (not shown in figure). The other units may be used to perform other functions of the server 206 which are not described in the specification for the sake of brevity. According to embodiments of present disclosure, theseunits 224a-224d may comprise hardware components like processor, microprocessor, microcontrollers, application-specific integrated circuit for performing various operations of the server 206. In another embodiment, the units 224 may be software modules stored in the memory 210 which may be executed by the at least one processor 222 for performing the operations of the system 206. It must be understood to a person skilled in art that the processor 222 may also perform all the functions of the units 224a-224d according to various embodiments of the present disclosure.

[0043] The memory 210 may store credential information 212, application database 214, format options 216, logical blocks 218 and other data 220. The credentials information 212 may include unique identification (ID) 212a and demographic details 212b of the entity. These credentials are associated with an entity (individual or business or both). In an exemplary process, for KYC detail verification, the server 206 may request credentials such as PAN, date of birth, age, Adhaar, and image of the individual from the entity which is connected with the user device 204. In another exemplary embodiment, the KYB detail verification, the credentials may be different such as GST details of the company, PAN details, TAN etc. The credentials information is dependent on the type of the application, thus, it may vary from the one application to another application. The memory 210 may also have the application database 214. The application database 214 may store the information related to various applications facilitated by the server 206. Memory 210 may also store the information in different data formats 216. The data format 216 may be at least one of text, image, video etc. The data may be segregated in different formats depending on the type of application and requirement provided by the verification agency. Accordingly, the data may be provided to the various agencies such as authorized agencies and pre-engaged agencies. Once the credentials are received from the entity, these credentials may be stored in various logical blocks 218 so that the stored credentials may be reused in another application, if required. In an embodiment, the other data 205 may include various temporary data and files generated by the units 224.

[0044] The transceiver 224a receives a request for processing the application from the user device 204. Based on the type of the application, the transceiver 224a requests one or more credentials associated with the entity for processing of the application. In an exemplary embodiment, for KYCof the application, the transceiver 224a may request credentials like PAN, Bank details (i.e., DOB) from the user. The transceiver 224a also requests a consent from the entity (e.g., individual) for using the credentials for processing of the application and storing the credentials on the server 206 for processing of other applications in future. Once, the user device 204 receives the request for credentials, then the entity based on the request may provide the requested credentials to the server 206 via the transceiver 224a . In particular, the transceiver 224a receives the credentials provided by the entity 204. The credentials associated with the entity may be used for processing of the application and storing only if a valid consent is provided by the entity.

[0045] Once the credentials are received, then the verification unit 224b may authenticate the received credentials to verify the identity of the entity for processing the application. The verification unit 224b may solely verify the credentials received from the entity if the corresponding data is present in the application database for the entity else the verification unit 224b with the help of transceiver unit 224a may transmit a request to the authorized agency for authentication of the credentials. For some applications, the server 206 may have a copy of validated credentials associated with different entities in the application database. Thus, in that scenario, the application database may compare the received credentials with the corresponding credentials received from the entity to perform authentication. In another exemplary embodiment, the credentials may be shared with a single authorized agency. In another embodiment, the credentials may be shared with more than one authorized agencies. For example, for authenticating the PAN details, the authorized agency may be National Securities Deposit Limited(NSDL) and for bank detail verification, the authorization agency may be the bank mentioned in the bank details. In such case, the UPI validation and penny drop technique is utilized to authenticate the credentials. The UPI validation and Penny drop techniques are known to a person working in this area thus, same is not explained for the sake of brevity.

[0046] The verification unit 224b may check the credentials with the authorized agency ( or to a pre-engaged agency) and in case the attempt fails then the verification unit 224b may retry to transmit the credentials again to the authorized agency( or to a pre-engaged agency) unless the number of attempts may reach to a predetermined number. In an exemplary embodiment, the predetermined number for attempt may be 3. Thus, if the verification unit 224b fails to send thecredentials to the authorized agency or to a pre-engaged agency with in 3 attempts then a notification may be transmitted to the entity regarding failure of verification. A skilled person may appreciate that the pre-engaged agency may perform authentication for credentials only if authorized agency is not available. In another scenario, if the verification unit 224b succeeds in receiving authentication from the authorized agency or pre-engaged agency(if authorized agency is not available) then the verification unit 224b may store the authenticated information related to those credentials in one or more logical blocks 218 so that the authenticated credentials may be reutilized for processing of another application where same credentials are required. In this way, the user experience may be enhanced as there is no requirement to transmit a request to the user again for same credentials. In a way, the network resources may also be utilized in an efficient manner because transmitting a request again for the same credentials and then received the already provided credentials may utilize lot of network bandwidth as well. Accordingly, once the credentials are authenticated, these credentials are stored in the memory 210 in the form of credential information 212 or on a cloud associated with the server 206 for future reference. The credentials based on the nature, may be stored in the logical blocks where these are segregated as unique ID and / or demographic details. In this manner, the authentication may be performed for each of the received credentials and each of the received credentials may be stored in the logical block after successful authentication. In an exemplary embodiment, each credential is stored in a separate logical block. In another embodiment, more than one credentials but related one are stored in a single logical block. Thus, the authenticated credentials are stored in logical blocks based on the requirements.

