CredAvenue to develop co-lending solutions for banks

CHENNAI: Chennai-based

CredAvenue

's co-lending platform CredCoLend has announced a collaboration with the leading digital banking solution provider,

Infosys Finacle

, part of

EdgeVerve Systems

, a wholly-owned subsidiary of Infosys, to develop innovative co-lending solutions.

The platform will offer real-time reporting of the co-origination assets in banks’ core banking and loan processing systems and helping meet RBI compliance requirements. CredAvenue and Infosys Finacle are already in discussion with multiple banks to launch the solution platform.

CredCoLend enables discovery, operations and portfolio management services for Indian and global banking clients’ co-lending (co-originated) assets and has been the choice of several leading banks and NBFCs.

Gaurav Kumar, founder and CEO, CredAvenue, said: “At the core of this collaboration is our 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. It is estimated that the banks using this platform will be able to invest in less than a tenth of the current time taken. Besides, the banks will be able to partner seamlessly with small NBFCs, reaching out to last-mile borrowers.”