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Writer's pictureMudit Jain

Everything You Wanted to Know About Core Financial Software Systems (CFSS)


The Reserve Bank of India (RBI) has mandated the implementation of Core Financial Software Systems (CFSS) for Middle Layer and NBFCs - Upper Layer with 10 and more fixed point service delivery units as on October 1, 2022, by September 30, 2025.


What is CFSS?

CFSS is a comprehensive software solution designed to streamline and centralize the operations of financial institutions like NBFCs. It aims to enhance customer experience, improve operational efficiency, and ensure regulatory compliance.


RBI's Expectations from CFSS

The RBI has outlined specific expectations for CFSS, including:

  1. Seamless Customer Interface: CFSS should provide a user-friendly digital platform for customers to access services anytime and anywhere.

  2. Integration of NBFC Functions: CFSS should enable seamless integration of various departments and functions within an NBFC.

  3. Centralized Database and Accounting: CFSS should maintain a centralized database and accounting records for better data management and reporting.

  4. MIS Generation: CFSS should generate accurate and timely management information systems (MIS) reports for internal use and regulatory reporting.


Synoriq CFSS: A Solution That Meets RBI Guidelines

Synoriq CFSS is a 100% compliant solution that fulfills all the objectives laid out in the RBI guidelines. It offers the following features:


Anytime/Anywhere Access

  • White-labelled customer access points through web and mobile interface

  • All branches can offer customers any kind of services


Integration of NBFC Functions

  • 10+ software modules enabling seamless experience

  • 200+ APIs for smooth integration with other systems


Centralised Database and Accounting Records

  • Cloud-based lending system with centralized database

  • Automatic generation of loan accounting records


MIS for Internal and Regulatory Purpose

  • Synoriq Insights - a unified reporting and BI tool

  • All major reports available on click of a button

  • Reports auto-stored on EOD for later access


Why Choose Synoriq CFSS?

Synoriq CFSS is:

  • Cloud-first: Scalable and flexible to meet your growing needs.

  • API-first: Easily integrates with your existing systems.

  • Scalable: Designed to support your aggressive growth plans.

  • Most secure: Protects your data with robust security measures.


To learn more about how Synoriq CFSS can help your NBFC meet RBI guidelines and achieve operational excellence, feel free to reach out to us at [email protected].


Download our presentation on CFSS.



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