[0047] Considering the authentication scenario, in one of the embodiments, the authentication of the credentials is performed by the authorized agency. The authorized agency may compare the received one or more credentials associated with the entity against the corresponding one or more credentials available in the database of the authorized agency. However, if the authorized agency is not available then the credentials may be checked in the application database available with the application server or service platform. The application server 206 may compare the one or more received credentials associated with the entity with the corresponding credentials available in the application database 214. In a scenario, where the credential information is not available in the application database for comparing the received one or more credentials and there is an error orlatency observed during the verification process by the authorized agency, in that case, the one or more credentials are shared with the pre-engaged agency (i.e. third-party server) for performing authentication of the received one or more credentials associated with the entity.

[0048] In another embodiment, instead of performing the authentication of the credentials by the authorized agency in the first place. The application server 206 may compare the one or more received credentials associated with the entity with the corresponding credentials available in the application database 214. If the corresponding details or information is not available in the application database 214, then the credentials are shared with the authorized agency. The authorized agency may then compare the received one or more credentials associated with the entity against the corresponding one or more credentials available in their respective database. However, if the authorized agency is not available (due to technical issue or latency is there in authentication process) and the credential information is also not available in the application database of the server, in that case, the one or more credentials are shared with the pre-engaged agency (i.e. third-party server) for performing authentication of the received one or more credentials associated with the entity.

[0049] The generating unit 224c may in communication with the transceiver unit 224a, may prepare a template in which the information may be requested from the entity. The template may provide a format option to the user device so that the user may provide the requested information in that preferred format. The preferred format is the format in which the information is requested by the authorized agency for authentication of the credentials. For example, the preferred format for receiving the PAN details of the user may be a number format for which a text box is provided at the user device 204 screen. In case the authorization agency is not available for authentication of the credentials then in that scenario, the authorization may be performed from the application database or the from the pre-engaged agency and one or more alternate format options may be provided to the entity to receive the one or more credentials associated with the entity.

[0050] The determination unit 224d in communication with the verification unit 224b may authenticate the received one or more credentials provided via the one or more alternate format options based on the comparison of the received one or more credentials with the corresponding one or more credentials available in the application database. In another scenario, thedetermination unit 224d in communication with the transceiver may direct the received one or more credentials provided via the one or more alternate format options to a pre-engaged agency if the corresponding one or more credentials are not available in the Application database. In this case, the determination unit 224d determines that the credentials obtained with alternate option is not matching with the credentials available with the application database or the pre-engaged agency and the score of matching the credentials is below a predefined score then the determination unit 224d in communication with the transceiver 224a may again attempt to receive the credentials from the entity. Again the determination unit 224d compares the credentials obtained in alternate format with the available database or pre-engaged agency database but if the matching score is not improved and is still less than a predefined score then after a set number of attempts (e.g. 3) then determination unit 224d in communication with the transceiver unit 224a may transmit a notification to the user device 204 that entity verification fails and the application is not processed in that case. Same may be understood by an exemplary scenario, however, the same may not be considered as a limitation.

[0051] In an exemplary scenario, the PAN number may be requested in a number format by way of a textbox as the preferred format requested by the authorized agency NSDL is text format. Accordingly, the user may provide the PAN details in number format for processing of the application but in case, the authorized agency is not available then in that scenario, another request may be transmitted to the user device to provide the PAN details in image format such as .png or .jpeg format. As the authorization agency is not available thus, to maintain the user experience intact, the pre-engaged agency may authenticate or validate the PAN details provided in the image format and validate the details. The determination unit 224d also keeps on monitoring the unavailability of the authorized agency and accordingly, as soon as it determines the unavailability of the authorized agency (due to any reason) for authentication, it may communicate to the transceiver 224a and memory 210 so that alternate format option for respective credential(s) may be provided to another users who are about to send same credential(s) for processing application request. In this way, the failure rate for authentication may be lowered down and the resources may be saved as the server may have prior information available about the unavailability of the authorized agency based on the inputs provided by the determination unit 224d. Accordingly, forsubsequent users, the format option for that specific credentials (for which the authorized agency is unavailable) may be changed and attempts made to authenticate the credentials may be reduced.

