PSB Alliance has appointed Veefin Solutions Ltd. to deploy and administer a Unified cloud-based Supply Chain Financing (SCF) ecosystem in the country. This is the first time in the world when so many large banks have come together to setup a SCF and SME finance ecosystem to provide SME customers with financing, sourced through various Fintechs and B2B marketplaces. This cloud-based platform will go live within this financial year.

This initiative of PSB Alliance is consistent with the Indian government's efforts to encourage PSBs to build technology solutions to expedite the credit decisioning process, and loan disbursements to the MSME segment. Veefin's unified digital platform will standardize all interactions and enrich the credit requests with new-age data and analytics while connecting the lenders' core banking systems with corporate and SME sourcing partners like Fintechs, B2B marketplaces, SME account service providers, e-invoicing players. 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.

SMEs will get access to supply chain financing from PSBs, other banks, and NBFCs through this platform.