Zeta Unveils Digital Credit Service for Banks

Fintech firm Zeta has announced the launch of its digital credit service tailored for enterprise customers.

Leveraging the credit lines embedded within the Unified Payments Interface (UPI) scheme introduced by the Reserve Bank of India (RBI) in September, this initiative aims to democratize access to credit while significantly reducing the associated financial service costs.

Zeta, co-founded by serial entrepreneurs Bhavin Turakhia and Ramki Gaddipati, envisions a substantial impact on India’s financial landscape with this innovative offering. The company forecasts that transaction volumes within this framework will surpass an impressive $1 trillion by 2030, with Zeta targeting approximately half of this market share.

Ramki Gaddipati, CEO APAC (Asia–Pacific) & Global CTO at Zeta, expressed the transformative potential of this initiative, stating, “This is a once-in-a-generation opportunity to change the credit inclusion landscape in India. By delivering credit at the point of need, Credit Line on UPI has hit a home run for banks by completely changing the discovery, access, and cost mechanics of retail lending. We’re excited to enable banks to serve the credit needs of millions of customers in this completely real-time, digital-native ecosystem.”

Zeta’s Digital Credit as a Service offering comprises a comprehensive services and tech stack, empowered by the company’s cloud-native and next-gen core banking and payments platform. This holistic solution enables banks to seamlessly manage every aspect of the credit lifecycle, from originations to collections, in a digital-first manner.

Key features of Zeta’s Digital Credit as a Service offering include:

  • Pre-integrated systems to enhance launch velocity, encompassing origination, issuance, and collection processes.
  • Pre-bundled services aimed at reducing operational overhead, including customer service and operations management.
  • A diverse array of product blueprints catering to various credit needs, such as EMI loans, merchant loans, and agricultural loans.
  • Out-of-the-box capabilities for operations, compliance, and regulatory reporting, ensuring seamless adherence to industry standards.
  • Process consulting support to facilitate the integration of Credit Lines on UPI with existing bank systems.
  • End-to-end program management, providing comprehensive guidance to banks at every stage of the journey.

This innovative offering from Zeta signifies a significant leap forward in the digitization of financial services, promising to empower banks to meet the evolving credit needs of millions of customers efficiently and effectively. With its robust infrastructure and client-centric approach, Zeta is poised to redefine the future of credit inclusion in India’s rapidly evolving digital ecosystem.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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