[0052] The present disclosure also takes care of the challenges where the details shared by the entity are not clear or not legible. For example, if the alternate format i.e., the image of the PAN card is provided and if the clarity is below a certain threshold and the authentication is not possible with this format option as well. Then, the server 206 may request the entity to share the details again may in another format option. In case, during comparison of the details, the matching score is less than a threshold but is within a predefined range then one may increase the number of attempts fixed for the authentication and another attempt is provided to the entity instead of rejecting the authentication. For example, if the image shared for PAN card is mapping 72% instead of 75% (say threshold is 75%) and the predefined range is 70%-74%, in that scenario, the server 206 may in one of the exemplary embodiments may increase the number of attempt to 4 (which was fixed as 3 earlier). In another embodiment, the verification may be performed manually in that scenario rather than through the verification unit 224b and the authentication details may be updated based on the authentication performed manually. However, such scenarios are rare but are considered as a fallback if the matching score is present in a predefined range. Even after the fallback, if the matching score is not meeting the predefined score, then the server 206 may reject the one or more credentials and share a notification about failure to authenticate the credential for the entity. In such a case, the entity may reinitiate the application processing request.

[0053] A skilled person may also appreciate that the determination unit 224d also segregates the authenticated one or more credentials based on a sensitivity score defined for the one or more credentials. The sensitive information is the information that may be specific to an entity (individual or business) and may not be available in public domain e.g., income details, account balance information, medical condition etc. The determination unit 224d may store the authenticated one or more credentials via encryption if the sensitivity score of the one or more credentials is greater than a predefined threshold. In an exemplary embodiment, the predefined threshold for sensitivity information is 7 if the scale is considered as 10. In another embodiment, there may be a look-up table available in the memory 210 where credentials are assigned a sensitivity score and based on the sensitivity score, the determination unit 224d may determinewhether encryption is required for authenticated credentials before storing the same in the memory 210 as credential information 212 or logical block.

[0054] The determination unit 224d may also take care of updating the credentials in the memory 210, if a request is received for updating the one or more credentials received from the at least one entity. The verification unit 224b may authenticate the updated one or more credentials once received from the entity by comparing the one or more updated credentials associated with the entity against corresponding credentials available for the entity with at least one authorized agency. Once the authorized agency has provided the confirmation of successful authentication, the verification unit 224b may in communication with the memory 210 may update the credential information residing for the entity in the logical blocks (for which update is received). In particular, the earlier stored credentials may be replaced with the updated credentials in the logical block once successful authentication is confirmed. A consent may be taken again from the entity for utilization of the updated credentials for processing of same or other application(s) for the entity in future. Once the consent is received from the entity then the updated information may be stored in the logical blocks and may be used for processing other applications in future.

[0055] As used herein, the term ‘unit’ may refer to an Application Specific Integrated Circuit (ASIC), an electronic circuit, a hardware processor (shared, dedicated, or group) and memory that execute one or more software or firmware programs, a combinational logic circuit, and / or other suitable components that provide the described functionality. In an implementation, each of the unit 224a-224d may be configured as stand-alone hardware computing unit. In an embodiment, there may be other units as well and those may be used to perform various miscellaneous functionalities of the system 200. It will be appreciated that units 224 may be represented as a single unit or a combination of different units as well.

[0056] Figure 3 depicts flow diagram of processing application request for an entity, in accordance with an embodiment of the present disclosure. In the flow diagram, the user device 302, server 304 and a third-party server e.g., authorized agency server or pre-engaged agency server is involved. In step 310, the user device 304 transmits a request for processing the application to the server 304. The server 304 at step 312, acknowledges the request and sends a request for providing consent and credentials for processing the application to the user device 304. The user device 304at step 314 provides credentials to the server 306 and also provides a consent for utilizing the credentials for processing of the application and storing the same for other applications in future.

