Noida-based mcommerce company Paytm has partnered with IT services company Wipro to create the requisite technology infrastructure for its upcoming payments bank business.
According to Paytm, Wipro will implement core-banking solutions for Paytm along with the programme to manage the integration of other key systems like anti-money laundering and regulatory reporting solutions. Besides, Wipro will put in place and manage data centres for the payments bank in order to ensure smooth functioning of the new business.
Paytm received its in-principle approval to set up a Payments Bank in August last year. Payments banks can accept deposits from individuals and small businesses for up to INR 1 lakh an account, but they cannot lend. They can also sell mutual funds, insurance and pension products as well as facilitate payments and remittances with a focus on the unbanked segment like migrant workers.
Paytm indicated that the contract is for one year and all the customer-facing applications and fraud-detection and analytics systems will be built by Paytm in house.
Shinjini Kumar, CEO of Paytm’s payments bank business said, “Technology is an integral part of the value proposition we seek to create for customers of our upcoming bank.”
Here Is The List Of Recent Developments @ Paytm’s Payment Bank Business
April 2016: Industry body Internet and Mobile Association of India (IAMAI) appointed Paytm Founder Vijay Shekhar Sharma, as the chairman of the newly formed Payments Banks Group at IAMAI.
February 2016: Former Reserve Bank of India (RBI) executive Shinjini Kumar joined Paytm’s payments bank as chief executive officer.
November 2015: In order to fund his payment bank, Vijay Shekhar Sharma asked for funding and was ready to dilute close to 1% of his stake in his holding company One97 Communications Ltd.
August 2015: Paytm received license from the Reserve Bank of India to set up a payments bank along with 10 other companies.
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