Bank of India Announces 4 Major Launches, Strengthening Its Innovation Edge

Bank of India, one of India’s leading public sector banks reinforced its commitment to digital innovation and customer-centric solutions with the launch of four breakthrough products and initiatives aimed at enhancing security, convenience, and inclusivity in banking. The launches were unveiled during the Global Fintech Fest (GFF) 2025, where the Bank made a strong impression with its engaging and interactive booth.

The Bank’s booth was inaugurated by Dr. Arjun Deore, IFS, Regional Passport Officer & Head, MEA Branch, Mumbai, in the presence of Shri Rajneesh Karnatak, MD & CEO, and senior leadership of the Bank. Dr. Deore commended the Bank’s leadership in driving digital innovation and introducing cutting-edge solutions relevant to today’s evolving financial landscape.

Among the key launches was a Proof-of-Concept (PoC) solution designed to prevent fraudsters from registering on mobile banking applications through social engineering or fraudulent calls. The PoC was inaugurated by Shri Atul Kumar Goel, CE, IBA, who described the initiative as a potential game changer for the banking sector, addressing one of its most critical cybersecurity challenges.

The Bank also introduced NPCI’s biometric-based UPI transactions for small-value payments via mobile phones. This solution simplifies the user journey by mitigating UPI PIN fatigue and reducing transaction time by up to 20%, thereby improving the overall payment experience.

Further, the Bank unveiled two new premium credit card offerings in partnership with RuPay—

• Celestia, a premium credit card designed for high-value customers, offering benefits worth up to ₹1.5 lakh.
• Lakshmi Credit Card, a special card curated exclusively for women customers, offering a differentiated and empowering experience.

In line with its focus on financial inclusion, Bank of India also signed an MoU with PayNearby Technologies to avail business correspondent services under the Digital Naari Initiative. The MoU was exchanged in the presence of Shri Atul Kumar Goel, Shri Rajneesh Karnatak, Shri Subrat Kumar, Shri Rajeev Mishra, Shri Ashok Pathak, and Mr. Anand Bajaj. This partnership aims to empower hardworking women across rural and urban India, supporting the Government of India’s vision of inclusive and accessible banking.

NUCFDC–CSC Alliance to Launch Phased Digital Infrastructure for Urban Cooperative Banks

The National Urban Cooperative Finance and Development Corporation Ltd (NUCFDC), the Umbrella Organisation for India’s Urban Cooperative Banks (UCBs), has signed a Memorandum of Understanding with CSC e-Governance Services India Ltd. (CSC SPV) to fast-track the sector’s digital transformation.

The partnership aims to equip UCBs with secure and compliant digital infrastructure. The rollout will be undertaken in phases, beginning with Aadhaar-based eKYC, eSign, digital signature certificates, DigiLocker integration, e-stamp services, cloud hosting, data centre management, and cybersecurity solutions. Subsequent phases will introduce internet and mobile banking, kiosk-based services, and digital communication platforms.

NUCFDC will facilitate adoption across its member UCBs, while CSC SPV will provide platforms, APIs, and operational support. A joint governance team will oversee implementation and capacity building. The agreement also covers training, compliance support, grievance redressal, and data protection measures, with an emphasis on aligning with applicable regulatory norms to strengthen institutional processes within the UCBs.

The MoU was formally signed in Mumbai in the presence of Shri Prabhat Chaturvedi, CEO, NUCFDC, and Shri Bhagwan Patil, Group President, CSC SPV.

Commenting on the partnership, Shri Prabhat Chaturvedi, CEO, NUCFDC, said, “The Urban Cooperative Banking sector needs to leapfrog into the digital era along with its legacy grassroots character. This partnership equips UCBs with future-ready digital infrastructure, enabling them to serve millions with greater efficiency, transparency, and compliance. At a time when financial inclusion and trust are central to sectoral growth, this collaboration places UCBs firmly on the path of modernisation and resilience.”

Shri Bhagwan Patil, Group President, CSC SPV, said, “CSC SPV’s digital backbone, coupled with NUCFDC’s institutional mandate, creates a powerful Technology platform for transformation of Urban Cooperative Banks (UCBs). Together, we will deliver scalable solutions that strengthen the Cooperative Bank sector and also ensure last-mile citizens experience banking services with the same convenience. This is about reimagining urban cooperative banking for a digital India.”

