Setu is known for its role in streamlining various financial processes, including onboarding, payments, deposits, lending, and data empowerment. The company utilizes plug-and-play APIs to facilitate these services, making it easier for businesses to integrate these functionalities into their operations. Setu's solutions are built on top of India's digital infrastructure, particularly the Bharat Bill Payment System (BBPS), which is an integrated online platform for bill payments
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One of the notable products from Setu is Sesame, India's first domain-specific large language model (LLM) designed for the Banking, Financial Services, and Insurance (BFSI) sector. Developed in collaboration with Sarvam AI, Sesame leverages custom data highly relevant to the BFSI sector to provide features such as improved credit underwriting, fraud detection, loan monitoring, and personal finance advisory. This LLM is trained to enhance financial services by providing hyper-personalized experiences to customers across their entire lifecycle
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Setu's Biller Operating Unit (BOU) solution is another critical component of its offerings. This solution acts as a bridge between banks and businesses, simplifying the integration and compliance required for online payments. The BOU solution processes a significant volume of transactions, with over 10 million monthly transactions and 5 million daily Account Aggregator requests. This scalability is achieved through the use of Amazon Web Services (AWS), which enables Setu to manage increased payment volumes efficiently and securely
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The company's focus on compliance and security is also noteworthy. Setu ensures that all its solutions adhere to evolving industry regulations, and by using AWS, it can manage compliance more effectively. This includes features such as real-time transaction reconciliation and secure data management, which are crucial for maintaining trust and integrity in financial transactions
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Setu's mission is to democratize financial services by making them more accessible and efficient. The combination of the Account Aggregator framework and transformative technologies like LLMs is seen as a key factor in achieving this goal. By building on India's digital public goods, such as Aadhaar and UPI, Setu aims to create meaningful, compliant, and responsible AI applications that showcase India's leadership in applied AI
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Key Features of Setu:
- Sesame LLM: India's first domain-specific large language model for the BFSI sector, enhancing credit underwriting, fraud detection, loan monitoring, and personal finance advisory.
- Biller Operating Unit (BOU) Solution: Facilitates online payments through the Bharat Bill Payment System, simplifying integration and compliance.
- Scalable Transaction Processing: Handles over 10 million monthly transactions and 5 million daily Account Aggregator requests using AWS.
- Compliance and Security: Ensures adherence to industry regulations and secure data management.
- Plug-and-Play APIs: Simplifies the integration of financial services such as onboarding, payments, deposits, and lending.
- Hyper-Personalized Financial Services: Provides customized financial experiences to customers across their entire lifecycle.
- Collaboration with AWS: Utilizes Amazon Web Services for scalability, security, and compliance.
Overall, Setu is a significant player in the fintech space, leveraging AI and cloud technologies to revolutionize financial services in India. Its solutions are designed to enhance efficiency, security, and compliance, making it a valuable resource for businesses and individuals alike.