Nandan Nilekani, founding architect of Aadhaar and co-founder and non-executive chairman of Infosys Ltd announced the launch of a new credit protocol infrastructure called the ‘Open Credit Enablement Network (OCEN) protocol at the Global Fintech Festival, 2020 on July 22, 2020.
It has been built by the Indian Software Product Industry RoundTable (iSpirit).
Under these new credit rails, OCEN will act as a common language, connecting lenders and marketplaces to utilise and create innovative, financial credit products at scale.
Aggregators which will be using these APIs (Application Programing Interface) to embed credit offerings in their applications, and will be called ‘Loan Service Providers’.
iSpirit: iSpirit is partnering with key lenders such as State Bank of India, HDFC Bank Ltd., ICICI Bank Ltd., IDFC First Bank Ltd., Axis Bank Ltd. and Bajaj Finserv Ltd. for this new credit rail.
Source (The Mint)
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