Saturday, June 22, 2024
HomeMarket NewsVeefin Solutions shares surge 7 per cent on signing contract with PSB...

Veefin Solutions shares surge 7 per cent on signing contract with PSB alliance

Published on

Latest articles

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in Kotak General

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in...

Vodafone Idea shares zoom 14% today; key technical levels to watch out for

Vodafone Idea shares zoom 14% today; key technical levels to watch out for Vodafone Idea...

Nadeem Amin is the New President for Netstal Americas

Nadeem Amin is the New President for Netstal Americas Netstal appoints Nadeem Amin as its...

SCREEN Launches High-Density SU Ink For Uncoated Papers Used By Truepress JET 520HD Mono

SCREEN Launches High-Density SU Ink For Uncoated Papers Used By Truepress JET 520HD Mono It...


A PSB alliance comprising 12 public sector banks (PSBs) in India, has contracted Veefin Solutions Ltd to implement and manage a unified cloud-based Supply Chain Finance (SCF) eco-system.

This marks an initiative where numerous large banks collaborate to establish an SCF and SME finance ecosystem, enabling SMEs to access financing from various Fintechs and B2B marketplaces. The cloud-based platform is set to launch within the current fiscal year.

Veefin’s unified digital platform will standardise interactions, enhance credit requests with data and analytics, and integrate lenders’ core banking systems with corporate and SME sourcing partners, including Fintechs, B2B marketplaces, SME account service providers, and e-invoicing platforms.

The platform will provide PSBs and other lenders improved SME access, reduce loan origination costs, and eliminate the need for significant capital investment and resource allocation to build individual tech stacks and connect with various stakeholders. It aligns with the Indian government’s plan to encourage PSBs to adopt technology solutions for faster credit decisions and MSME loan disbursements.

The shares of Veefin Solution’s Ltd were up by 7 per cent at Rs 253 at 12.48 pm on the BSE.





Source link

More like this

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in Kotak General

Kotak Mahindra shares rise 4% on RBI nod to Zurich Insurance buying 70% in...

Vodafone Idea shares zoom 14% today; key technical levels to watch out for

Vodafone Idea shares zoom 14% today; key technical levels to watch out for Vodafone Idea...

Nadeem Amin is the New President for Netstal Americas

Nadeem Amin is the New President for Netstal Americas Netstal appoints Nadeem Amin as its...