Fintech start-up Zeta India, which has moved into the banking space, is in talks with several banks and start-ups for its various products, including the API banking platform.

Since November, it has launched three products: Fusion, an API-based platform-as-a-service (PaaS) offering for fintechs; Tachyon, a modern universal banking platform to power debit, credit and pre-paid products for banks; and Zeta Cipher, an ACS solution for consumer authentication.

Optimistic about its products, Murali Nair, President, Banking, Zeta, said that between November and now, more than 70 fintechs have engaged with it to launch different types of products and solutions through the API banking platform.

“We are in some sense the facilitator for banks to talk to a large number of fintechs. Using our Fusion platform, we can bring 10 fintechs to talk to one bank,” he further explained.

Zeta’s products are already being used by banks such as RBL Bank, IDFC First Bank and Kotak Mahindra Bank, and the fintech hopes to partner with more banks. “We work with four banks already and are having seven to eight conversations with several leading banks in India, which include top-tier banks. We hope to go live with at least one product with each of these banks in the next two to three months,” said Nair.

It is also looking to apply for a pre-paid payment instrument (PPI) licence with the Reserve Bank of India. “We are likely to apply for a PPI licence of our own but that is not to go direct to the consumer, but to help us launch new programmes with fintech. We are in the process of thinking about this from a strategy standpoint,” said Nair.

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