Paytm selects Infosys Finacle to power its payments bank business

Infosys Finacle, part of EdgeVerve Systems, 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.

“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,” says Shinjini Kumar, CEO, Paytm Payments Bank.