Nucleus Software today announced that it has extended the digital capabilities of its award winning lending mobility solution. The solution which enables financial institutions to offer completely digitized loan services on mobile, is built around the ‘India Stack’ platform and now supports Adhaar Enabled Payment System (AEPS), empowering lenders to seamlessly integrate Adhaar based user authentication and provide convenient payments.
India Stack is the largest application programming interface (API) in the world supported by the open API policy of the Government of India. Digital India is creating an ecosystem to enable everyone to benefit from digital capabilities and Adhaar plays a key role in this. Adhaar-enabled transactions are certainly playing a huge role in contributing to the government’s mission of making India a less-cash economy built around the BHIM app and AEPS. Adhaar based payment solutions are inherently easy-to-use and are built in such a way that it reduces the banking costs of providing financial services.
With its enhanced digital capabilities, Nucleus Lending Mobility enables customers to apply for loans quickly and easily – demographic details are auto populated, eKYC authentication is Adhaar enabled, and completely paperless loan applications can be submitted with digital signatures. The solution helps customers carry out loan transactions and repay loans via mobile devices. This comes with real-time digital verification of residence, office, property, and underlying assets as the loan applications can now be submitted with images and geo co-ordinates.
Key capabilities of Nucleus Lending Mobility:
o Adhaar enabled eKYC: Using Biometrics like finger print or IRIS scan, the system will auto populate all the fields in the demographic details of loan application and eKYC will be executed
o Online PAN validation: PAN number provided will get verified automatically from NSDL database
o Bank Statement & Form 26 AS analysis: With this integration, customers can submit the statement with their Internet banking and lenders can complete the analysis in minutes.
o Digital Sign: Customers can digitally sign the loan application for a completely paperless experience
o Auto Underwriting: Lenders can configure the policy check, eligibility checks and underwriting norms while agents can initiate the policy/eligibility check/auto underwriting on mobile
o Automated Field Investigation: Enables real-time digital verification of residence, office, property, and underlying assets as the application can be submitted with images and geo co-ordinates.
o Cashless Loan repayments: In order to support cashless society, customer can make the loan repayments using digital payments modes like debit card payment, UPI and net banking
o Straight Through processes: Facilitates customers to perform transactions such as prepayments, foreclosures, EMI change on mobile
o Paperless Collection: Enables collection agent to generate the digital receipts in the form of SMS Alerts, e-receipts via email with real time reconciliation. It supports digital collection methods like Debit Card, UPI based, AePS etc.
o Agent Route planner/tracker: Supports monitoring of the collection agent and route planning
Mr. R P Singh, President and Global Head Products, Nucleus Software stated “Adhaar is playing a key role in the Government’s mission to digitally empower everyone and we are delighted to be able to contribute to this initiative with our advanced solutions. Customers can use our digital capabilities including biometric eKYC, paperless loan collections, digital signatures and digital verification, to do their banking ‘anytime, anywhere’. The digital infrastructure also helps banks, by increasing efficiency, reducing costs and helping reach more customers in more places. Building on our success, our lending mobility solutions is now processing over 30 million transactions worth more than $7 billion across our customer base”.