Overview

EbixCash Financial Technologies is a part of EbixCash, a global Fintech solution provider. It offers a suite of products and technology solutions for Banking & Finance, Telecom and Insurance Industries, which support clients in 60+ countries. EbixCash Financial Technologies has delivery & support centres in India at Mumbai, Pune, and Chennai.

TVS Credit Services Limited provides auto financing services. The company empowers Indians from various socioeconomic backgrounds with financial products that serve their needs.

The scope of the project included the automation of the loan approval process, with the following being the key areas of focus:

• Detailed data capturing
• Dedupe (Duplicate verification of customer data)
• CIBIL data verification
• TVR (Tele-Verification)
• Field Investigation
• RCU (Risk Control Unit) Verification
• Image verification and IRE receipt entry
• Disbursement request
• Disbursement authorization

Implementation

EbixCash used a proprietary internal framework to transfer the data from the UI to the application server and vice versa. Data details were transferred as simple JSON objects and in XML formats, thus expediting the data transfer substantially.

A continuous integration testing model was followed, and based on that, a working product was tested by the product assurance team to avoid rework at a later stage and reduce the delivery timeline.

Daily status calls were conducted between project team members on challenges and clarifications, along with weekly review meetings with TVS on project milestones and clarifications on the solution.

Other activities included daily meetings with the PA team during the testing phase and fortnightly review meetings with senior management and project sponsors from TVS.

Benefits

Some benefits of the implementation include:

• TTY (time to say yes for sanction) is less than 10 minutes
• Through web-services-based FI verification, there is a significant reduction in the time to disbursement
• Online interface that can connect to CIBIL for credit decisioning
• Online interface that can connect to POSIDEX to find customer duplicates and share those details for review
• Support for various amortization methods

Conclusion

EbixCash was hence able to assist TVS Credit Services in setting up a loan origination system for their two-wheeler portfolio.

Key Facts

Bank/FI: TVS Credit Services

HQ: India

Vendor Name: EbixCash Financial Technologies

Solution Implemented: Loan Origination System