[0057] At step 316, the server 306, on receiving the requested credentials may either check in its own database for the availability of the corresponding credentials and / or at step 318, the server 306 may transmit the credentials to the third-party server for authentication. The third-party server 308 may be an authorized agency server or may be a pre-engaged agency server which is appointed for authentication tasks. Once, the credentials from the server 306 are received by the third-party server 308 may authenticate the credentials by comparing the received credentials with the prestored credentials associated with the entity. On successful completion of the authentication process, the third-party server 308 may transmit acknowledgement to the server 306. At step 320, the server 306 may store the authenticated credentials in one or more logical blocks. At step 322, the server 306 allows processing of the application if all the requested credentials for processing the application are received and authenticated for processing the application. Likewise, at step 324, if in future, the same entity transmits a request to process another application with the server 306 then based on the type of application, at step 326, the server 306 may determine the credentials required for processing of the application.

[0058] In one embodiment, at step 328, if all the credentials required for processing another application for the entity are available with the server 306 then the server 306 may process another application for the entity within a single click of request, without requesting for the credentials again. In another embodiment, at step 330, if there are few credentials available with the server 306 for processing another application for the entity then the server 306 may request only those credentials from the entity via user device 302 which are not available with the server 306. In such scenario, at step 330, the server 306 requests for only remaining credentials are submitted to the user device 304. Also, when the requested credentials are received then the server 306 may follow the same process (as performed in step 316-322) of authentication for those credentials by sharing the credentials with the third-party server 308. In this way, on successful authentication of those credentials, these credentials are also stored in the logical block with the server 306 and access to another application is provided to the entity. Likewise for every subsequent application request, the server may determine the requirement of credentials for processing the subsequent applicationand send a request to the user device 302 only if there is additional credential(s) required for processing the subsequent application. Therefore, if all the credentials are available with the server 306 for processing of the application, then the processing of the application gets expedited and resources are also saved that may be required if the credentials are requested repeatedly for every application.

[0059] To understand the same, an exemplary scenario is presented. In an exemplary scenario, if for processing the application ‘A,’ 5 credentials are identified by the server 306 and once the successful authentication is performed for those 5 credentials, the authenticated 5 credentials may be stored in the form of logical blocks in server 306. In case a request for processing of the other application is received. Based on the type of other application, the server 306 identified that 6 credentials are required for processing the other application and out of those 7 credentials 3 credentials are the already stored with the server 306 in form of logical blocks. In such a scenario, the server 306 may request only 4 additional credentials from the user device 302 instead of all 7 credentials and perform the authentication for 4 credentials only (those were not present earlier with the server). In this way, the processing time and resources both may be saved.

[0060] Figure 4 illustrates an exemplary method for verifying an entity for processing an application in real-time, in accordance with an embodiment of the present disclosure. The method 400 may also be described in the general context of computer executable instructions. Computer executable instructions may include routines, programs, objects, components, data structures, procedures, modules, and functions, which perform specific functions or implement specific abstract data types.

[0061] The order in which the method 400 are described is not intended to be construed as a limitation, and any number of the method blocks described may be combined in any order to implement the method. Additionally, individual blocks may be deleted from the methods without departing from the spirit and scope of the subject matter described.

[0062] At step 402, the method may include receiving a request for processing of an application. The application request may be any service request shared with the service platform / applicationserver to grant access to the particular application. The server may receive the request from the entity (i.e., an individual or business or a combination of both) via I / O interface for processing of the application.

[0063] At step 404, the at least one processor 222 may be configured to request one or more credentials associated with the entity for processing the application. The one or more credentials are unique to the entity. For example, PAN details, Adhaar details, passport details, social security number, Driving license details etc. Each application may require different credentials for processing of the application. Thus, based on the type of application, the service platform may request a set of credentials associated with the entity. For example, for an insurance application, the application server may require credentials like name, age, family demographics, gender, medical history etc. Similarly, for driving license application, the application server may require credentials like name, age, height, gender, medical history etc. Thus, there may be an overlap of the credential’s requirement in respect of the application. Further, the entity may be provided with different format options to provide the credentials to the server depending on the availability of the authorized agency so that credential information may be authenticated.

[0064] At step 406, the at least one processor 222 may be configured to receive the one or more credentials from the entity. The credentials comprise at least a unique ID and demographic details of the entity. At the time of receiving the credentials, a consent from the entity is also received for storing the credentials associated with the entity in the server’s memory and also the credentials may be used for processing of other applications for the entity in future.