About The National Urban Cooperative Finance and Development Corporation (NUCFDC)

The National Urban Cooperative Finance and Development Corporation Ltd. (NUCFDC) serves as the umbrella organization for India’s Urban Cooperative Banking (UCB) sector. Constituted with the support of the Ministry of Cooperation and in consultation with the Reserve Bank of India, NUCFDC has been mandated to explore avenues for capital mobilisation and enhance the professionalisation of the sector. It also aims to strengthen public confidence in UCBs by fostering a unified, resilient, and transparent banking framework.

About The CSC e-Governance Services India Ltd. (CSC SPV)

CSC SPV is a Special Purpose Vehicle incorporated as a Company under Companies Act to implement CSC Scheme and monitor Common Service Centers (CSC) incorporated under CSC Scheme and enables a range of services to be delivered through CSCs like Government to Citizen (G2C), Business to Customers (B2C), Business to Business (B2B). Education, Skills and other services to rural citizens. Also, it provides services for e-sign, e-KYC, Digilocker, Data Centre and other services.

HSBC’s Quantum Breakthrough Could Reshape Wall Street

In a landmark moment for financial technology, HSBC has unveiled results from a quantum computing trial that could redefine how Wall Street approaches bond trading. The bank’s experiment, conducted in partnership with IBM, demonstrated a 34% improvement in predicting bond trade execution—an edge that could translate into billions in competitive advantage.

Quantum Meets Wall Street

Using IBM’s Heron quantum processor, HSBC ran simulations on anonymized, production-scale European corporate bond data. Unlike previous quantum trials that relied on synthetic datasets or theoretical models, HSBC’s test was grounded in real-world trading conditions. The result: quantum algorithms outperformed classical methods in forecasting whether a bond would trade at its quoted price.

This is our Sputnik moment, said Philip Intallura, HSBC’s global head of quantum technologies. It’s the first time quantum computing has shown tangible value in live financial markets.

Why It Matters

Bond trading, especially in less liquid markets, hinges on predicting execution probability. A 34% boost in accuracy means traders can quote more confidently, manage risk better, and potentially unlock new revenue streams. For Wall Street firms competing on milliseconds and margins, quantum’s predictive power could be transformative.

The Quantum Arms Race

HSBC’s breakthrough adds fuel to a growing quantum race among global banks. JPMorgan Chase, Goldman Sachs, and Citigroup have all invested in quantum research, but HSBC’s use of real trading data sets a new benchmark. The trial also signals a shift from theoretical promise to practical deployment.

According to McKinsey, quantum computing could generate $72 billion in annual revenue by 2035, up from $4 billion last year. Financial services are expected to be among the earliest beneficiaries, especially in areas like portfolio optimization, risk modeling, and fraud detection.

What’s Next

While quantum computers remain in their infancy, HSBC’s trial proves that even today’s noisy intermediate-scale quantum (NISQ) devices can deliver meaningful results. As hardware improves and algorithms mature, quantum could become a core pillar of financial infrastructure.

For now, HSBC’s experiment is a wake-up call: the quantum future isn’t decades away—it’s already reshaping the foundations of Wall Street.

Banking Infrastructure Platform TransBnk Raises $25 Mn in Series B Led By Bessemer Venture Partners

Banking infrastructure platform TransBnk today announced its $25 million Series B Fundraise led by Bessemer Venture Partners with participation from Arkam Ventures and Fundamentum Partnership, with participation from existing investors 8i Ventures, Accion Venture Labs, GMO Venture Partners. The funds will primarily be used for geographical expansion and bolstering tech & Product talent.

Founded in 2022 by Vaibhav Tambe, Lavin Kotian, Pulak Jain and Sachin Gupta, TransBnk is building a common operating system for fintechs and other institutions to access the banking ecosystem. Their ‘single-window’ offering allows clients to leverage API infrastructure from various banks for seamless onboarding, transactions and reconciliations.

