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Yes Bank deploys Veefin’s SmartFin supply chain finance solution

By Delisha Fernandes

January 15, 2024

  • Breaking News
  • CBDC
  • Credit Cards

YES BANK, Breaking News, UPI Payment, NCPI, RuPay, Credit Cards, India Assam, GOI, GOA, CBDC, eGRAS, Digital rupree, CBDCYes Bank has announced the launch of SmartFin, an end-to-end digital supply chain finance (SCF) platform, powered by Veefin Solutions.

SmartFin facilitates digital SCF loans for dealers and suppliers of corporate clients, enabling them to achieve their strategic business objectives, that includes working capital efficiency, market expansion, sales acceleration, and strengthening supply chain partnership.

The platform’s comprehensive capabilities in digital onboarding, credit underwriting, loan management and transaction processing redefine the accessibility of SCF products.

Ajay Rajan, Country Head- Government, Multinational & International Business, Transaction Banking & Knowledge Units, YES BANK, said, “At YES BANK, we are constantly looking for innovative ways to support MSMEs and with growing significance of Supply Chain Financing (SCF) as a model to drive working capital efficiencies. We strongly felt the need to invest in a robust platform like ‘SmartFin’ to help augment our digital offerings in this space. The SmartFin platform through its end-to-end digital offerings, will help us drive required operational & financial efficiencies for all the stakeholders.

What sets SmartFin apart is its robust integration with India’s digital infrastructure, i.e., India Stack and other key third-party data sources, coupled with ERP integrations. This synergy enriches credit underwriting, making it more reliable and efficient. The platform’s sophisticated rule-based algorithms and omni-channel capabilities ensure that MSMEs can access credit effortlessly, demonstrating YES BANK’s commitment to customer centricity.

Raja Debnath, Managing Director, Veefin Solutions Ltd. said, “We are delighted to partner with YES Bank on their journey to cement their position as leaders in SCF. After collaborating with various banks worldwide, integrating our solution with YES Bank has been among the most seamless experiences, a true testament to its commitment in adopting digital innovations and being fintech friendly. Veefin continues investing in its SCF product capabilities to see that our clients always have the latest SCF technology in the market.”

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