This partnership aims to enable NBFCs and Fintech Lenders with automated KYC and banking workflows and address the $1.1 trillion credit gap in the SME sector.
Provenir, a global leader in AI-powered risk decisioning software for the fintech industry, today announced it has partnered with Decentro, a full stack API infrastructure platform, to enable plug-and-play banking integrations for NBFCs, Fintech lenders, and Banks through the Provenir Marketplace.
The Provenir Marketplace is a comprehensive fintech data and intelligence ecosystem covering the whole customer lifecycle with data types like identification, document verification, open banking, PEPs/sanctions, business data, bureau data, mobile data, email data, device data, social validation, and alternative data covering 350+ behaviors. This data adds value across key areas such as KYC, origination, credit risk, unbanked, and fraud. Users can select from more than 535 country/data/partner combinations through the Provenir Marketplace’s single API to create rich, customized datasets that best meet their needs. With fully maintained API connections to all data providers and a no-code interface, users can connect to new data sources in minutes and test data across their decisioning processes.
Decentro’s comprehensive API suite manages legacy financial integrations at the backend and helps Fintechs and NBFCs reduce the integration time from two months to two days, with a more than 90% reduction in expenditure. It enables 10X faster go-live systems, seamless integration for the Provenir ecosystem, and the fastest API response times (<= 300 milliseconds). Combined with Provenir’s risk decisioning platform, the partnership empowers a full-stack solution that SME players can leverage and plug into their platforms from day 1.
Speaking on its partnership with Decentro, Varun Bhalla, General Manager, Provenir India, said, “At Provenir, we work with innovative small business lenders that are helping drive job creation and economic development by empowering SMEs to grow their operations. We help them deploy sophisticated credit risk models that can be modified in minutes and provide access to the right data at the right time so they can make the best risk decision. Through our partnership with Decentro, we want to enable faster risk evaluation and KYC norms for the fintech lenders and NBFCs to address the $1.1 trillion credit gap in the SME sector.”
On the partnership announcement, Rohit Taneja, Founder & CEO of Decentro, said, “In today’s digital-first and hyper-connected world, fintech lenders need to ensure effective and accurate risk assessments, as well as a seamless and native experience for customers in every interaction. Our APIs help reduce friction, effort, and time in ensuring all regulatory compliances are met while keeping the customer happy and unperturbed. We are excited to partner with Provenir, one of the global leaders in the credit risk decisioning market, to offer engaging experiences and solutions via their platform.”
The partnership with Decentro is Provenir’s first KYC partnership in India.
This partnership will especially be significant in Capex and Opex for small and legacy lenders and NBFCs with negligible or small developer bases or tech teams. The partnership will also empower SMEs looking to raise capital but aren’t able to through the traditional banking route by saving 90% of their time, effort, and resources in the long term.
About Provenir:
Provenir helps fintechs and financial services providers make smarter decisions faster with our AI-Powered Risk Decisioning Platform. Provenir brings together the three essential components needed – data, AI and decisioning – into one unified risk decisioning solution to help organizations provide world-class consumer experiences. This unique offering gives organizations the ability to power decisioning innovation across the full customer lifecycle, driving improvements in the customer experience, access to financial services, business agility, and more. Provenir works with disruptive financial services organizations in more than 50 countries and processes more than 3 billion transactions annually.
About Decentro:
Decentro is a full-stack API banking platform where any company can come, select their desired modules, integrate with the sandbox, and launch their product with just a few lines of code in a couple of weeks. It has 5+ of the top private banks in the country as its key partners, along with multiple financial institutions on the backend, including Yes Bank, ICICI, and more.