Over the past decade, there has been much tech-first innovation on the retail banking side that has made consumer journeys nimble and seamless. Corporate & business banking, however, has long lagged behind the innovation seen in retail banking. There is a gaping void in how corporations and lenders manage their digital banking operations, especially when it comes to navigating a fragmented ecosystem of accounts, interfaces, and manual processes. While retail users enjoy seamless, mobile-first banking journeys, corporate customers often rely on spreadsheets, RM calls, and multiple portals just to get basic tasks done. This is the gap which TransBnk aims to plug, by embedding itself directly into the core infrastructure of banks, enabling companies to view, transact, and reconcile across their multiple banking relationships in one unified, programmable interface.

TransBnk aims to capitalise on a larger industry trend - banks are moving away from monolithic, capex-heavy software stacks. Legacy providers are costly and can take years to implement, often delivering clunky and fragmented solutions. TransBnk offers an opex-led, modular alternative, starting with payment and lending rails, and potentially evolving into a full customer engagement layer or even a next-gen core for corporate banking. TransBnk therefore delivers modern infrastructure that is highly technical and complex, while demonstrating strong capital efficiency and profitability at this early stage, aiming to be the backbone of India’s corporate banking future. This allows banks to also upgrade their tech-stack to remain relevant and competitive.

TransBnk’s unique value proposition has translated into robust business metrics. They have grown from seed to double digit million in annual dollar revenue in less than 24 months. They have also integrated with 40+ banks, which include leading private and public sector players, MNC Banks as well as Small Finance Banks. They have more than 220 clients accessing nearly 1500 APIs on a monthly basis.

What sets the founding team apart is their deep experience in the field of corporate banking as well as transaction banking - a niche, specialized, and highly relationship-driven space, and the founders bring over 7 decades of collective experience in this domain.

Vishal Gupta, Partner, Bessemer Venture Partners said “We are excited to partner with the Transbnk team. Their deep industry expertise makes them best placed to disrupt corporate banking and transaction banking in India, making it more seamless and reducing fragmentation. Corporate banking has lagged behind their retail counterparts, where over the past 10 years innovation in this space has allowed users to enjoy frictionless, mobile-first banking journeys. We are confident that Transbnk will bring the same transformative spirit and user delight to the corporate and transaction banking ecosystem”

Vikram Chachra of 8i ventures said “We’re thrilled to welcome Bessemer, Fundamentum, and Arkam to the TransBnk family. When we led the seed round, we believed TransBnk could become the new foundational layer for corporate banking in India. Just two years later, it has emerged as India’s fastest-growing fintech infrastructure platform, putting banks back at the centre of the fintech landscape and enabling them to serve a new generation of digital-first businesses.”

Vaibhav Tambe, CEO and co-founder, TransBnk commented that “Series B is a massive growth catalyst—fueling our roadmap to scale, innovate, and set new benchmarks in global transaction banking. Our proprietary tech Infra is already powering leading NBFCs, Fintech players, Banks, Corporates and we are now expanding this across BFSI, Mid-Corporate & SMEs. TransBnk is strategically placed to expand beyond India, with encouraging traction in SEA and Middle East markets, while at the same time focused on consolidating our strength in the domestic market as an emerging leader in banking infrastructure.”

HCLTech and Thought Machine Forge Global Alliance to Accelerate AI-Powered Banking Transformation

HCLTech, a leading global technology company, today announced a global partnership with Thought Machine, a pioneer in cloud native banking technology, to accelerate the modernization of banks worldwide. The partnership aims to enable banks to rapidly transition from legacy systems and frameworks to intelligent, autonomous financial institutions powered by AI and cloud technologies.

Thought Machine’s Vault platform — next-generation core banking and payments technology — will be at the core of this transformation. By replacing outdated infrastructure with Vault’s cloud native architecture, banks can automate key operations, enhance efficiency and deliver personalized customer experiences. HCLTech will bring its deep expertise in banking technology, regulatory compliance and complex integrations to support rapid innovation and faster product launches.

As part of the partnership, HCLTech will offer full-stack transformation services through Vault-certified delivery teams, global fintech Centers of Excellence (CoEs) and a robust DevSecOps foundation. The company will also establish a dedicated global CoE for Vault Core and Vault Payments, focused on delivering modular, real-time and scalable solutions for the financial services sector. The joint offering will enable banks, whether established institutions or new challengers, to build agile, resilient and future-ready ecosystems rooted in AI-led strategies.

