Thought Machine and PayU: Shaping India’s Credit Landscape
In a dynamic stride towards shaping the future of credit solutions in India, PayU, the country’s premier payment solutions provider, has joined forces with Thought Machine, a pioneer in cloud-native core banking platforms. This formidable partnership heralds a new era of innovation, efficiency, and security in credit financing.
Seamless Integration: LazyPay’s Transition to Vault Core
PayU is now live on Vault Core after just 12 months! @PayUindia has used Vault Core to optimise operations, speed up financial statement generation, and consolidate products into a unified platform.
LazyPay, PayU’s esteemed credit service, has seamlessly transitioned to Thought Machine’s Vault Core, a cloud-native core banking platform, marking a significant milestone in the evolution of financial services in India. Within a mere year, LazyPay’s existing clientele has been smoothly migrated to Vault Core, underlining the efficacy and agility of this collaboration.
Enhanced User Experience: The Promise of Vault Core
The integration with Vault Core has empowered LazyPay to develop cutting-edge lending and credit products and elevated user experience standards to unprecedented levels. Real-time financial statement generation, simplified multi-account management, and enhanced regulatory compliance are among the myriad benefits Vault Core brings, providing a holistic view of financial products and transactions.
Unlocking Market Potential: Opportunities in India
The Indian market, ripe with opportunities, beckons for innovative credit solutions as alternative lending services burgeon. PayU’s credit revenue soared by an impressive 31%, reaching a staggering US$43 million, with the loan book size surging by 66% to US$338 million by September 2023, underscoring the immense potential awaiting exploration.
Speaking on this groundbreaking collaboration, Deepak Mendiratta, CEO of PayU Finance, affirmed the company’s commitment to delivering unparalleled financial services. “Our collaboration with Thought Machine underscores our unwavering dedication to providing best-in-class financial solutions to our customers,” he remarked. “Vault Core’s scalability and flexibility perfectly align with our growth aspirations, positioning us to cater to the evolving needs of the Indian market.”
Echoing Mendiratta’s sentiment, Nick Wilde, Managing Director of Asia Pacific, Thought Machine, expressed delight in bringing cloud-native technology to India. “We are thrilled to partner with PayU in introducing our cutting-edge technology to the Indian market,” said Wilde. “With a seamless migration, we are poised to deliver efficient, secure, and innovative credit solutions, setting a new benchmark in the industry.”
Addressing Market Demands: The Role of B2B Fintechs
As traditional players grapple with the fast-paced innovation landscape, the emergence of B2B fintechs assumes paramount significance. Embedded Finance providers, exemplified by LazyPay, are primed to address the burgeoning demand for fintech solutions, as underscored by a BCG report citing the global USD 5 trillion annual unmet credit needs of small to mid-sized enterprises.
Conclusion: Redefining Credit Solutions
In essence, the collaboration between PayU and Thought Machine heralds a transformative journey towards redefining credit solutions in India. With a steadfast commitment to innovation, efficiency, and customer-centricity, this partnership is poised to carve a path towards a more inclusive and accessible financial landscape for all.
