Wednesday, 8 June 2016

Paytm Selects Infosys Finacle to Power its Payments Bank Business

By 121 News

Chandigarh 08th June:- 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.

The highlights of the product is that it is 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 and 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

Shinjini Kumar, CEO, Paytm Payments Bank said that 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 said that payments banks are set to revolutionize the Indian banking space, helping take basic banking services to a huge unbanked and under banked 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.