“Our global partnership with HCLTech marks a significant step in helping banks break free from legacy constraints and adopt truly digital-first models,” said Randy McFarlane, Global Head of Partnerships at Thought Machine. “Together, we will deliver intelligent, self-optimizing systems that evolve with customer needs.”

“This collaboration reflects our vision to lead the future of autonomous banking through cloud, data and AI,” said Sudip Lahiri, Executive Vice President and Head—Europe and UKI, Financial Services, HCLTech. “By joining forces with Thought Machine, we will help banks unlock exponential value, reduce operational friction and accelerate time to market.”

About Thought Machine

Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking platform, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve, and more.

Vault Payments is a cloud-native payments processing platform – comprising a Universal Payment Engine to support all card and account-to-account payment types.

Vault Core and Vault Payments have been written from scratch as an entirely cloud-native system, giving banks full control to build any product required to flourish in a rapidly changing world.

Thought Machine is a global team spread across offices in London, New York, Singapore, and Sydney and has raised more than $500m in funding.

For more information, visit thoughtmachine.net

Global Banks Invest $100 Bn in Blockchain & Digital Asset Infrastructure Since 2020

A joint study by Ripple, CB Insights, and the UK Centre for Blockchain Technologies titled Banking on Digital Assets reveals:

• Over $100 billion invested by traditional banks in blockchain infrastructure (2020–2024).
• 345 blockchain deals, including 33 mega-rounds over $100 million.
• Top investors: Citigroup, Goldman Sachs (18 deals each), JPMorgan Chase, Mitsubishi UFJ (15 deals each), SBI Group.

What Are Banks Investing In?

Focus Area	Details
Payment Infrastructure	Largest share of investments; modernizing cross-border payments
Digital Asset Custody	65% of banks exploring custody services
Tokenization of Real-World Assets	Stablecoins and tokenized bonds are top priorities
Settlement & Issuance Rails	25% of deals focused on blockchain-based settlement systems

• Examples: HSBC’s tokenized gold platform, Goldman Sachs’ GS DAP, SBI’s quantum-resistant currency.

Strategic Shift & Global Momentum

• 90% of finance leaders expect blockchain to have a “significant or massive” impact by 2028.
• Banks are pivoting from speculation to infrastructure to modernize legacy systems.
• Emerging markets like India, UAE, and Singapore are driving adoption.

What’s Next?

• Two-thirds of banks plan to launch digital asset initiatives within 3 years.
• Upcoming focus areas:
  • Tokenized bonds
  • CBDC settlement layers
  • Private stablecoin networks

Axis Bank and JPMorgan Partner to Enhance Blockchain-based Payments

JPMorgan and Axis Bank have partnered to enhance blockchain-based payments, introducing 24/7 programmable USD clearing for commercial clients. This collaboration  aims to streamline cross-border transactions, offering real-time payment execution and improved liquidity management.

A 24/7 programmable USD clearing is a blockchain-based payment system that allows businesses to settle USD transactions in real time, anytime, without being restricted by traditional banking hours. This system is powered by Kinexys, JPMorgan's blockchain platform, and has been adopted by Axis Bank, making it the first Indian bank to offer this capability.

Traditional payments often involve multiple intermediaries, leading to delays. Blockchain enables real-time settlements, significantly reducing processing times from days to minutes.

The Axis–JPMorgan partnership leverages Kinexys, JPMorgan's blockchain platform, to streamline cross-border transactions, offering real-time payment execution and improved liquidity management. Axis Bank is the first Indian bank to adopt this infrastructure, operating out of GIFT City, India's international financial hub.

The Kinexys platform has already processed over $1.5 trillion in transaction volume, with a daily average exceeding $2 billion, reflecting a 10x year-over-year growth in payment transactions.

This move aligns with India's broader push for financial innovation, integrating blockchain into mainstream banking. This could be a game-changer for businesses seeking faster, more transparent payments.

To recall, in early of last month Axis Bank become the first Indian bank to execute an aircraft financing transaction through its International Banking Unit (IBU) at GIFT City IFSC. The landmark deal was completed for AI Fleet Services Ltd (AIFS), the leasing arm and wholly owned subsidiary of Air India (a Tata Group Company).

