The soon-to-be-turned bank IDFC has partnered with payments technology and transactions processing firm FSS (Financial Software & Systems) to provide end-to-end payments technology support for its upcoming banking operations this year.
IDFC is likely to start its banking operations by October.
“This partnership will allow FSS to establish complete payments technology infrastructure for the upcoming IDFC Bank with services ranging from payments processing, card management, reconciliation to payment gateway for e-commerce, and Aadhaar Enabled Payments for financial inclusion,” FSS said in a statement.
FSS will install and manage IDFC bank’s ATM network and provide cash recyclers to accept and dispense cash.
Avtar Monga, COO, IDFC, said, “IDFC has chosen a binary strategy to operate in India, with one set of branches out of metropolitan cities and the others in bottom-of-the-pyramid districts. Therefore, it is important that we establish a payments technology infrastructure that will enable us to provide a uniform banking experience across both our urban and rural customer segments.”
Nagaraj Mylandla, Managing Director, FSS, said, “I am confident that our integrated ‘Bank in a Box’ offering will power IDFC to operate seamlessly and provide a superior banking experience to their customers.”
FSS has provided support to the growth of retail and wholesale payments in India by serving banks, financial institutions, merchants, governments and other verticals through a rich portfolio of software products, software services and hosted payment services.