Nucleus Software Lending Mobility Solution mCollect now supports UPI

Nucleus Software, the leading provider of lending and transaction banking solutions to the global financial services industry, today announced the extended digitization capability of its lending mobility solution (FinnOne Neo mCollect) which can now be used for Unified Payments Interface (UPI) based direct fund transfers.

To push its goal of turning India into a "cashless society", the government has rolled out multiple initiatives for facilitating seamless digital payments transactions including UPI-based apps and services, most notable of them being the Bharat Interface for Money (BHIM). As per data from the RBI, the number of transactions across UPI increased by 584 per cent (0.3 to 4.5 million) since demonetisation in Nov 2016 and reached 6.9 million amounting to a value of INR 22 billion in April 2017. With fast growing adoption of digital payments, it is important for banks and financial services companies to extend their digitization initiatives to loan collections and offer convenient payment options to their loan customers.

With this capability in FinnOne Neo mCollect, the loan collection agents can initiate a UPI based payment request to the customer on their Virtual Payment Address (VPA). Customers will receive a mobile notification in their UPI app, which could either be the BHIM app or any other UPI based mobile app of their bank. Once the customer accepts the request, the payment is completed instantly. Coupled with Straight Through Processing (STP) capability, the payment gets credited into customer's loan account and reflected into the Loan Statement immediately. This approach facilitates faster, simpler, cost effective and secure loan collections benefitting both the banks and the end user.

With FinnOne Neo mCollect, banks and financial institutions can minimize the risks associated with float money by automating manual processes exposed to faults and misrepresentation. The mobile loan software allows allocation of cases on mobile and enables paperless processing, increased efficiency and improved customer experience.

Mr. R P Singh, President and Global Head Products, Nucleus Software said "The future of payment transactions is digital and UPI is playing a significant role in this transformation in India. With the Banks and Financial Services Companies in India moving to UPI based payments, it is expected to reach 100 million users in a few years. Nucleus Software is committed to empower Banks and Financial Services Companies digitize their loan collections over UPI. Today, our lending mobility solution mCollect has processed over $1.8 billion in loan collections globally and we see this going up tremendously with UPI capability".

Shares of NUCLEUS SOFTWARE EXPORTS LTD. was last trading in BSE at Rs.289 as compared to the previous close of Rs. 289.35. The total number of shares traded during the day was 3007 in over 252 trades.

The stock hit an intraday high of Rs. 296 and intraday low of 287.45. The net turnover during the day was Rs. 873069.

Source : Equity Bulls

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