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National Payments Corporation of India (NPCI) has revolutionised Indian Payment Industry and has removed friction. Newer payments platforms like IMPS, UPI, BBPS etc have solved payment and collection problems of all customer segments. NPCI has change the market by standardising and securing APIs across banks. UPI is classical API use case, which is simplifying mobile payments for P2P as well as Merchant Payments.
On the lines of payments, there is urgent need to revolutionize Lending in the country through technology intervention by an organisation similar to NPCI. I am calling the entity as National Lending Corporation of India (NLCI) for now.
Who would be benefited?
High level flow of Lending Process (and the APIs) is given below:
What happens next post Loan Confirmation?
What is the process post disbursement?
In the process, which all entities would be involved?
This platform would give impetus to Financial Inclusion and would help the P2P lenders to innovate on top of Pan India Lending Platform. This is similar to what PSP apps are currently innovating on top of UPI Platform.
Lending API-fied : Start of P2P Lending Revolution
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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