Open House on OCEN Market Opportunities #4
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Open House Session #3 on OCEN's API Specifications
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 driv