Easebuzz’s Digital Lending suite enables NBFCs and Fintech’s to manage disbursement and collections solution on its platform
According to the new RBI guidelines, lending merchants have to rethink how they transfer funds to their borrowers.
In the past, NBFCs worked with Fintech partners to make disbursements and collections more accessible. Fintech partners received loans from NBFCs through either a current or a virtual account powered by a PSP (Payment Service Provider). Following the lender’s underwriting, the funds are used for disbursement as agreed between the parties.
The lender received the payment through payment gateways, and settlement funds were transferred to borrowers through current or virtual accounts.
The new digital lending guidelines published by RBI on 2nd Sep 2022 provide that loan disbursals and repayments must take place directly between the NBFC’s account and the borrower’s account – as represented by the “New-Flow” in the image below.
With the RBI guidelines on digital lending, not only will customer rights be protected, but also a more competitive atmosphere for digital lenders in India. The guidelines will encourage a culture of innovation and competitiveness among digital lenders.
To comply with these guidelines, NBFCs and Fintech now have to consider the following:
- Making direct money transfers scalable and regulated.
- The Fintech / NBFC partnership process
- As Fintech’s will no longer be responsible for managing these financial operations at scale, the NBFCs will manage these operations.
NBFCs and Fintech can use Easebuzz digital lending suite
The lending suite from Easebuzz lets you disburse and collect money in a safe and compliant manner. It’s a full-stack lending solution that helps you focus on what you do best while leaving the rest to us.
|Payouts (Disbursals)||Repayments (Collections)||KYC Solutions|
|Open an Easebuzz Neo API and automate disbursals through a current or virtual account. Monitor your payments on a scale.||By adhering to RBI’s latest guidelines, you can collect money with the Easebuzz payment gateway. Credit is sent directly from borrowers to NBFCs.||During borrower onboarding, our KYC solutions help you manage your critical KYC elements.|
Easebuzz lending suite offers three distinct services, which are all compliant with RBI guidelines:
1. Payouts (Disburse)
Easebuzz Neo makes it easy for NBFCs and FinTechs to integrate and scale up. Now, NBFCs can get a Current Account with a connected banking Account.
- To add a new fintech partner, NBFCs do not need to create a new current account. Current accounts linked with our banking partners also get automatically linked to Easebuzz Neo.
- NBFCs can disburse loans directly from linked current accounts account on the NEOs dashboard after receiving a case from a fintech partner.
- Easebuzz Neo offers various controls that let you monitor and manage disbursements at scale, reduce money leakages, and be as involved in disbursals as you wish.
2. Collection at Ease –
Using our collection products, you can now automate your collection process from anywhere, anytime. Aside from providing dashboard access, our products can also be integrated through APIs, making our products very agile and tactile to scale up. You can scale up your business instantly with the following products:
Payment Gateway – Easily accept various payment methods and seamless checkouts, with no setup or maintenance fees and robust security. Easebuzz payment gateway supports Web, WAP, and App-based integrations with most major languages and platforms.
EasyCollect – Creating payment links on the go, and sharing them via Email, SMS, & WhatsApp, with automatic reminders to collect timely payments, is easy! Our payment links have APIs as well for integration with any other system.
InstaCollect – you can accept payment via IMPS/NEFT/RTGS/UPI, which will be settled to your bank on T+1 day. InstaCollect supports deep linking, which allows you to make UPI payments more seamless.
Slices – You can reconcile, split, and settle your payments with Slices in just a few minutes. This API tracks your balances, batch your earnings for payouts, and transfers funds to multiple accounts for the convenience of your users.
3. KYC at Ease – With our API, you can now:
- Bank account verification using penny drop
- UPI ID verification
- Bulk verification via API or dashboard
Reconciliation at Ease:
With our APIs and Instant webhooks, you can complete your reconciliation automatically for each transaction without extra effort.
Easebuzz’s lending suite is your all-in-one solution for everything you need: Based on the powerful payments solution technology we offer, a platform that is currently used by brands such as Pocketly, MTDC, Akshaya Patra, BigBasket, etc., Easebuzz Lending Suite assures:
- Best-in-class success rates
- Accurate transaction status
- Dedicated Relationship Manager and customer support that you can rely on. For More, check out Easebuzz Neo.