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'Bank-in-a-box' hosted solution streamlines launch plans for Indian FI

Chennai-based FSS says it will provide payments technology, hosted services and banking industry know-how to help facilitate the launch of IDFC Bank.

June 17, 2015

IDFC Ltd., a Mumbai, India-based infrastructure development company, has tapped Chennai-based FSS, a payments technology and transaction processing provider, to implement ATM and payments technologies for IDFC Bank, which is slated to launch later this year, according to an FSS press release.

In a press release, FSS said it will provide the startup bank with services that include card management, payments processing and reconciliation, an e-commerce gateway, and Aadhaar [biometric]-enabled payments. The company also will install and manage the FI's ATM network and provide cash-recycling ATMs.

"[I]t 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," IDFC COO Avtar Monga said in the release. "We intend to leverage FSS' domain knowledge in payments technology, their leadership position in hosted services and their understanding of the Indian banking industry to deliver a robust technology payments platform."

FSS said that the deal with IDFC reinforces its position as a comprehensive payments processor and highlights its FSSNet hosted platform as a vehicle that financial institutions can use to accelerate their go-to-market plans. 

"We are delighted to partner with IDFC Ltd. to build their payments technology infrastructure on a hosted platform for their upcoming bank," FSS Managing Director Nagaraj Mylandla 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."