[0065] At step 408, the last one processor 222 is configured to authenticate the received one or more credentials to verify identity of the entity for processing of the application. For verifying the identity of the entity, the at least one processor 222 may check the application database if the received credentials are matching with the corresponding credentials available for the entity in the application database to authenticate the credentials. In absence of corresponding credentials in the application database, the at least one processor 222 is configured to share the received credentials with the third party sever i.e. authorized agency or the pre-engaged agency to check for authentication of the received credentials. The pre-engaged agency may authenticate the one or more credentials of the entity if the received one or more credentials associated with the entity arenot available for comparing in the application database and / or an error / latency observed during the verification of the received one or more credentials associated with the entity from the authorized agency. The identity of the entity once verified allow processing of the application. Generally, the one or more credentials are requested in a preferred format option. The preferred format option is the format requested by the authorized agency for authentication of the one or more credentials associated with the entity. In case the authorized agency is not available then the at least one processor is configured to provide one or more alternate format options to receive the one or more credentials associated with the entity. A skilled person may understand that the credentials may be requested in image format, text format, video format, audio format etc., and the format selection depends on the requirements of the application.

[0066] At step 410, the at least one processor 222 is configured to store the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified. These logical blocks may be utilized alone or in combination with each other may be used to process the application. For example, one logical block may store the name of the entity and second logical block may store the bank details of the entity. Then both of these logical blocks may be utilized in processing of a single application, or multiple applications based on the requirement. Before storing the authenticated credentials, the at least one processor is configured to segregate the one or more credentials based on the sensitivity score. For example, the credentials have personal or confidential information may be encrypted or encoded whereas the credentials having the general information of the entity may not be encrypted. Further, if there is any updated information provided by the entity then the updated information may be authenticated before replacing the existing information available in the logical blocks.

[0067] At step 412, at least one processor 222 is configured to receive a request for processing of another application.

[0068] At step 414, at least one processor 222 is configured to access the one or more logical blocks for fetching the one or more credentials associated with the entity.

[0069] At step 416, the at last one processor 222 is configured to re-verify the identity of the entity for processing of another application based at least in part on the one or more credentials fetched from the one or more logical blocks.

[0070] Fig. 5 depicts a flow chart of an exemplary method for requesting verification for an entity to process at least one application, in accordance with exemplary embodiments of the present disclosure.

[0071] At step 502, the at least one processor may be configured to transmit a request for processing of an application.

[0072] At step 504, the user device may receive a request to transmit one or more credentials associated with the entity to process the application, wherein the one or more credentials are requested based on the type of the application and is unique to the entity.

[0073] At step 506, the at least one processor may transmit the one or more credentials for processing of the application. The one or more credentials once authenticated, verifies an identity of the entity for processing of the application.

[0074] At step 508, the at least one processor may provide consent to store the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified.

[0075] At step 510, the at least one processor may provide transmit a request for the processing of another application.

[0076] At step 512, the at least one processor may provide one or more additional credentials for re-verification of the identity of the entity for another application if the one or more credentials transmitted for processing of the earlier application is not sufficient.

[0077] The terms "an embodiment", "embodiment", "embodiments", "the embodiment", "the embodiments", "one or more embodiments", "some embodiments", and "one embodiment" mean "one or more (but not all) embodiments of the invention(s)" unless expressly specified otherwise.

[0078] The terms "including", "comprising", “having” and variations thereof mean "including but not limited to", unless expressly specified otherwise.

[0079] The enumerated listing of items does not imply that any or all of the items are mutually exclusive, unless expressly specified otherwise. The terms "a", "an" and "the" mean "one or more", unless expressly specified otherwise.

[0080] A description of an embodiment with several components in communication with each other does not imply that all such components are required. On the contrary, a variety of optional components are described to illustrate the wide variety of embodiments of the invention.

[0081] When a single device or article is described herein, it will be readily apparent that more than one device / article (whether or not they cooperate) may be used in place of a single device / article. Similarly, where more than one device or article is described herein (whether or not they cooperate), it will be readily apparent that a single device / article may be used in place of the more than one device or article, or a different number of devices / articles may be used instead of the shown number of devices or programs. The functionality and / or the features of a device may be alternatively embodied by one or more other devices which are not explicitly described as having such functional! ty / features. Thus, other embodiments of the invention need not include the device itself.

