Mumbai – June 8, 2016: Infosys Finacle, part of EdgeVerve Systems, a wholly owned subsidiary of Infosys (NYSE: INFY) and Paytm, India’s largest mobile payments provider, today announced that the Finacle Core Banking solution has been selected to power Paytm’s new payment 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 payment bank services rapidly across its existing wallet business
- The solution’s readymade integration adaptors, along with its compliance with 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 payment 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
Shinjini Kumar, CEO, Paytm Payment Bank:
“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.”
Andy Dey, President – Customer & Operations, EdgeVerve:
“Payment banks are set to revolutionize the Indian banking space, helping take basic banking services to a huge unbanked and underbanked population in the country. 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.”
Paytm is India’s largest mobile payment & commerce platform. With a current user base of more than 126 million, Paytm is on a mission to bring half a billion Indians to the forefront of the economy using mobile payment, commerce and soon to be launched payment banking services. Consumer brand of India’s leading mobile internet company One97 Communications, Paytm is headquartered in New Delhi NCR. The company’s investors include Ant Financials (AliPay), Alibaba Group, SAIF Partners, Sapphire Venture and Silicon Valley Bank.
About Infosys Finacle
Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 92 countries and serves over 848 million customers – nearly 16.5 percent of the world’s adult banked population.
Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.
To know more, visit www.finacle.com
About EdgeVerve Systems Ltd
EdgeVerve Systems, a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.
Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers – nearly 16.5 percent of the world’s adult banked population.
To know more, visit www.edgeverve.com
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in the United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2016. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is June 8, 2016, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
For further information, please contact:
+91 80 4156 3998
Paul de Lara
+1 (510) 944 4596