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

Lunar launches account for teens

Nordic challenger bank Lunar has launched an account and card designed to help teenagers better manage their money.

The app, specifically for... Read more »

Taiwan’s First Neobank Selects Temenos Digital Banking Platform to Launch in Record Time

Temenos (SIX: TEMN), the banking software company, today announced that Next Commercial Bank (Next Bank), has selected Temenos Transact to... Read more »

Financial services organisations are not prioritising compliance in their modernisation efforts – new report from Advanced reveals

Just 6% of financial services organisations say it’s essential for them to modernise their legacy systems to meet current regulatory and legislative demands. This surprisingly... Read more »

Andigo Scholarship To Award $12,500

Andigo Credit Union, based in Schaumburg, IL, announced five college-bound high school seniors as recipients for the 2020 Andigo Scholarship Program. The... Read more »

Forecast by Robocash Group: 5G will boost financial inclusion in emerging markets in Asia

Driving improvements in the digital space, 5G has accelerated financial inclusion in emerging markets in Asia. Analysts of the financial holding ... Read more »

Meniga closes a €8.5m strategic investment round led by Groupe BPCE, Grupo Crédito Agrícola & UniCredit

Meniga, a leading provider of digital banking technology for the world’s largest banks, has closed a €8.5m strategic investment led by customers Groupe BPCE, the second-largest... Read more »

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