The development will enable new fintech entrants and offline businesses to leverage the company's extensive and robust technological infrastructure to build new digital lending products, as well as to integrate existing solutions into their offerings.
Faircent's technology stack, developed meticulously over the past three years, offers a wide range of solutions pertaining to online lending such as borrower and lender verification, credit evaluation and underwriting, payments and disbursement of funds, research and analytics, and payment collection and recovery.
The API platform will be open to multi-tenant developers and in future on public blockchain to build on and integrate some or all of the above solutions, taking the process of digitised lending and borrowing to the next level.
The move, however, will also help both emerging and existing fintech lending companies in the country to deliver more innovative customer-centric solutions.
"As the latest developments in digital and social technologies have proven, consumer-centricity is at the centre of any business' growth strategy. We want to help further the growth of digital lending in the country and empower more fintech entrepreneurs," said Dr. Shakti Goel, chief technology and product officer, Faircent.com.
"Modern businesses today, particularly digital service providers, are focusing less on creating products, and more on creating value and facilitating specific services through tech. We are confident that the fintech leaders of the future will be able to excel through advanced solutions such as P2P APIs, like those now offered by Faircent," he added.
An API platform is an organisation which brings together two or more distinct but interdependent groups, through a programmatically consumable service or an API, creating a foundation for automated interactions between them.
These organisations extract and optimise data and/or capabilities from these API platforms to become the de facto way by which others conduct their business.
Through Faircent's open API platform, intermediaries will be able to share the data collected with its internal developers and partners, as well as third-party service providers such as fintech companies, banks, Non-Banking Financial Companies (NBFCs), and Business-to-Business (B2B) lending firms.
This data can then be used to construct value-added services, including mobile payment solutions, analytical dashboards, and more.
The pioneering development is expected to further stimulate the rapidly-booming Indian P2P lending landscape and enable convenient access to digital credit to a much-larger section of creditworthy borrowers across the country, driving the larger vision of extending financial inclusion to the last Indian through technology. (ANI)