CredAvenue, provider of co-lending platform – CredCoLend, on Thursday announced a collaboration with leading digital banking solution provider Infosys Finacle to develop innovative co-lending solutions.
The platform, it said, will offer real-time reporting of the co-origination assets in banks’ core banking and loan processing systems, helping meet Reserve Bank of India’s compliance requirements. CredAvenue and Infosys Finacle are in discussions with multiple banks to launch the solution platform, the company said.
Gaurav Kumar, founder and chief executive of CredAvenue, said at the core of this collaboration the desire to create a strong technology and data-driven environment for co-lending and co-origination.
“This partnership with Infosys Finacle is a game-changer and a global first, which will resolve the integration problems between banks and non-banking financial companies (NBFCs) at the category and ecosystem levels. This platform will simplify the co-lending processes of banks and NBFCs through deep integration between banking platforms and co-originator platforms,” said Kumar.
Venkatramana Gosavi, global head of sales, Infosys Finacle, said, “We are pleased to welcome CredAvenue to the Finacle partner ecosystem. The co-lending business model is seeing significant growth. It is helping banks, non-banking financial companies (NBFCs), and housing finance corporations (HFCs) leverage respective strengths to improve credit flow in the economy.”
Source: Mint