MUMBAI: Varanasi-based Utkarsh Small Finance Bank became the first one to go live with the UP Retails Payment Solution platform offered by global real time electronic payment and banking solutions major ACI Worldwide, in collaboration with its Indian partner AGS Transact Technologies.
For a rapidly growing, young and small finance bank, a fully outsourced payment system solution would give efficiency as well as cost savings.
The payment solutions offered also fulfils the regulatory norms as ACI provides the technology along with its Indian partner, and is compliant with the recent Reserve Bank of India mandate to store data within India.“By transitioning to the latest iteration of ACI’s solution – we can process conventional as well as multiple new transactions through UP Retail Payments,” Utkarsh Bank said.
It would also be able to access set of APIs developed by the National Payments Corporation of India’s (NPCI) UPI (Unified Payment Interface) initiative, which connect bank’s issuing systems to central infrastructure and payment service providers.Utkarsh has around 450 branches, almost all in “unbanked” areas currently in the north Indian states, complete with ATMs.
The bank wants to rapidly add customers to reach a base of 10 million by 2021 from around 2 million in current fiscal, said Venkat Krishnan V, CTO, Utkarsh Bank.NSDL’s Payment Bank, as well a few co-operative banks are in talks with AGS Transact, to use the UP Retail Payments solution, said Mahesh Patel, CTO, AGS Transact.