FEATURE
What is OCEN?
The Open Credit Enablement Network (OCEN) is a framework that aims to enable interoperability and collaboration between financial institutions, fintech companies, and other stakeholders in the credit ecosystem. It provides a standardized and open infrastructure for credit products and services.
With OCEN, financial institutions can seamlessly share customer data and credit information with trusted third-party providers, allowing for more efficient and inclusive credit assessment and lending processes. This framework promotes competition, innovation, and access to credit for individuals and businesses.
Lenders
Lenders are the regulated entity that create and own the loan products. A Loan-agent understands borrowers' credit requirements and works with the lenders to create the product.
Loan Agents
Agent of the borrower who will help the borrower to initiate the loan process and help pick the best loan offer. E.g., a food delivery apps that already have MSME customer base.
KYC Partners
A collaborator selected by the Loan Agent. This partner can be engaged for Assisted KYC or any technology-related specialization available on the network.
Disbursement Partner
Responsible for supporting Purpose Controlled products. This partner will establish integration with suppliers, retrieve their catalog, and facilitate seamless direct payments to suppliers within the OCEN journey.
Collection Partner
A network-affiliated collaborator designated by the Loan Agent to aid in the collection process. The lender retains the option to either opt for a collections partner or continue using their existing collection procedures.
Derived Data Partner
A collaborating partner within the network that furnishes supplementary data to the Lender, aiding in enhancing their underwriting engine with additional information.
