Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys 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.
Shinjini Kumar, CEO, Paytm Payments Bank said on the development, “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.”
Infosys sees payments banks revolutionizing the Indian banking space, helping take basic banking services to a huge unbanked and underbanked population in the country. Andy Dey, President - Customer & Operations, EdgeVerve said in a statement, "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." (Share Manthan, June 08, 2016)
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