Paul Merchants Finance gets a new core banking system from Sesame Software (A Speridian Co)


Paul Merchants Finance in association with Sesame Software (A Speridian Co) implements a new LOS and LMS system

CHANDIGAR, India, September 29, 2022 /PRNewswire/ — Sesame (A Speridian Co) has been chosen as a transformation partner by Paul Merchants Finance and has successfully implemented its Beacon loan management system and digital lending solution at Paul Merchants finance Ltd. Sesame (A Speridian Co) has equipped Paul Merchants with a loan origination system, a loan management system and a digital lending platform.

Paul Merchants Finance has replaced its legacy LOS and LMS system with Speridian’s state-of-the-art digital platform to support its growth strategy. The new system was commissioned in June 2022. The new system, Beacon Banking Solutions, will increase business efficiency, deliver faster services, improve the overall customer experience journey, and help improve the speed at which new products and programs can be launched. The new system will allow faster processing of loans, payments and data analysis.

The Beacon Core System was implemented in anticipation of the rapid expansion and future plans of Paul Merchants Finance Ltd. Paul Merchants Finance currently serves over 2,00,000 clients through its 76 Gold Loan branches in 7 US states. North India. The new system will support the expansion of its lending arm and the integration of its other businesses such as insurance, prepaid cards, money transfer, etc. on one platform.

“We are a customer-centric organization and we always strive to provide convenience and customer support to the utmost customer satisfaction. We have partnered with Sesame Software to deliver a world-class experience for our customers. Transitioning to a modern technology platform that will enable us to rapidly create personalized digital financial products. We are pleased to announce the successful implementation of a modern, agile and open platform for uninterrupted financial services,” said Mr. Rajneesh Bansalmanaging director, and Paul Merchants.

“We are focused on integrating the most modern and up-to-date technologies into the solution after completing R&D and including all the latest features in the solutions and on the FI’s equipment to deliver services to its customers through the maximum number of channels with maximum transparency, security and with peer regulatory compliance,” said Mr. Vinod VC Managing Director, Sesame Software Solutions Pvt Ltd.

Speaking on the occasion Mr. Shaibu Cherian (CEO, Paul Merchants Finance) said: “Upgrading our core system has been a huge step forward for Paul Merchants Finance, we have tailored the new system to provide a seamless omnichannel experience for our client. This will contribute to our vision to become one of the most advanced new era financial services providers, we are now equipped to deliver on-demand financial products to our customers. We will soon be introducing internet banking and a mobile app for 24/7 access to our wide range of services.

About Paul Merchants

Paul Merchants Finance was founded in 2010 and is a wholly owned subsidiary of Paul Merchants Ltd, a 30-year-old BSE-listed conglomerate. Paul Merchants Finance has established a strong presence across North India, in a short period of time. The company provides quick and easy gold loans under the NBFC license issued by the Reserve Bank of India and sparked a revolution in India by empowering individuals and small businesses to dream big through our diverse range of financial services. The company has grown enormously in recent years. With the ability to expand its footprints into new locations, the company is becoming one of the fastest growing gold lending companies in the country.

About Sesame, a Speridian Group Company

Sesame Software Solutions Pvt Ltd is a Speridian Group company which has been the forerunner in providing banking and financial solutions for over 25 years to banks and NBFCs. Now with a global presence, provides services to different industry sectors such as PSU Banks, Public/Private Sector Banks, NBFC, Co-operatives.

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SOURCE Paul Merchants Finance


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