CitiConnect_API_Case_Study_Book

13 In the highly competitive landscape of retail finance, the company needed a solution that digitizes its cash loan services, where approved loans may be disbursed to the borrower electronically. Furthermore the company wanted to differentiate itself through exemplary customer experience by ensuring that the loan disbursement is instantaneous. Pivotal to the solution are CitiConnect APIs that enable the company to make payments instantly at the time of loan approval: The solution is powered by the following CitiConnect APIs: STEP 1 Individual borrower goes to one of the company’s branches to apply for a personal loan by pledging appropriate collateral STEP 2 While at the branch, the company performs the necessary due diligence associated with the borrower, including Know Your Customer (KYC) credit checks using the applicant’s Aadhar identification number, and assessment of the value of the collateral pledged STEP 3 Upon satisfactory approval, the company authorizes instantaneous disbursement of the said loan to the borrower’s bank account number STEP 4 The disbursed loan is received in the borrower’s bank account before leaving the branch • End-to-end digitized cash loan application and disbursement service that reduces the risk of fraud • Elimination of risk of theft or misdirected payments as all disbursement are cashless, electronic and instant • Significantly enhanced customer experience, where loans may be disbursed in as short as 15 minutes • Faster rate of loan asset growth through differentiation of service levels against the company’s competitors Authentication of company instruction Payment initiation via Immediate Payment Service (IMPS) in India Payment status inquiry to confirm that payment is successfully credited • Extend instant loan disbursement to other convenient modes of tokenized payment details without the need for account numbers, such as United Payment Interface (UPI) in India, PayNow in Singapore or PromptPay in Thailand • Expand instant payments to refunds for e-commerce purchases, where a purchaser may be reimbursed the value of the purchase as soon as the item is returned to a local collection centre Instant Loan Disbursement The Company Leading financial services company in India that specializes in providing retail loans. Seamless Client Experience | API Playbook 1 The Challenge The Solution The Benefits Potential Uses LOAN