In January 2022, Axis Bank executed India’s first domestic trade transaction on the Secured Logistics Document Exchange (SLDE), a Government of India-backed blockchain platform. This initiative enhances transparency, speed, and auditability in trade finance.

Notably, Axis Bank is part of a 15-bank consortium exploring blockchain solutions for trade finance, aiming to reduce fraud and improve transaction efficiency.

NPST and Hyperface Partner to Enable Instant Credit Access via UPI for Banks

Partnership Set to Democratize Digital Credit Access for 400+ Million UPI Users

NPST, a leading provider of banking and payment solutions in India, and Hyperface, Asia’s first Credit Cards as a Service (CCaaS) platform, have announced a strategic partnership to enable banks and credit issuers to offer embedded credit solutions through UPI, marking a significant milestone in India's digital financial ecosystem and expanding instant credit access for millions of users.

With India's growing middle class and increasing discretionary spending, affordable access to credit remains a challenge due to low credit card penetration — just 100 million cards compared to over 400 million UPI users. The NPST-Hyperface alliance bridges this gap, delivering a seamless, digital-first credit experience that enhances purchasing power, fuels consumer spending, and drives financial inclusion at scale.

Banks and credit issuers can leverage their vast infrastructure and rich customer data to offer tailored UPI-based credit products. Eligible consumers will gain access to pre-approved credit lines at the point of sale, empowering them to make purchases and split payments into flexible instalments. Merchants stand to benefit from higher conversion rates, larger basket sizes, and stronger customer loyalty.

Through this partnership, NPST will integrate its UPI switch technology with Hyperface’s advanced Embedding Banking Platform. Hyperface's Credit Management Engine, built on a sophisticated technology stack, is a completely modular, flexible, and comprehensive solution; it enables banks not only to build, iterate and deploy Credit Line on UPI-ready products rapidly but also re-calibrate in real-time to drive scalability. The combined solution equips banks with digital-first credit solutions with full-spectrum lifecycle support — including customer risk assessment, real-time business insights, and built-in compliance tools — enabling innovative and sustainable credit offerings through UPI.

Commenting on the partnership, Deepak Chand Thakur, Co-Founder and CEO, NPST, stated; “We are proud to partner with Hyperface to democratize access to credit through UPI. As consumer expectations evolve, this collaboration positions banks to meet those needs with agility — driving customer satisfaction, boosting transaction volumes, and creating new revenue streams through interchange fees. Together, we’re not just transforming credit; we’re shaping the future of embedded finance in India.”

"The rapidly evolving UPI ecosystem demands both technological sophistication and extraordinary agility — qualities that legacy systems simply cannot deliver”, said Ramanathan RV, Co-Founder and CEO, Hyperface. “As new use cases emerge and requirements rapidly evolve, we recognized the need to partner with a modern, tech-forward player who could match our pace of innovation. Hyperface's advanced Credit Management Platform, combined with NPST's proven expertise in UPI technology, creates a powerful synergy that will enable banks to build, rapidly deploy and scale innovative credit solutions for tailored customer segments. This partnership exemplifies how new-age companies can collaborate to solve complex financial challenges at the speed the market demands."

About NPST

Incorporated in 2013, NPST is a leading fintech firm in India, part of the Make in India initiative and listed on the NSE Small and Medium Exchange. We specialize in UPI payments and digital banking and operate as both a Technology Service Provider (TSP) and a Payment Platform as a Service Provider (PaaS). Our solutions include online and offline transaction processing, banking super apps, fraud prevention, dispute management, and RegTech.

NPST’s mission is to deliver financial technology solutions across the financial value chain — serving banks, fintech’s, and other industry players — and to drive the growth of the digital payments ecosystem. NPST supports 100+ customers, and processes 50+ million transactions daily, advancing businesses, individuals, communities, and economies through its innovative solutions. For details, please visit https://www.npstx.com/.

About Hyperface

Hyperface is the Definitive Credit Cards Innovation Platform that is revolutionizing the way banks, brands, and fintechs approach credit card and credit line solutions. As Asia’s first Credit Cards as a Service (CaaS) platform, Hyperface provides businesses with the technology to launch, manage and scale their own credit card and credit line programs. From program design and development to risk management and compliance, Hyperface empowers banks and co-brands to deliver exceptional, digital-first experiences that resonate with modern consumers.