[0082] The illustrated operations of Fig. 4-5 show certain events occurring in a certain order. In alternative embodiments, certain operations may be performed in a different order, modified, or removed. Moreover, steps may be added to the above-described logic and still conform to the embodiments described. Further, operations described herein may occur sequentially or certain operations may be processed in parallel. Yet further, operations may be performed by a single processing unit or by distributed processing units.

[0083] Finally, the language used in the specification has been principally selected for readability and instructional purposes, and it may not have been selected to delineate or circumscribe the inventive subject matter. It is therefore intended that the scope of the invention be limited not by this detailed description, but rather by any claims that issue on an application based here on.Accordingly, the disclosure of the embodiments of the invention is intended to be illustrative, but not limiting, of the scope of the invention, which is set forth in the following claims.

[0084] While various aspects and embodiments have been disclosed herein, other aspects and embodiments will be apparent to those skilled in the art. The various aspects and embodiments disclosed herein are for purposes of illustration and are not intended to be limiting, with the true scope being indicated by the following claims.Referral Numerals:

Claims

Claim:

1. A method for verifying an entity for processing of at least one application, the method comprising: receiving a request for processing of an application. based on type of the application, requesting one or more credentials associated with the entity for processing the application, wherein the one or more credentials are unique to the entity; receiving the one or more credentials from the entity; authenticating the received one or more credentials to verify identity of the entity for processing of the application, wherein the identity of the entity once verified allow processing of the application; storing the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified; receiving a request for processing of another application; accessing the one or more logical blocks for fetching the one or more credentials associated with the entity; and re-verifying the identity of the entity for processing of the another application based at least in part on the one or more credentials fetched from the one or more logical blocks.

2. The method as claimed in claim 1, wherein the entity is at least an individual, a business or a combination thereof.

3. The method as claimed in claim 1, wherein the one or more credentials incudes at least one of: a unique ID and demographic details of the entity.

4. The method as claimed in claim 1, wherein authenticating the received one or more credentials to verify the identity of the entity further comprising: sharing the received one or more credentials associated with the entity with one or more authorized agency for authentication, wherein the one or more authorized agency authenticates thereceived one or more credentials by comparing the received one or more credentials against the corresponding one or more credentials available for the entity in their respective database; comparing the received one or more credentials associated with the entity against the corresponding one or more credentials available for the entity in the application database if the one or more authorized agency is not available for authentication; and sharing the received one or more credentials associated with the entity for authentication of the received one or more credentials with a pre-engaged agency if: the received one or more credentials associated with the entity are not available for comparing in the application database; or an error or latency observed during the verification of the received one or more credentials associated with the entity from the authorized agency.

5. The method as claimed in claim 1, wherein authenticating the received one or more credentials to verify the identity of the entity further comprising: comparing the received one or more credentials associated with the entity against the corresponding one or more credentials available for the entity in the application database if the one or more credentials are available in application database; sharing the received one or more credentials associated with the entity with one or more authorized agency for authentication, wherein the one or more authorized agency authenticates the received one or more credentials by comparing the received one or more credentials against the corresponding one or more credentials available for the entity in their respective database; and sharing the received one or more credentials associated with the entity for authentication of the received one or more credentials with a pre-engaged agency if: the received one or more credentials associated with the entity are not available for comparing in the application database; or an error or latency observed during the verification of the received one or more credentials associated with the entity from the authorized agency. The method as claimed in claim 1, wherein receiving the one or more credentials from the entity further comprising:receiving the one or more credentials via a preferred format option, wherein the preferred format option defines a format requested by the authorized agency for authentication of the one or more credentials associated with the entity; and providing one or more alternate format options to receive the one or more credentials associated with the entity if the authorized agency is not available for authentication of the corresponding one or more credentials associated with the entity. The method as claimed in claim 6, wherein the one or more credentials are received in at least one of: text format, image format, video format. The method as claimed in claim 6, further comprising: authenticating the received one or more credentials provided via the one or more alternate format options if the received one or more credentials are matching with the corresponding one or more credentials available in the application database; directing the received one or more credentials provided via the one or more alternate format options to a pre-engaged agency if the corresponding one or more credentials are not available in the Application database; and rejecting the one or more credentials if the received one or more credentials fails to qualify a predefined score. The method as claimed in claim 1, wherein storing the authenticated one or more credentials in one or more logical blocks further comprising: segregating the authenticated one or more credentials based on a sensitivity score defined for the one or more credentials; and storing the authenticated one or more credentials via encryption if the sensitivity score of the one or more credentials is greater than a predefined threshold. The method as claimed in claim 1, further comprising: receiving an update for one or more credentials from the at least one entity;authenticating the updated one or more credentials by comparing the one or more updated credentials associated with the entity against corresponding credentials available for the entity with at least one authorized agency; and replacing the one or more credentials stored in the corresponding one or more logical blocks with the updated one or more credentials post authentication. The method as claimed in claim 1, further comprising: receiving consent from the entity for utilizing at least a portion of the one or more credential stored in the one or more logical blocks for processing of the another application. The method as claimed in claim 1, further comprising: receiving consent from the entity for storing the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified. An apparatus for verifying an entity for processing of at least one application, the apparatus comprising: at least one processor; and a memory coupled with the at least one processor, wherein the at least one processor is configured to: receive a request for processing of an application; based on type of the application, request one or more credentials associated with the entity for processing the application, wherein the one or more credentials are unique to the entity; receive the one or more credentials from the entity; authenticate the received one or more credentials to verify identity of the entity for processing of the application, wherein the identity of the entity once verified allow processing of the application; store the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified; receive a request for processing of another application;access the one or more logical blocks for fetching the one or more credentials associated with the entity; and re-verify the identity of the entity for processing of the another application based at least in part on the one or more credentials fetched from the one or more logical blocks.

