M2P Fintech, an API infrastructure provider for banks and NBFCs, announced the launch of a Core Lending Suite (CLS) that allows lenders to rapidly customize, develop, market and rapidly roll out lending products.
The digital-first lending package will facilitate end-to-end lending solutions, including onboarding (digital identity and KYC), loan management (Loan Origination, Loan Management), debt management (Collections), Go to market strategies (Partnerships & Open Credit Enablement Network), data services (Account Aggregation), operations (FinOps, ReCon) and access to consumption platforms (Buy Now Pay Later, Cards, UPI and Fleet) under a single stack.
Madhusudanan R, co-founder, M2P fintech, told Business line that the need for a CLS is driven by three aspects that shape the country’s credit ecosystem.
“Firstly, while co-lending has opened up new opportunities for banks and NBFCs, it also presents challenges in terms of how these can be structured technologically. Second, banks and NBFCs evolve over time and launch new products, but their existing loan management systems (LMS) are not equipped to handle all such products. Finally, lenders need to innovate and source new products quickly to meet the growing credit demand, Madhusudanan said.
He added that CLS is a product born out of its existing capabilities as well as leveraging RegTech, LendTech and BankTech capabilities through its acquisitions and investments in startups such as Origa, Wizi, BSG IT soft, FinFlux, Syntizen and Finvu.
The Chennai-based fintech said with the RBI’s recent guidelines on digital lending, the financial sector is gearing up for a transformation with many legacy and new-age financial services companies opting to offer services in one or more lending platform components. The company puts the total addressable loan market in India at around 150 lakh crore.
Abhishek Arun, President, M2P Fintech
Abhishek Arun, President, M2P Fintech, said lending institutions can level up using M2P’s unified lending solution right from onboarding to collections to ‘Go to Market’ strategies.
“Companies will have the option to go with the full suite or choose from a variety of micro-services with the platform. This allows lenders to expand their horizons by launching new products and businesses by customizing them according to customer requirements,” he added.
Published on
14 September 2022
