Open House Session #3 on OCEN's API Specifications

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On 7th August 2020, iSPIRT hosted the third open house on Open Credit Enablement Network (OCEN). This session featured a deep dive into the underlying OCEN API flows, covering different entity interactions in-depth and addressing common technical queries.

To recap, OCEN (O-Ken) is a new paradigm for credit that seeks to provide a common language for lenders and marketplaces to build innovative, financial credit products at scale.

In the previous session, we shed light on several potential Loan Service Provider (LSP) products and business cases. We also talked about the various opportunities for ecosystem participants across an OCEN-enabled cash flow lending value chain.

This week we dove into the API flows that make up the standardised end-to-end process of applying for a loan via an LSP, also illustrating how Account Aggregators will fit into this reimagined value chain. Our volunteers also covered the role of CredAll which is a collective of lending ecosystem players to drive cash flow based lending.

The third session on OCEN covered the following topics broadly, and the entire webinar is also available on our official Youtube channel:

Siddharth Shetty: An introduction to iSPIRT and our values
Ankit Singh: Recap of what OCEN is, and how LSPs fit in to the framework

Query 1: Is OCEN aggregating and sending loan applications to different lenders or does LSP make API requests with each lender separately?
Query 2: Are all API calls asynchronous? Are there Turnaround Time SLAs for the different services?
Query 3: Architecture diagrams - General LSP and Sahay GST

By Sudhanshu Shekhar
Query 4: API flow sequence diagrams
Query 5: How do I represent other loan products?

By Ankit Singh
Query 6: Using OCEN APIs and becoming an LSP
CredAll - a collective of lending ecosystem players

After the presentation, our volunteers answered some questions from the community including:
- What is the role of LSPs in the collections process?
- What is the difference between an LSP and a TSP?
- How does the Common Pledge Registry fit in?

As always, in order to successfully create a new credit ecosystem for Bharat it will take the collaborative effort of participants from every corner of our fintech ecosystem.