Refo

🎊 Report launch : Financial regulatory evolution across India & the US. Report link https://lnkd.in/d8HYMJCN We have spent last few months researching and speaking to banking experts across India and the USA to understand how the financial regulations have evolved for these two countries. We wanted to understand the similarities and differences in the approaches of the two regulators, and, not surprisingly, we found more similarities than differences. In our report we have gone back to 1800s and have noted major events and shifts in regulations. We also discuss recent events in the last decade and what are the future expectations of the experts around regulations. Hope you would enjoy reading the report as much as we enjoyed making it. Thanks to our key contributors: Bob Browne Rajeev Uberoi Keith Corbin Nandini Chandra and many others who chose to stay anonymous And our guiding lights: Manisha Sharma Kohli Nirav Choksi Rohit K. Shalini Mehta Ravi Sharma Manoj Bhadgaonkar Maxim Afanasyev, PhD Sidharth Rath Tom Purves Stacy Bishop Varun Vashisht Parag Shah Gaurav Dugar Kiran Kumar Kesavarapu #banking #regulations

Post 4: Compliance on Open Finance: The Foundation of Trust The financial world is no stranger to compliance failures. • Two of the largest banks in the US have been fined nearly $20 billion for mismanagement, poor loan servicing and communication lapses. • Even in India, a leading Bank was banned by RBI, which highlights the critical importance of robust compliance practices. 👉 The Hidden Cost of Oversights Compliance might seem like a tedious chore, but overlooking it can have devastating consequences. Poor customer management, ineffective fraud detection, and outdated regulations can lead to financial losses, reputational damage, and regulatory penalties. For large lenders, these risks are amplified due to the sheer scale and complexity of their operations. 💡 Open finance with Refo & ONDC: A New Era of Transparency & Security Open finance networks like ONDC offer a powerful solution. By operating within a monitored, interoperable network, lenders are inherently part of a system that prioritizes security and transparency. ✅ Ensure compliance with RBI’s Digital Lending Guidelines on Refo’s ONDC implementation: • Enhanced transparency and disclosure: Regularly updated Key Fact Statement (KFS) outlining essential loan information, including rate of interest, fees, and cooling-off period. • Grievance Management Platform: Well defined issues and closure time with Issues and Grievance Management protocols. • Support for DPDP: Refo’s platform is fully compliant with the latest DPDP Act (2023). • Consent management: Adherence to customer consent management for fetching data through several sources. 🤝 The Power of Collective Vigilance in Open Finance Think of it like the open-source software movement. Developers worldwide share knowledge, uphold best practices, and collectively ensure quality. Open Finance brings that same spirit of collaboration to the financial sector. Refo: Your Compliance Partner At Refo, we understand that compliance is not just a checkbox; it's the foundation of trust. Our platform is built with security and compliance at its core, offering features like: • Data Encryption: Safeguard PII with bank-grade encryption, ensuring confidentiality & protection against breaches. • Audit Trails: Maintain a transparent record of all actions & decisions, facilitating easy audits & ensuring compliance. • Automated Compliance Checks: Instantly detect and resolve compliance issues, minimizing human error and regulatory risks. • Continuous Risk Assessment: Stay ahead of evolving threats with regular risk assessments and updates to your risk management framework. #openfinance Hrushikesh Mehta Antriksh P. Mohit Monga Kapish Kaushal Rajeev Uberoi Shalini Mehta Ravi Sharma Manisha Sharma Kohli Sanket Dantara Rajiv Malhan Saurabh Nigam Rohit K. #ondc

Post 3: Open Finance - A Case for Commerce platforms : From 0 to 10 lenders in 1 month of launching your commerce platform (LSPs, for those familiar with the term) If you are an e-commerce, gig economy platform or financial services aggregator, about a year ago, it would have seemed like a dream to bring in ~10 banks to lend to your user base in just 1 month. But today, with the ONDC Open Finance Network, this dream is a reality. The number will keep growing in the coming months without you putting in much effort. 👉 The LSP (Commerce/Aggregator platforms generating loan demand) Challenge: Traditional lending landscape presents significant hurdles for LSPs: • Lengthy Onboarding: Establishing relationships with each lender can take 8-12 months, hindering your ability to offer diverse financial products to your customers. • Attention deficit: If you are a small LSP, it is very hard to get attention of large lenders to work with you. • Poor Conversions: Due to limited number of lenders, you have limited coverage for your users which leads to poor conversions on loan disbursements. • Compliance Complexities: Navigating the ever-changing regulatory landscape and ensuring compliance can be overwhelming, especially without dedicated legal teams. • Customer Experience Gaps: Due to non-uniform integrations with lenders, grievance management and payments reconciliation is erroneous. ⚡ ONDC Open Finance Network offers a unified platform that addresses these pain points: • Accelerate lender onboarding: Connect with multiple lenders on the network with a single integration in under a month. • Increase customer conversions: Loan offers in 30 seconds, 5 minute disbursements give the maximum customer delight. • Simplify compliance: ONDC's standardized protocols ensure that you stay compliant with regulator guidelines, even without extensive legal expertise. 🔆 Refo: Your ONDC Onboarding Partner Refo's lending automation platform is optimized for Open Finance, offering a range of benefits for LSPs: • Rapid Onboarding in 2 weeks: Get ONDC-ready in under a month with our pre-certified solution and expert support. • Reduce Technology Cost by 60%: Automate loan processing, decisioning, and compliance monitoring, freeing up your team to focus on growth. • White-label: Keep your branding with our white labelled platform. Key Features: • Seamless reconciliation: Real time disbursement and repayment updates on the loan through APIs. • Single Agreement: Simplify onboarding with a single agreement with the ONDC network. #openbanking Open Network For Digital Commerce (ONDC) Hrushikesh Mehta Mohit Monga Kapish Kaushal Antriksh P.

