Nucleus Software Exports has extended digitization capability of its lending mobility solution (FinnOne Neo mCollect) which can now be used for Unified Payments interface (UPI) based direct fund transfers. With this capability in FinnOne Neo mCollect, the loan collection agents can initiate a UPI based payment request to the customer on their Virtual Payment Address (VPA).
Customers will receive a mobile notification in their UPI app, which could either be the BHIM app or any other UPI based mobile app of their bank. Once the customer accepts the request, the payment is completed instantly. Coupled with Straight Through Processing (STP) capability, the payment gets credited into customers loan account and reflected into the Loan Statement immediately.
This approach facilitates faster, simpler, cost effective and secure loan collections benefitting both the banks and the end user. With FinnOne Neo mCollect, banks and financial institutions can minimize the risks associated with float money by automating manual processes exposed to faults and misrepresentation. The mobile loan softwire allows allocation of cases on mobile and enables paperless processing, increased efficiency and improved customer experience.
Nucleus Software Exports a leading provider of software solutions to the Banking, Financial Services Industry (BFSI). It has developed solutions spanning from retail banking to corporate banking, cash management, internet banking and credit cards.