14. The apparatus as claimed in claim 13, wherein the entity is at least an individual, a business or a combination thereof.

15. The apparatus as claimed in claim 13, wherein the one or more credentials incudes at least one of: Unique ID and demographic details of the entity.

16. The apparatus as claimed in claim 13, wherein to authenticate the received one or more credentials for verifying the identity of the entity, the at least one processor is further configured to: share the received one or more credentials associated with the entity with one or more authorized agency for authentication, wherein the one or more authorized agency authenticates the received one or more credentials by comparing the received one or more credentials against the corresponding one or more credentials available for the entity in their respective database; compare the received one or more credentials associated with the entity against the corresponding one or more credentials available for the entity in the application database if the one or more authorized agency is not available for authentication; and share the received one or more credentials associated with the entity for authentication of the received one or more credentials with a pre-engaged agency if: the received one or more credentials associated with the entity are not available for comparing in the application database; or an error or latency observed during the verification of the received one or more credentials associated with the entity from the authorized agency.

17. The apparatus as claimed in claim 13, wherein to authenticate the received one or more credentials to verify the identity of the entity, the at least one processor is further configured to:compare the received one or more credentials associated with the entity against the corresponding one or more credentials available for the entity in the application database if the one or more credentials are available in application database; share the received one or more credentials associated with the entity with one or more authorized agency for authentication, wherein the one or more authorized agency authenticates the received one or more credentials by comparing the received one or more credentials against the corresponding one or more credentials available for the entity in their respective database; and share the received one or more credentials associated with the entity for authentication of the received one or more credentials with a pre-engaged agency if: the received one or more credentials associated with the entity are not available for comparing in the application database; or an error or latency observed during the verification of the received one or more credentials associated with the entity from the authorized agency.

18. The apparatus as claimed in claim 13, wherein to receive the one or more credentials from the entity, the at least one processor is further configured to: receive the one or more credentials via a preferred format option, wherein the preferred format option defines a format requested by the authorized agency for authentication of the one or more credentials associated with the entity; and provide one or more alternate format options to receive the one or more credentials associated with the entity if the authorized agency is not available for authentication of the corresponding one or more credentials associated with the entity.

19. The apparatus as claimed in claim 18, wherein the one or more credentials are received in at least one of: text format, image format, video format.

20. The apparatus as claimed in claim 18, wherein the at least one processor is further configured to: authenticate the received one or more credentials provided via the one or more alternate format options if the received one or more credentials are matching with the corresponding one or more credentials available in the application database;direct the received one or more credentials provided via the one or more alternate format options to a pre-engaged agency if the corresponding one or more credentials are not available in the Application database; and reject the one or more credentials if the received one or more credentials fails to qualify a predefined score. The apparatus as claimed in claim 13, wherein to store the authenticated one or more credentials in one or more logical blocks, the at least one processor is further configured to: segregate the authenticated one or more credentials based on a sensitivity score defined for the one or more credentials; and store the authenticated one or more credentials via encryption if the sensitivity score of the one or more credentials is greater than a predefined threshold. The apparatus as claimed in claim 13, wherein the at least one processor is further configured to: receive an update for one or more credentials from the at least one entity; authenticate the updated one or more credentials by comparing the one or more updated credentials associated with the entity against corresponding credentials available for the entity with at least one authorized agency; and replace the one or more credentials stored in the corresponding one or more logical blocks with the updated one or more credentials post authentication. The apparatus as claimed in claim 13, wherein the at least one processor is further configured to: receive consent from the entity for utilizing at least a portion of the one or more credential stored in the one or more logical blocks for processing of the another application. The apparatus as claimed in claim 13, wherein the at least one processor is further configured to: receive consent from the entity for storing the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified.

