PayU, India’s main fee options supplier, at present broadcasts it has efficiently migrated its credit score service, LazyPay, to Thought Machine’s cloud-native core banking platform, Vault Core, and is now dwell. This partnership has enabled LazyPay to construct modern lending and credit score merchandise, ship a superior, safe, and environment friendly consumer expertise, and set a brand new commonplace for credit score financing in India.
LazyPay migrated its present prospects to Vault Core inside only one yr. As well as, Vault Core has streamlined PayU’s real-time monetary assertion technology and simplified multi-account administration, offering a unified view of merchandise. Moreover, Vault Core’s real-time Ledger has improved PayU’s reporting and regulatory necessities.
The Indian market provides vital alternatives for PayU’s credit score merchandise as different lending companies broaden. PayU’s India credit score income grew by 31%, totalling US$43 million, and mortgage ebook dimension grew by 66% to US$338 million by the tip of September 2023. A complete of US$362 million in credit score was issued through the first half of 2024 (1H24).
With Vault Core, PayU can effortlessly create differentiated and personalised monetary merchandise at scale. Following the profitable preliminary migration challenge, PayU plans to proceed migrating extra merchandise and utilizing Vault Core to construct, take a look at and deploy modern lending and credit score merchandise.
Talking on this thrilling improvement, Raju Shetty, CTO, PayU Finance, said: “Our collaboration with Thought Machine signifies our dedication to providing the best-in-class monetary companies to our prospects. Vault Core’s scalability and suppleness align completely with our development ambitions, and we’re excited to supply a big selection of companies to our prospects. We’re dedicated to increasing our footprint within the Indian market, and this partnership will place us nicely for the way forward for credit score.”
Nick Wilde, Managing Director, Asia Pacific, Thought Machine, feedback: “We’re delighted to accomplice with PayU to convey our cloud-native know-how to the Indian market. With a profitable migration now full, we sit up for working collectively to ship environment friendly, safe and modern credit score and lending options in India.”
A BCG report highlights the potential for B2B fintechs to disrupt the market and handle the $5 trillion annual unmet credit score wants of small to mid-sized enterprises (SMEs) globally. With conventional gamers struggling to maintain tempo with innovation, B2B2X companies, notably embedded finance suppliers equivalent to LazyPay, which presently account for 25% of all fintech revenues, are poised to play a vital position in assembly the rising demand for fintech options.
Thought Machine is fixing the long-standing legacy know-how downside in banking. International Tier 1 banks, together with Commonplace Chartered, Lloyds Banking Group, Al Rajhi Financial institution (Malaysia) and Intesa Sanpaolo, and challenger banks and fintechs, equivalent to Nikel, C6 Financial institution and Atom financial institution, are purchasers of Thought Machine. Along with its regional headquarters in London, New York, and Singapore, Thought Machine operates as a registered entity in India.