Paytm Goes Live with Infosys Finacle to Power its Payments Bank Business

Paytm Goes Live with Infosys Finacle to Power its Payments Bank Business
09.06.2016 10:00 am

Paytm Goes Live with Infosys Finacle to Power its Payments Bank Business

Banking , Core Banking , Reconciliation , Wholesale Banking , Retail Banking , Islamic Finance , Mobile Banking

Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY) and Paytm, India’s largest mobile payments and commerce platform, today announced that the Finacle Core Banking solution has been selected to power Paytm’s new payments bank business.

Paytm will leverage Finacle’s proven platform for its deposit products and payments platform, enabling it to rapidly roll out innovative offerings.

Key Highlights:

  • Modern APIs driven solution will enable Paytm to integrate its payments bank services rapidly across its existing wallet business
  • The solution’s readymade integration adaptors, along with its compliance to industry standards, will reduce integration costs as well as simplify Paytm’s banking transformation journey
  • The solution’s product factory capability will enable Paytm to easily create and offer a comprehensive bouquet of CaSa (Current Account and Savings) based products and services in addition to its existing Wallet offering
  • The solution also offer integration adaptors with many third party applications like Anti-Money Laundering, which will enable the Paytm payments bank to become operational rapidly
  • Finacle’s proven scalability will allow Paytm to easily meet future growth needs and seamlessly manage expansion in the scale of its operations


Shinjini Kumar, CEO, Paytm Payments Bank: “After considering multiple core banking solutions, Paytm is happy to announce that we have chosen Infosys Finacle as the core banking solution for our payments bank. With its large deployment base in India including some of the largest banks, Finacle has proven to be a scalable solution and we are confident that it will be able to support our aspiration to be a large and robust platform for small value, high volume transactions for millions of Indians.”

Andy Dey, ‎President - Customer & Operations, EdgeVerve: “Payment banks are set to revolutionize the Indian banking space, helping take basic banking services to a huge unbanked and underbanked population in the country. Paytm has played a pioneering role in the growth of mobile payments and e-commerce in India. Backed by our proven solutions and global best practices, we are confident of powering Paytm to deliver banking services in an easily scalable and cost-efficient manner.” 

Related News

Monobank celebrates growth milestone in first year of operation

Monobank, Ukraine’s first digital-only bank, hit 600,000 customers early this month making it one of the... Read more »

Paysend signs with Vietcombank to bring money transfer revolution to Vietnam

Global payments disruptor PaySend which now has over 350,000 customers across Europe and beyond has signed a strategic partnership agreement with Vietcombank Remittance Company... Read more »

Australia’s first SME “challenger” bank selects VERMEG for their Regulatory Reporting

VERMEG the banking and insurance software solution leader has announced today that Australian Challenger Bank, Judo Capital have selected VERMEG’s AgileREPORTER package, to... Read more »

Temenos selected by its first public bank in Tunisia for digital transformation

Temenos (SIX: TEMN), the banking software company, today announced that Banque de l’Habitat (BH)  has signed for T24 Core Banking, Payments, Channels, Analytics, Financial... Read more »

Kingdom of Bahrain Eyes Global Leadership in Open Banking

Signalling the pace at which the Kingdom of Bahrain is embracing the new era of open banking, in just one week the Kingdom’s regulator, the Central Bank of Bahrain, has... Read more »

Nordic Finance chooses Tieto’s leasing platform to start offering leases and disrupt the leasing market

Tieto has signed an agreement with Swedish leasing broker Nordic Finance to provide a leasing system that disrupts conventional processes and gives customers a smoother... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App