Partnership2 Apr 2025, 12:34 am
Four Major PSBs Partner with Veefin Solutions for Unified Supply Chain Finance Platform
AI Summary
In a significant development for MSME financing in India, Bank of Baroda, Central Bank of India, Indian Overseas Bank, and UCO Bank have joined forces with Veefin Solutions to implement the world's largest unified Supply Chain Finance (SCF) platform, PSBXchange by PSB Alliance. This collaboration aims to foster financial inclusion for MSMEs and become the common technology bridge for all banks and NBFCs in the country for supply chain finance and small business loans. This global-first platform will connect Fintechs, B2B marketplaces, Accounting Service Providers, and new-age data providers with the core banking system of multiple lenders.
Key Highlights
- Four major public sector banks partner with Veefin Solutions for unified SCF platform
- PSBXchange by PSB Alliance to enable broader financial inclusion for MSMEs
- Unified platform to connect Fintechs, B2B marketplaces, and service providers with core banking systems
- Aiming to become the common technology bridge for all banks and NBFCs in the country
- Global-first platform to foster financial inclusion for MSMEs in India