Post 2 : Open Finance Network - Case for lenders 👉 Traditionally, lenders have grappled with the challenges of working with multiple LSPs (Demand side platforms): • Non-Standardized Integration: Each LSP has its own processes and systems, leading to inefficiencies and excess operational overhead. • Compliance Headaches: Keeping up with evolving regulations & ensuring compliance across multiple LSPs can be a major burden. ⚡ ONDC Open Finance: The next decade in embedded finance Open finance network offers you ability to create loan products across multiple asset classes: • Personal Loans • Business Loans • Checkout Finance • Working capital credit lines ONDC & Refo offer a large number of consumer and business data right out of the box, for effortless and precise underwriting: • Demographics • Banking transactions • Tax data (GST) • Credit Bureaus • Alternative platform transaction data 👨👦 Irrespective of lender size: Whether you are a large lender or just got yourself incorporated, you must evaluate ONDC's vast network and Refo's user-friendly tools. • Large Lenders: Efficient compliance, Expand distribution, Reduce technology cost, Ring fence your existing customers and gain a competitive edge. • Small & Medium Lenders: Expand your reach, access new customers, and grow your business. 🔆Refo: Your ONDC Partner Refo's lending automation platform is ready for ONDC, offering a range of benefits for lenders: •Rapid Onboarding: Get ONDC-ready in under a month with our pre-certified solution and expert support. •Cost Savings: Reduce technology costs and complexity with a single integration that connects you to multiple platforms. •Enhanced Efficiency: Automate loan processing, decisioning, and compliance monitoring, freeing up your team to focus on strategic initiatives. Key Features: • Single Agreement: Simplify onboarding with a single agreement with the ONDC network, eliminating the need for multiple LSP agreements. • Standardized API: Integrate seamlessly with any partner on the network using a standardized API interface, reducing development time and effort. • Embedded Finance Ready: Leverage the same API set for non-ONDC networks and future-proof your lending strategy for embedded finance programs. Be ONDC Open Finance Ready with Refo! • Refo reduces your onboarding time on ONDC to less than 1 month.  • Offer loans in 20 seconds using AA data, and disbursement within 5 minutes • Industry highest 85% AA data pull success rate. • Refo is your gateway to the future of lending. Our platform empowers you to embrace open finance, streamline operations, and deliver exceptional customer experiences. #openfinance #banking Open Network For Digital Commerce (ONDC) Hrushikesh Mehta Antriksh P. Mohit Monga Kapish Kaushal Sanket Dantara Manisha Sharma Kohli Maxim Afanasyev, PhD Rajeev Uberoi Rohit K. Ravi Sharma Shalini Mehta