25. A method for applying verification for an entity to process at least one application, the method comprising: transmitting a request for processing of an application; receiving a request to transmit one or more credentials associated with the entity to process the application, wherein the one or more credentials is requested based on the type of the application and is unique to the entity; transmitting the one or more credentials for processing of the application, wherein the one or more credentials once authenticated, verifies an identity of the entity for processing of the application; providing consent to store the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified; transmitting a request for processing of another application; and providing one or more additional credentials for re-verification of the identity of the entity for another application if the one or more credentials transmitted for processing of the earlier application is not sufficient.

26. The method as claimed in claim 25, wherein the entity is at least an individual, a business or a combination thereof.

27. The method as claimed in claim 25, wherein the one or more credentials incudes at least one of: a unique ID and demographic details of the entity.

28. The method as claimed in claim 25, wherein transmitting the one or more credentials for processing the application further comprising: transmitting the one or more credentials via a preferred format option, wherein the preferred format option defines a format requested by the authorized agency for authentication of the one or more credentials associated with the entity; and transmitting the one or more credentials in one or more alternate format options if the authorized agency is not available for authentication of the corresponding one or more credentials associated with the entity.

29. The method as claimed in claim 28, wherein the one or more credentials are received in at least one of: text format, image format, video format.

30. The method as claimed in claim 25, further comprising: transmitting an update for one or more credentials associated with the at least one entity; transmitting consent for replacing the one or more credentials stored in the corresponding one or more logical blocks with the updated one or more credentials post authentication. 1 The method as claimed in claim 25, further comprising: transmitting consent for utilizing at least a portion of the one or more credential stored in the one or more logical blocks for processing of the another application. 2 The method as claimed in claim 25, further comprising: transmitting consent for storing the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified.33 A user device for applying verification for an entity to process at least one application, the apparatus comprising: at least one processor; and a memory coupled with the at least one processor, wherein the at least one processor is configured to: transmit a request for processing of an application; receive a request to transmit one or more credentials associated with the entity to process the application, wherein the one or more credentials is requested based on the type of the application and is unique to the entity; transmit the one or more credentials for processing of the application, wherein the one or more credentials once authenticated, verifies an identity of the entity for processing of the application; provide consent to store the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified;transmit a request for processing of another application; and provide one or more additional credentials for re-verification of the identity of the entity for another application if the one or more credentials transmitted for processing of the earlier application is not sufficient.

34. The user device as claimed in claim 33, wherein the entity is at least an individual, a business or a combination thereof.

35. The user device as claimed in claim 33, wherein the one or more credentials incudes at least one of: a unique ID and demographic details of the entity.

36. The user device as claimed in claim 33, wherein to transmit the one or more credentials for processing the application, the at least one processor is further configured to: transmit the one or more credentials via a preferred format option, wherein the preferred format option defines a format requested by the authorized agency for authentication of the one or more credentials associated with the entity; and transmit the one or more credentials in one or more alternate format options if the authorized agency is not available for authentication of the corresponding one or more credentials associated with the entity.

37. The apparatus as claimed in claim 33, wherein the one or more credentials are received in at least one of: text format, image format, video format.

38. The apparatus as claimed in claim 33, wherein the at least one processor is further configured to: transmit an update for one or more credentials associated with the at least one entity; transmit consent to replace the one or more credentials stored in the corresponding one or more logical blocks with the updated one or more credentials post authentication. The apparatus as claimed in claim 33, wherein the at least one processor is further configured to:transmit consent for utilizing at least a portion of the one or more credential stored in the one or more logical blocks for processing of the another application.

40. The apparatus as claimed in claim 33, wherein the at least one processor is further configured to: transmit consent to store the authenticated one or more credentials in one or more logical blocks once the identity of the entity is verified.

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