Craft Silicon, a global provider of financial software solutions, announces a strategic partnership with PayU, the Indian provider of online payment solutions.
The strategic partnership aims to innovate and accelerate digital loan repayment solutions for small financial banks, microcredit institutions and NBFCs.
The official joint statement mentioned that NBFCs, MFIs and small financial institutions can now offer their clients easy loan repayment solutions on their own mobile apps or through the consumer apps of their choice.
Craft Silicon has made loan repayment safe and convenient for retail consumers. This was achieved through the Bharat Bill Payment System (BBPS) and the integration of the payment gateway with PayU as per the official version.
The companies mentioned that the partnership is focused on redefining a secure digital payment platform. It is also exploring hybrid possibilities of supporting cash and cashless loan repayments.
The companies noted that the association offers consolidated settlement across multiple payment applications and gateways.
As Siva Kumar, CEO of Craft Silicon Asia noted, “Craft Silicon’s association with PayU maximizes the reach of our customers’ collection and revenue assurance amid the Covid-19 pandemic. This commitment will also help reduce cash handling and related operational costs. “
Maneesh Goel, Chief Financial Officer of PayU India, said in the official statement: “We are delighted to partner with Craft Silicon and function as the payment gateway of choice for their extensive partner network. ”
He added: “One of the reasons the sector of small microcredit institutions is currently under strain is that these institutions generally lend to rural and semi-urban clients and debt collection is manual. Through this partnership, we can ensure more affordable and secure repayment options, thereby ensuring healthier cash flow for these institutions. “