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PSB Alliance, Veefin Solutions announce unified cloud-based platform
September 04, 2023
PSB Alliance, the entity set up by the 12 state-owned lenders in the country, has tied up with Veefin Solutions, where the latter will deploy and administer a unified cloud-based ecosystem for supply chain financing.
PSB Alliance, is jointly owned by the 12 public sector banks (PSB), each one holding 8.33 per cent stake in the company and became effective early 2022. The company’s objective is to undertake common IT and business processes. Veefin Solutions is a BSE-listed company that builds white-labelled supply chain finance and digital lending solutions for banks, financial institutions, fintechs, corporates and B2B marketplaces.
Veefin’s unified digital platform will standardise all interactions and connect the lenders’ core banking systems with corporate and SME (small and medium enterprises) sourcing partners like fintechs, B2B marketplaces, SME account service providers and e-invoicing players. It will also provide data and analytics.
“The unified platform will enable PSBs and other lenders to get better access to SMEs, lower the cost of sourcing loans and eliminate the need for capital investment and resources in establishing their own tech stacks, and connecting with hundreds of parties,” the two entities said on Friday.
SMEs will also get access to supply chain financing from various PSBs, other banks and NBFCs through this one platform.
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