Month: September 2021

Capital float

To facilitate risk assessment and marketing, Capital Float combines AI technologies with human expertise. AI and machine learning algorithms assist the company in determining the creditworthiness of applicants, allowing them to select the appropriate form of loan for the individual. Capital Float also used AI models in its marketing campaigns to better target clients. In 2018, they bought Walnut, a popular personal finance management app, which pushed them even deeper into the credit-solutions business. They currently offer personal financing (via Walnut), business finance (including short-term loans for small enterprises), and their Buy Now Pay Later platform.

For things like risk assessment, marketing, and collections, Capital Float combines cutting-edge AI tools with skilled human expertise. Capital Float uses artificial intelligence and machine learning to assess applicants’ creditworthiness and identify the best time to provide them a loan. For better client targeting, they’ve also included intelligent AI models into their marketing initiatives.

CreditMate

CreditMate is a debt collection tool that helps lenders collect late payments from debtors. To make its procedures more effective, the software uses AI and machine learning. The company launched its ‘Sherlock’ product in 2019, which employs a machine learning system to rate debt defaulters and handle debt resolution operations efficiently. By meeting the aforementioned needs, Creditmate focuses on offering technology for a better and more effective onboarding of new consumers.

The financial industry is full of highly decision-driven procedures, such as making calls to the correct person at the right time, settling problems, and determining what causes clients to become irritated, and so on. Such processes are currently carried out by millions of human agents. This expertise is gradually being converted into cutting-edge artificial intelligence systems with the support of Fintech companies such as Creditmate.

Lendingkart

It was founded in 2014 to provide enterprises with quick access to working capital financing solutions. The firm use technology to assess creditworthiness in a timely and efficient manner. It is a non-deposit-taking NBFC that lends to small businesses in India. In addition, LenkinKart aims to assist small businesses by making loans more accessible to them. The company analyses data points from many sources in order to maintain track of small businesses’ creditworthiness and accurately operate it.

When it comes to marketing, AI assists them in determining how well their marketing initiatives and campaigns are doing and which ones are yielding better results, allowing them to better allocate their budget across various channels.

Mswipe

In its Field Force Automation App, Mswipe makes use of artificial intelligence (F2A2). Signzy, a Bengaluru-based firm, has developed F2A2, a technologically sophisticated merchant onboarding solution.

The capacity of Mswipe’s F2A2 Asia technology to digitally record KYC papers and merchant profile information, as well as instantly authenticate them using over 40 government databases, makes it the most unique solution in the region. The onboarding period for new merchants has been cut in half thanks to this cutting-edge technology.

CogNext

It is one of the fastest-growing fintech startups, having built the industry’s first no-code regulatory compliance platform since its inception in 2019. It involves simplifying and automating regulatory compliance in order to make it cost-effective for financial institutions, thanks to technologies like AI and ML. It also offers powerful solutions for managing and scaling up the credit business of various financial institutions, using NLP, Deep Learning, and Predictive Analytics.

It operates on a subscription-based business model, with clients such as banks, financial institutions, non-banking finance firms, and neo banks paying an annual subscription fee.

Platform X, a CogNext automated technology platform, delivers regulatory compliance solutions that are “nimble, flexible, interactive, scalable, and cost effective.” Financial institutions can use such technologies to better regulate the risks they take and increase their integrity and transparency. Project X is based on a technology foundation that makes it simple to process client data and calculations.

RazorPay

With its range of solutions, Razorpay is India’s sole payments solution that allows businesses to accept, process, and disburse payments. Third watch, an AI-powered technology, helps e-commerce businesses avoid Return-to-Origin (RTO) fraud losses. Customers commit RTO fraud when they return a product by either switching it for a damaged one or denying that they ever got it in the first place.

It is an Indian payment service that assists businesses in receiving, processing, and disbursing payments through its products. JioMoney, Mobikwik, Airtel Money, FreeCharge, Ola Money, and PayZapp are just a few of the payment options available with Razorpay. It also supports credit cards, debit cards, net banking, UPI, and other popular wallets. From a single platform, it manages the marketplace, simplifies money transactions, collects regular fees, swaps client invoices, and accesses working capital loans.

The income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with the banks to get exemption from filing I-T return for fiscal year 2021-22.

The 2021-22 Budget had introduced a provision for exempting senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank from filing income tax returns for the financial year beginning April 1.

The Central Board of Direct Taxes (CBDT) has now notified rules and declaration forms which senior citizens would have to file with the specified bank who in turn would deduct tax on pension and interest income and deposit with the government.

Such exemption from ITR filing would be available only in case where the interest income is earned in the same bank where pension is deposited. The income-tax act requires all individuals having income exceeding the threshold limit to file their income-tax returns.

While the threshold for senior citizens (60 years or more) and super senior citizens (80 years or more) is slightly higher, crossing the threshold saddles one to file tax-returns. Non-filing of tax return not only attracts penalties and but one also gets subject to higher rate of TDS. Nangia & Co LLP Director Itesh Dodhi said recognising the compliance burden on senior citizens, this year’s budget brought in some relief to the senior citizens above the age of 75.

“The CBDT has notified the forms (Form 12BBA) for declaration by the senior citizens to the banks and notified the reporting requirement by the specified banks. With dedicated counters for senior citizens in all major banks and banks providing doorstep banking to senior citizen, this measure is expected to make life easier for senior citizens,” Dodhi added.

In the Budget Speech 2021-22, Finance Minister Nirmala Sitharaman had said that in the 75th year of Independence of our country, the government shall reduce compliance burden on senior citizens who are 75 years of age and above.

“For senior citizens who only have pension and interest income, I propose exemption from filing their income tax returns. The paying bank will deduct the necessary tax on their income,” she had said.

PTI