Zeta Launches Digital Credit Service for Banks

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Zeta Launches Digital Credit Service for Banks: Zeta, a leading provider of banking technology, has launched its Digital Credit Service as a Service offering at Democratizing Credit 2024. Leveraging NPCI’s Credit Line on the UPI scheme, Zeta aims to capture 50% of India’s projected $1 trillion credit market by 2030.

Ramki Gaddipati on the Potential of Credit Lines on UPI

Ramki Gaddipati, CEO of APAC & Global CTO at Zeta, sees the Credit Line on UPI as a game-changer for India’s credit landscape. He describes it as a “credit distribution superhighway,” poised to revolutionize credit inclusion by offering real-time credit solutions. Gaddipati anticipates exponential growth, akin to UPI’s trajectory, emphasizing the need for robust banking infrastructure to handle massive credit volumes.

Features of Zeta’s Digital Credit as a Service Offering

Zeta’s Digital Credit as a Service offering provides a comprehensive suite of services and technologies, empowering banks to streamline credit operations efficiently. Key features include pre-integrated systems for faster launch velocity, pre-bundled services for operational efficiency, diverse product blueprints, and out-of-the-box capabilities for compliance and regulatory reporting. Zeta also offers process consulting support and end-to-end program management for seamless integration with existing bank systems.

Zeta’s Digital Credit as a Service Launch

Zeta’s Digital Credit as a Service offering is built on NPCI’s Credit Line on UPI scheme, utilizing the UPI network to turbo-charge credit issuance in India. Zeta estimates transaction volumes to exceed $1 trillion by 2030 and aims to capture 50% of this market. Ramki Gaddipati emphasizes the transformative potential of Credit Lines on UPI, stating it will change the discovery, access, and cost mechanics of retail lending in India.

Zeta’s Solution Overview

Zeta’s solution provides a complete services and tech stack powered by its cloud-native, next-gen core banking and payments platform. It enables banks to manage everything from originations to collections digitally. The offering includes pre-integrated systems, pre-bundled services, a wide range of product blueprints, out-of-the-box capabilities for operations and compliance, process consulting support, and end-to-end program management.

Conclusion

Zeta’s Digital Credit as a Service offering, leveraging NPCI’s Credit Line on UPI, marks a significant advancement in India’s credit landscape. With a vision to capture a substantial portion of India’s growing credit market, Zeta’s solution streamlines credit issuance processes for banks, ensuring real-time credit solutions and fostering financial inclusion. As India prepares for the surge in credit volumes, Zeta’s innovative approach aims to meet the evolving needs of the banking ecosystem.

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