Credit Democratisation Alliance or “CredAll” is a collective of varied ecosystem players, all of whom share the common dream – to democratise access to formal and affordable credit for small businesses and individuals.
Large swathes of individuals and small businesses have been deprived of formal credit due to various reasons like living in rural areas, lacking access to credit providers, lack of credit scores, lack of supporting documentation, etc.
This is where CredAll plays a pivotal role by bringing together all the players in the ecosystem under a single roof to favour seamless interactions.
Who are the Market Players?
All participants in the ecosystem are collectively called “Market Players”. These market players speak the same language a.k.a. the OCEN (Open Credit Enablement Network) protocol to create innovative, financial credit products for the market, at scale.
Market Players include the following:
New Age Lenders
Today, lenders are using smarter underwriting to increase the size of the market they serve. They are part of a paradigm shift. The decision to lend has now switched from a binary mode to a conditional mode with access to rich, high provenance data.
Loan Service Providers
LSPs (Loan Service Providers) are the connectors and makers of the credit market. They connect the low cost of capital from lenders with the low cost of customer acquisition. They do so by connecting their customers with multiple lenders through OCEN APIs.
Technology Service Providers
The technology partners enable lenders and LSPs utilise the OCEN APIs to their best potential and creating secure and delightful credit products.
Account Aggregators
Account Aggregators are entities that enable the sharing of data across multiple financial sector organisations and act as “consent brokers” facilitating the intermediate data transfer among the financial organisations with the consent of the user.
Underwriting Modellers
Underwriting Modellers are the ones employed by financial institutions/investors to create a structured process to find out the level/degree of vulnerability in terms of non-payment, late payment of dues can occur. It helps in reducing the chances of credit risk.
Our ecosystem partner “DigiSahamati Foundation (Sahamati)” is a collective Account Aggregator ecosystem set up as a not-for-profit private limited company under Section 8 of the new Companies Act of India.
Current Products on OCEN APIs
Sahay GST – Used to provide credit from top lenders using the turnover and profile data of potential borrowers based on the data available in GST.
Sahay GeM – Loan Service Provider giving new financing avenues to its Seller MSMEs and drives inclusiveness of small businesses for 3.24 Lakh MSMEs registers in “Government e-MarketPlace” (GEM).
Finezza, a leading technology and fintech services provider in the lending space has now become the latest partner as a technology service provider with CredAll to create secure and delightful credit products.
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