IBS Journal July 2016
21
WHO? PAYTM WHAT? INFOSYS FINACLE
Software and TCS’ BaNCS.
banking solution to power its new payment bank business, set to launch in August. The Indian firm was one of 11 awarded provisional licences by the RBI to become a payment bank last year. These are allowed to open current, savings accounts for users with Rs 1 lakh as limit, but can’t lend or issue credit cards. The Alibaba Group-backed company chose Finacle over Oracle Financial Services
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Sphonic’s Workflow Manager (WFM) Solution to support real-time fraud prevention and detection.
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WFM acts as a context-broker that leverages data points from over 50 of the world’s leading data vendors and risk management technologies through an intelligent workflow engine. It enables access to vendor services through a single RESTful API, removing the complexity of multiple integrations, as well as leveraging the Sphonic flow-control logic within the platform.
Jaidev Janardana CEO of Zopa, says: “Our growth journey Scott Thompson WHO? ZOPA WHAT? SPHONIC TECH aytm has selected Infosys Finacle’s core
Shinjini Kumar, CEO, Paytm Payment Bank, says: “After considering multiple core banking solutions, Paytm is happy to announce that we have chosen Infosys Finacle as the core banking solution for our payment 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.”
The plan is to onboard 200 million accounts in Paytm’s first year of operations, and to pull in 500 million customers by 2020.
Scott Thompson
ollowing a trial, P2P lender Zopa is to deploy
continues to embrace the benefits of digital channels, enabling fast and effective access to our products. As well as diversifying our products, along with the move to real-time approval processes, we recognise the potential threats in the fast-moving digital environment. We chose Sphonic due to the breadth of access to innovations through its platform, as well as the flexibility to modify and adapt the service with minimal effort. We also recognise the collaborative approach with Sphonic’s technology and look forward to a long-term working relationship supporting our risk management needs into the future.”
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