Demystifying Core Financial Services Solution (CFSS) for NBFCs - Nucleus Software

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ARTICLE

Demystifying Core Financial Services Solution for-NBFCs

Reading time: 5 minutes
23 August, 2023

The financial services industry has been undergoing a transformational shift towards digitization, and the pandemic has accelerated this change. Non-Banking Financial Companies (NBFCs) faced multiple challenges in servicing their customers during the pandemic, hence the Reserve Bank of India (RBI) proposed guidelines to prepare for similar situations going forward. The Core Financial Services Solution (CFSS) is the RBI guiding framework that enables NBFCs to handle customers effortlessly and ensures a seamless digital customer interface, even during the unprecedented times.

CFSS is proposed for NBFCs on similar lines of Core Banking Solutions (CBS) widely used by banks. CFSS guidelines provide a centralized accounting record and database, allowing NBFCs to integrate different functions onto a single platform, thus providing a seamless digital customer interface. CFSS brings all the related functions of an NBFC onto a single platform, enabling ease of access for their operations team and customers.

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