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

Icici Bank Introduces Digital Application Form for Opening Current Accounts

ICICI Bank, India’s largest private sector bank by consolidated assets, announced the launch of a digital application facility on smartphones and tablets, that enables bank... Read more »

Fico Unveils New and Improved Banking Tools

FICO today unveiled a host of new retail banking solutions that allow lenders to manage the credit lifecycle in a way that is smarter, faster and simpler. The innovations are... Read more »

IBS ranks Temenos #1 best-selling end-to-end banking software provider in the international market

Temenos (SIX: TEMN), the banking software company, was ranked the market’s leading software provider in the core banking category, as well as in the digital banking and... Read more »

Solactive and UBS launch pioneering World Bank & Develop- ment Bank Debt Indices

Solactive today issued the Solactive UBS Development Bank Bond Index Family, a new family of financial benchmarks targeting the World Bank and other high-grade development bank... Read more »

Side-by-side-integration

valantic and Thomson Reuters intensify their cooperation

The internationally acting companies valantic Trading Solution AG and Thomson Reuters have announced to further intensify their long-standing and successful cooperation. The... Read more »

Maybank Re-engineers Online Platform

Maybank expects the number of its online banking transactions to increase to 6.4 billion in 2018, aided by the new and reimagined Maybank2u website which will be launched to... Read more »

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