Home Business Paytm Partners With Wipro For Implementing Core Banking Solution For Its Upcomig...

Paytm Partners With Wipro For Implementing Core Banking Solution For Its Upcomig Payments Bank

Paytm, India’s largest mobile payments and commerce platform has joined hands with Wipro Limited, a leading global information technology, consulting and business process services company for its upcoming Payments Bank business.

Paytm-LogoWipro will be implementing the core banking solution for Paytm and also programme managing the integration of other key systems like the anti-money laundering solution and the regulatory reporting solution. Wipro will play a crucial role in helping Paytm interface its existing systems with the core banking solution. It will also put in place and manage the data centers for the Payment Bank in order to ensure smooth functioning of the new unit, as stated by Paytm in its press release.

Speaking on the association, Shinjini Kumar, CEO Designate – Paytm Payments Bank said, “Technology is an integral part of the value proposition we seek to create for customers of our upcoming bank and we are happy to announce that we will be partnering with Wipro. They have a demonstrated track record in banking technology in India that will be important in ensuring that our innovative solutions are integrated with core banking systems in a compliant and secure manner, creating the right platform for service delivery at large scale. We are a young and agile organization and the Wipro team has demonstrated the agility and flexibility that will be necessary to make this partnership meaningful.”

Paytm received its in-principle approval to set up a Payments Bank in August last year. Payment banks can accept demand deposits and savings bank deposits from individuals and small businesses, up to a maximum of Rs 1 lakh per account. Non-resident Indians cannot bank with these ventures, which also cannot disburse loans. However, they can sell mutual funds, insurance and pension products as well as facilitate payments and remittances with a focus on the unbanked segment like migrant workers.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Recent Articles

Gizmore Launches GIZBUD 803 & GIZBUD 802 TWS with upto 12 Hours Playback at Rs. 1999

Gizmore, smart accessories & home audio brand has launched today two wearable audio products - GIZBUD 803 & GIZBUD 802 TWS Wireless...

Mercedes-Benz To Make AMGs in India; AMG GLC 43 4MATIC Coupe To Roll out First

German luxury car maker Mercedes-Benz today annoucned that they will be manufacturing AMG models in India. AMG is Mercedes-Benz’s performance sub-brand having...

PALM-SIZED WD MY PASSPORT SSD with Capacity upto 2TB Launched

Western Digital has introduced the new WD My Passport SSD in capacities up to 2TB. It has a sleek, compact metal design...

Nokia 215 4G & Nokia 225 4G Feature Phones Launched, Starting at Rs. 2949

HMD Global has today launched the Nokia 215 4G and Nokia 225 4G feature phones with 4G connectivity for clear call quality...
3,040FansLike
0FollowersFollow
32,600FollowersFollow
2,435FollowersFollow
18,400SubscribersSubscribe