This move marks the live integration of LazyPay onto the new platform, facilitating the development of innovative lending and credit products while improving user experience and security standards within the Indian credit financing landscape.
Within a span of one year, LazyPay transitioned its existing customer base to Vault Core. The adoption of Vault Core has also streamlined PayU’s financial statement generation processes in real-time and simplified multi-account management, providing a consolidated view of products. Moreover, the platform's real-time Ledger functionality improved PayU’s reporting capabilities and compliance with regulatory requirements.
According to the company press release, the expansion of alternative lending services presents some growth opportunities for PayU's credit products in the Indian market. The same source reveals that, during the first half of 2024, PayU issued a total of USD 362 million in credit. Following the successful migration of LazyPay, PayU aims to continue migrating additional products and leverage Vault Core to develop, test, and deploy innovative lending and credit solutions.
Representatives from PayU Finance expressed enthusiasm about the collaboration with Thought Machine, emphasising their commitment to providing top-tier financial services to customers. They also highlighted Vault Core's scalability and flexibility as aligned with PayU’s growth ambitions, positioning the company for future credit offerings and market expansion in India.
Officials from Thought Machine echoed the sentiment, expressing delight in partnering with PayU to introduce cloud-native technology to the Indian market. With the completion of a successful migration, they look forward to delivering efficient, secure, and innovative credit and lending solutions in India.
According to a report by BCG cited in the official press release, there is substantial potential for B2B fintechs to disrupt the market and address the USD 5 trillion annual unmet credit needs of small to mid-sized enterprises globally. Given the struggle of traditional players to keep pace with innovation, B2B2X services, including Embedded Finance providers such as LazyPay, are expected to play an important role in meeting the escalating demand for fintech solutions.
Thought Machine aims to address the longstanding legacy technology challenge in banking and works with clients comprising global Tier 1 banks, challenger banks, and fintech firms. The company operates as a registered entity in India, in addition to its regional headquarters in London, New York, and Singapore.
Thought Machine supports modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking platform, Vault Core, is leveraged by banks and financial institutions around the world. Thought Machine operates globally with offices in London, New York, Singapore, and Sydney, having raised over USD 500 million in funding.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now