CredAvenue, the provider of co-lending platform - CredCoLend, today announced a collaboration with the 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, helping meet RBI compliance requirements. CredAvenue and Infosys Finacle are already in discussion with multiple banks to launch the solution platform, it said in a press statement.
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: “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.”
Venkatramana Gosavi, Global Head of Sales, Infosys Finacle, said, “Our collaboration with CredAvenue will help our clients effectively tap into the growing opportunity and automate and streamline their co-lending operations.”
“We see strong synergy with Infosys Finacle. This collaboration will significantly improve the overall lending ecosystem by enabling seamless connectivity between originators and lenders without relying on manual operations through Excel files,” said Harshwardhan Mittal, Chief Technology Officer, CredAvenue.
