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Open Credit Enablement Network (OCEN)
New Paradigm of Credit Enablement
Empowering Access to Affordable Credit Through Interoperability and Collaboration, powered by blockchain technology
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What is OCEN?OCEN & BlockchainOCEN & Spydra

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.

Image source - ocen.dev
OCEN Participants
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.
While OCEN standardizes the integration between multiple participants, each participant stores data independently. Since the objective is for lenders to create new underwriting models based on new data sets to offer credit, it is essential that this data is reliable. Different participants can directly write data to the ledger, vouching for its accuracy. The immutable nature of Blockchain guarantees a clear record of all the shared data among multiple participants.
Transparency & Single Source of Truth
Blockchain provides an immutable ledger where all transactions and related data is recorded. This establishes a single source of truth for all parties involved.
Smart Contracts
Smart contracts automate business processes and rules based on conditions and triggers. They ensure rule execution in an immutable manner, eliminating the need for a single enforcement party.
Eliminate need for multiple integrations
A blockchain network simplifies processes and eliminates the need for multiple integrations for participants involved in multiple product networks.
Reduced Disputes
Disputes often occur due to differences in documentation or disagreements over shared data. Blockchain's shared ledger can reduce disputes by providing a trusted single source of truth.
Spydra has significantly simplified adoption of OCEN on blockchain
Private Network
Private Blockchain network built on Hyperledger Fabric in which multiple Loan Agents, Lenders and all other participant roles can be onboarded.
Data Encryption
Object and field level encryption to selectively share data between participants in the same product network.
Data Privacy & Security
Participants can decide what information needs to be stored on the ledger and what need not be.Different Fabric channels for each product network providing isolation of data from other product networks
Easy Integration
Configurable No-code workflows to create smart contracts for critical processes – like loan repayment, conditional disbursement, KYC checks etc.
Get Off-chain data to your network
Ability to get external data (like KYC data) during smart contract execution using Oracles.
Workflow Builders
Configurable No-code workflows to create smart contracts for critical processes – like loan repayment, approvals, conditional disbursement, KYC checks etc.

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