Post 1 : Open Finance Network 💡 When you hear "Open Finance", what comes to mind? • A financial network that's open for anyone, interconnected? • A lending ecosystem driven by APIs, where innovation and collaboration thrive? • Standardized integration and processes that empower banks and tech platforms to operate more efficiently? • The ability to offer hyper-personalized financial products, tailored to each customer's unique needs? Open finance on ONDC is all of this, and more. 👉 Why Open Finance Matters: The traditional financial landscape is fragmented and often excludes many people. • Large distributors of financial products and Financial institutions prioritize to partner with each other due to limited tech and operational bandwidth. • Each of these partnerships take 6-8 months to materialize. • These partnerships remain bilateral, hence most of the knowledge around building financial product remains closed. • This causes small lenders and distributors to start from scratch on their business development effort, creating a high entry barrier. 📉 End result? • End borrowers are left with lesser financing options. • 60% of the Indian population in tier 2/3 cities still has access to only 30% of overall banks. • Wastage of technology and business development bandwidth by lenders and distributors. Open finance addresses these challenges head-on: • Democratizing Access: Financial access for all, everywhere. • Driving Down Costs: Lower cost of distribution. • Transparency & Compliance: Right out of the box. 💡 Imagine a new finance company, within a month of getting incorporated has ready access to: • Hundreds of distribution channels through a single network. • A support ecosystem providing all the knowledge needed to launch credit products across multiple asset classes, like Personal Loans, Business Loans, Checkout Finance, and Working Capital lines. more. • Technology, customer journeys and compliance tools available openly in one place. Stay tuned for future posts to learn how! 🚀 ONDC is just getting started and has created a large open distribution for anyone to access: • Massive Market Opportunity: With over 100 Network Participants live, 300+ in advanced implementation, and 14,000+ in the integration stage, network is rapidly expanding. • Hyper-Personalized Lending: Leverage easy access to Alternate borrower data, Account Aggregator to offer tailored loan products that meet your customers' unique needs. 🤝 Refo's Role in the ONDC Ecosystem At Refo, we're not just talking about open finance – we're building it. In collaboration with ONDC (Open Network for Digital Commerce), we're leading the charge. We facilitated the first-ever loan on ONDC. As an ONDC-certified TSP, our solutions meet the highest security and compliance standards, making us a trusted partner for your lending journey. #openfinance Open Network For Digital Commerce (ONDC) #openbanking Hrushikesh Mehta Antriksh P. Mohit Monga Kapish Kaushal #lending

🚀 Announcing a New 5-Part Series for Banking Professionals! Starting tomorrow, I’ll be sharing a 5-part series on 'Building the largest open finance network in the world with ONDC' that will dive into: 1️⃣ Why building an Open Finance Network is crucial 2️⃣ The case for Lenders to join the movement 3️⃣ Why Tech Platforms (LSPs) should participate in Open Finance 4️⃣ Making compliance easy: Is It Possible? 5️⃣ The power of Collective Vigilance in the Financial Ecosystem 🔍 This series is packed with insights for banking professionals looking to stay ahead in digital banking and embedded finance space. ✨ Why should you listen to us? Refo disbursed first ever loan on ONDC and remains the most loved technology stack for lenders on ONDC till today across multiple asset classes : Personal loan, checkout finance, business loan, working capital line. 💡 How to stay updated regarding posts: 👉 Follow Refo's page so you don’t miss any of the posts! 👉 Comment “ONDC” below to receive a direct message when the series goes live. 👉 Register on the link in comment to get a post summary in email. #OpenFinance Open Network For Digital Commerce (ONDC) #LendingAutomation #Fintech Hrushikesh Mehta Mohit Monga Antriksh P. Kapish Kaushal Sanket Dantara

We are thrilled to announce that Team Refo has won the Bank of Baroda Hackathon 2024, powered by Microsoft, with a standout product demo during the Grand Finale on 31st August, 2024. Our winning solution, the GenAI-powered RefoAssist lets you 1. Refine lending policies faster with minimal tech team involvement 2. Reduce tech costs 3. Get unified lending analytics with pre-trained AI Collaboration is at the heart of Refo’s success. Our team of engineers Deepesh & shivam, product designer Manasi, and Aryan - worked together to refine these features with Bank of Baroda. Kudos to the team for this sweet victory! Generative AI is transforming the way we interact with banking software, and Refo is at its forefront, transforming customer experiences, streamlining operations, and driving efficiencies. Nitin Sharma Harshvardhan . Vikash Singh Yashwant Kumar Shashwat Dixit #BankOfBarodaHackathon2024 #GenerativeAI #Innovation #MicrosoftAzure #BankofBaroda #Microsoft #Lending

We thought what best to showcase to banks in the #GFF innovation week from Refo. So our team took on a challenge over the weekend to launch a checkout finance product in under 1 hour using Refo's lending automation platform and make it available on the ONDC open finance network. Something which takes months, our team did it in minutes! What is Refo's lending automation platform? Everything that your generic automation & workflow platforms are not. Watch the video for a glimpse of the product. 1. Integrated Lending Templates, Workflow, BRE, Analytics & Regulations 2. Data integrations that matter for lending, perfected for use 3. Right level of AI 4. Responsible at the core We are looking forward to see what exciting products India Fintech is building for the world this #gff2024

"I wish we didn’t have to download all the files from the CRM & LOS only to upload them again to pass them on to the next system" - said a senior banker. This operational inefficiency was met with unanimous agreement from the room, highlighting a pervasive challenge in the lending industry.... Read more about inefficiencies in lending in our blog here: https://lnkd.in/dNYVmg3j