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Explained: How OCEN is trying to keep credit disbursement challenges at bay

Network to connect lenders, loan marketplaces, borrowers on a single platform and make access to credit a matter of minutes

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A sneak peek into how OCEN works was given by industry think-tank iSpirt on Friday. Ispirt said it was still two years away from developing the complete product but said invoiced-based financing had got ready for trial

Sai Ishwar Mumbai
For ages, credit disbursement has been one of the most complex functions in the financial realm. For lenders, the challenge has been to identify creditworthy customers to keep their money safe and minimise bad loans. For customers, to prove they are worthy of getting a loan, and getting it quickly, has been a constant challenge. For a small business, proving the same has been an even bigger challenge.

A lot of these challenges are expected to be solved with the Open Credit Enablement Network (OCEN, spelled as oken) — an architecture that will connect lenders, loan marketplaces, as well as borrowers

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First Published: Jul 25 2020 | 6:05 AM IST

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