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.
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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.
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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.
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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.
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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.
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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.
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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.