Craft Silicon and PayU Announce Strategic Association to Advance Digital Loan Repayment Solutions for Lending Institutions
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Date: 31-07-2020 1:50PM
Source: Craft Silicon
Category: Business/ Finance, Banking & Financial Services, General, Consumer Interest, Internet, Information Technology, Ecommerce, Accounting And Management, Business Services, Retailers, Technology, It & Tech
Location: Bangalore, Karnataka, India
Business Wire IndiaCraft Silicon, world’s prominent Financial software solution provider announces a strategic association with PayU, India’s leading online payment solutions provider - to innovate and accelerate digital loan repayment solutions for Small Finance Banks, Micro-Lending institutions and NBFCs. As a result of this association, NBFCs, MFIs and Small Finance Institutions can now offer their customers easy loan repayment solutions on their own mobile applications or through consumer apps of their choice. Through Bharat Bill Payment System (BBPS) and payment gateway integration with PayU, Craft Silicon has enabled loan repayment in a safe and convenient manner for retail consumers, even during social distancing restrictions. The partnership focuses on redefining secured digital payment platform and explores the hybrid possibilities of supporting both cash and cash less loan repayments. Salient benefits include:
- Capitalizing on Bharat Bill Payment System (BBPS): Access to multiple Apps like GPay, PhonePe, BajajPay, PayNearby, Amazon Pay, Airtel Payment Bank, CSC, Paytm, and various mobile banking apps that support BBPS.
- Enabling Rural India: Promotes cash-less economy in village areas.
- One Integration: Simple fetch and payment end point to integrate into the lending ecosystem. Pre-integrated with Craft Silicon’s Loan management solution.
- Reduced Cost: Per-transaction affordable pricing model.
- One Settlement: Consolidated settlement across multiple apps and Payment Gateway.
As highlighted by Siva Kumar, CEO, Craft Silicon Asia, “Craft Silicon’s association with PayU maximizes our customers’ collection reach and revenue assurance amid Covid-19 pandemic. This engagement will also help in reduction of cash handling and the operational cost attached with the same.”
Maneesh Goel, CFO, PayU India, said “We are pleased to associate with Craft Silicon and operate as the payment gateway of choice for their vast network of partners. One reason the small and micro credit institution sector is currently under stress is that these institutions typically lend to rural and semi-urban customers and debt collection is manual. Through this partnership, we can ensure more affordable and safer repayment options, in turn ensuring healthier cash flows for these institutions.”
About Craft Silicon
Craft Silicon is a leading financial technology solution provider and recognized as one of the most tech-savvy software groups globally. Craft Silicon supports 300+ financial Institutions by delivering value in over 30 countries. Craft Silicon provides robust solutions that include Core Banking, Loan Management, Channel Banking etc. - Managing over $5.6Bn of Loan Portfolio, 57Mn customers & 1Bn transactions per year in Asia region.
About PayU India
PayU, India’s leading online payment solutions provider, is regulated under the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market. PayU provides payment gateway solutions to online businesses through its cutting-edge and award-winning technology. In India, PayU serves more than 350,000 merchants with 70+ local payment methods and is the preferred payments partner for nearly 60% of the e-commerce merchants, including all leading e-commerce companies and a majority of airline businesses.
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