Vayana Network and CRIF solution tie-up to launch good business score for MSMEs

Supply chain finance platform and analytics player, Vayana Network and CRIF Solutions have tied-up to offer tech enabled tools for MSMEs to manage their business effectively.

Photo by Daniel Fazio on Unsplash

Vayana Network, one of leading supply chain financing platform has partnered with CRIF solutions have launched a good business score (GBS) a tech based tool to help India’s MSMEs measure their business health effectively.

GBS will help MSMEs signal their worth to prospective business opportunities and focus on their weaknesses. The score will also serve a criterion for large corproates and lenders associating with MSME businesses.

The score takes up on going GST Data, frequency recency, value of actual transactions and business dependency across customers.
GBS can be accessed by businesses on the Vayana Network platform where all merchant data is secured and confidential.

GBS also serves as a point of reference for large corporates and financial institutions or lenders. For corporates, the GBS score will provide a real time pulse of the robustness of their MSME supply chain partners. Similarly, for financial institutions GBS works as an evaluation tool for getting an ongoing pulse of borrowers, helping them predict and reduce lending risks.

Parthasarathi Patnaik – Chief Risk Officer, Vayana Network said, “Known as the backbone of the economy, the Indian MSME sector is a major source of employment also contributing to the country’s GDP. For a sector this important, a looming challenge which exists is the lack of a measure which can gauge the success of MSMEs. We are happy to work with CRIF Solutions and further our efforts towards empowering the MSME sector, through a simple and powerful solution.”

Patnaik adds, “Through the Good Business Score, we aim to provide MSMEs with a tool that reflects the real picture of business health. This will enable better control and management of business operations, contributing to the larger cause of providing an environment of growth and stability for the MSME sector. With GBS, corporates and lenders too will now have a credible source to monitor and measure the health of supply chain partners or business loan borrowers.”

Atrideb Basu, Director Management Consulting for CRIF India said, ”Being in the business of developing credit scores and related reports, we are happy to work with Vayana Network and extend our expertise to help develop the Good Business Score. GBS is a much required tool for a sector like the MSME which is predominantly traditional in nature. This easy to use, tech enabled tool is the answer to a holistic view of a business that goes beyond one’s credit rating.”