February 26, 2024

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India Teams Up to Launch RuPay API platform

The National Payments Corporation of India (NPCI) has tied up with a private fintech firm to launch an application programming interface (API) platform. The collaboration will enable the launch of the plug-and-play RuPay credit card stack, ‘nFiNi’. NPCI is an umbrella organisation for operating retail payments and settlement systems owned under the country’s central bank, the Reserve Bank of India. RuPay is NPCI’s multinational financial services and payment service system.

This BaaS (banking-as-a-service) programme provides a ready stack of services required for fintechs and banks to issue RuPay credit cards. According to a news report, the collaboration will help faster and cheaper onboarding of customers and merchants by banks as well as enable fintech firms to build out new models of digital interfaces for customers launching RuPay credit card products.

The nFiNi programme will significantly reduce onboarding time via services offered including a hosted card management system covering transaction processing, fraud, and risk management, open APIs, and surround services to support card programmes. In a statement, NPCI said that fintechs will now be able to co-create new credit card programmes sponsored by banks on nFiNi. The programme will empower fintechs to launch new credit cards swiftly and effectively for retail as well as corporate customers. The collaboration is expected to bring in significant efficiencies for banking and fintech institutions at various levels in terms of operations and customer management. The programme will further enable these institutions to expand their market base to new-to-credit customers.

The private fintech noted that while collaborating with NPCI one of the shared visions was to expand credit issuance in India. The tech stack on RuPay will support scalability from an onboarding perspective for both banks and fintechs. The fintech has hundreds and thousands of micro-APIs for the fintech firms to code, consume, and onboard and launch their services at scale.

The nFiNi platform will power RuPay cards (including the National Common Mobility Card) by offering access to needed services through the NPCI network combined with FirstVisionTM cloud-based open API integrations from the fintech. According to Nalin Bansal, the chief of corporate relationships and fintechs at NPCI, the collaboration will help RuPay build an ecosystem around its credit card products and attract more fintech firms to innovate and scale these offerings.

This stack, among other things, will support the orchestration of the digital user experience, enable push alerts for in-app, mobile messaging app and SMS notifications, simplified integration options, and instant digital card provisioning, allowing customers to transact immediately after being approved for a card.

Earlier in August, the Prime Minister, Narendra Modi, launched e-RUPI, an electronic voucher promoting digital payment solutions. As OpenGov Asia had reported, it is a QR code or SMS string-based e-voucher, which is delivered to the mobile of the beneficiaries. The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app, or Internet banking access at the service provider. Any government agency and corporation can generate e-RUPI vouchers via their partner banks.

The e-RUPI initiative will be one of the programmes launched over the next few years to limit touchpoints between the government and the beneficiary and “ensure that the benefits reach its intended beneficiaries in a targeted and leak-proof manner”. The vouchers are person- and purpose-specific, which means that if they are released by the government for COVID-19 vaccinations, for instance, then they can be redeemed only for that.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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