infosys Finacle, part of Edge Verve 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.
- 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 said “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 “Payments 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.”
Paytm is India’s largest mobile payments & commerce platform. With current user base of more than 126 million, Paytm is on mission to bring half a billion Indians to main stream of economy using mobile payment, commerce and soon to be launched payment banking services. Consumer brand of India’s leading mobile internet company One97 Communications, Paytm is head-quartered in New Delhi NCR. The company’s investors include Ant Financials (AliPay), Alibaba Group, SAIF Partners, Sapphire Venture and Silicon Valley Bank.
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 92 countries and serves over 848 million customers – nearly 16.5 percent of the world’s adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers – nearly 16.5 percent of the world’s adult banked population.