Product Expansion and Market-specific Customizations for Lending Product.
Project Background
Validus is a Singapore-based leading provider of invoice discounting for Corporate dealers and distributors. Validus built its earlier technology on top of Cloud Lending, a lending management platform which offered a subscription-based API suite to enable lending services.
Challenge
- Manual onboarding for Corporates which took 3 months time to complete.
- Manual verification of unstructured invoice data and making credit decisions was a manual process due to lack of technology automation provisioned by Cloud Lending.
- Limited feature set availability of Cloud Lending to support invoice discounting lending process.
- Scalability was a challenge due to heavy manual operation overhead on Ops team.
The Solution
- Custom LMS: Built Loan management system with focuses explicitly on invoice lending features (Line of credit, Bullet payments, Daily Repayments, Monthly Repayments).
- ERP Connectors For Fetching Invoice Data: For corporates to automate sending invoice data frequently.
- Automated Invoice Verification: Instead of manually verifying the invoices, we integrated with the ML-based OCR tool, which automated the process of invoice verification.
- Automated KYB: Integration with Experian and CorpPass.
- Automated Bank Statement Integration: Integration with Perfios for automated processing of bank statements and feeding structured data to decision making engine.
- Automated Syndication: Ability to provision multiple lenders to one borrowing request, hence enabling micro-loan capabilities.
- Configurable Codebase and Loan module: The configurations helped Validus to create multiple loan products for SMEs Build the custom front-end web application which facilitates SME and investor onboarding.
The Outcome:
- Reduced the new corporate onboarding time from 3 months to 4 weeks.
- Increase customer experience due to more personalised loan products by the fintech.
- Reduced time for invoice verification and only 20% invoice required manually interventions which earlier was 100%.
Key Highlights
- The middleware platform was made operational in August 2019 and since then has 42+ tenants issuing cards to global businesses and consumers.
- Consumers appreciate the platform for its fast transaction processing and near-zero processing failure rate.
- The multi-tenant architecture and config services allow the Client to onboard a new tenant within a week as opposed to other single-tenant platforms which require a couple of months to onboard new tenants.
- The white-label mobile apps allow the Client’s potential customers with a faster go-to-market to test their concepts and offer value added services to their existing client base.