For details, please visit https://www.hyperface.co/.

Accenture Acquires Digital Twin Platform Developed by Singapore-based Percipient

Accenture has acquired a digital twin technology platform from Percipient, a Singapore-based fintech company.

The platform acts as a virtual duplicate of banks' legacy and modern systems, integrating and unifying data into a single real-time hub.

Percipient’s platform serves as a digital twin—or virtual duplicate—of banks’ legacy and modern systems, integrating and unifying the data from each one into a single-real time hub. This can reduce the challenges that many banks face around core modernizations by simplifying the application of data and enabling faster development of new products and services, all without overhauling existing systems or disrupting operations.

This technology helps financial services clients in the Asia Pacific region accelerate the reinvention of their core systems, fostering innovation and driving growth.

The acquisition complements Accenture's existing banking modernization capabilities, enabling banks to move away from legacy systems and adopt cloud and AI-led services.

Banks transitioning to a modern, cloud-enabled digital core could see up to a 60% increase in revenue growth rates and a 40% rise in profits, according to Accenture's research.

Navin Suri, the founder and CEO of Percipient, along with the company’s core technology leadership team, will join Accenture.

Masashi Nakano, Accenture’s Financial Services lead for Asia Pacific, emphasized the urgent need for transformation in banks' core systems, which are often decades old and costly to maintain.

Navin Suri highlighted the shared vision to reinvent digital transformation at financial institutions, enabling banks to seamlessly transform their legacy systems with greater agility and speed.

This acquisition is expected to significantly enhance Accenture's capabilities in helping banks modernize their core systems and unlock new opportunities for growth.

Tech Mahindra and BankTech Co. Partner for AI-powered Anti-Money Laundering Solution

Tech Mahindra has announced a strategic partnership with Discai, a BankTech company and subsidiary of the KBC Group, to deliver an AI-powered Anti-Money Laundering (AML) solution. This solution is designed to enhance transaction monitoring and ensure regulatory compliance for financial institutions.

The partnership combines Tech Mahindra's extensive IT integration experience with Discai's advanced AI and rule-based AML technology. The solution focuses on AI-driven and rule-based transaction monitoring, helping financial institutions effectively prevent and detect financial crime while adhering to regulatory standards.

This collaboration aims to provide a comprehensive, efficient, and secure AML solution that integrates seamlessly with existing systems.

AI helps financial institutions enhance their AML efforts, ensuring better compliance with regulations and reducing the risk of financial crime.

Tech Mahindra and Discai will provide customers with a comprehensive solution addressing the need for efficient and effective financial crime prevention. The modular solution will combine AI-driven technology with a robust rule-based engine, ensuring full compliance with regulatory standards while integrating seamlessly with existing systems. Additionally, Tech Mahindra will enhance the operational efficiency of financial institutions by reducing the risks associated with complex IT integrations.

Harshul Asnani, President and Head - Europe Business, Tech Mahindra, said, “As the financial industry continues to navigate complex regulatory environments and sophisticated security challenges, offering them a strategic advantage is critical to strengthening their compliance capabilities. In response, Tech Mahindra has partnered with Discai to revolutionize anti-money laundering processes, offering customers unparalleled efficiency and security to help them Scale at Speed™.”

Fabrice Deprez, CEO, Discai, said, “We are excited to partner with Tech Mahindra to extend our advanced AML solutions to a broader market. Powered by the expertise of KBC Bank Group, our AI-driven and rule-based technology, combined with Tech Mahindra’s proven IT integration skills, ensures that financial institutions can effectively combat financial crime while fully adhering to stringent regulatory requirements.”

Discai is a subsidiary of the KBC Group, specializing in innovative AI solutions for the financial sector. Their primary focus is on developing AI-driven tools to combat financial crime, such as their Anti-Money Laundering (AML) solution.

Discai leverages KBC's extensive expertise in compliance and data science to offer high-performance, AI-based solutions that help financial institutions stay ahead of regulatory requirements and technological advancements. Their AML solution, for instance, uses advanced AI algorithms to monitor transactions, detect suspicious activities, and ensure compliance with regulatory standards.

TCS and Deeptech Co. Crunchfish Join Hands for Digital Currency (CBDC) Projects Around the World

Deeptech company Crunchfish and Indian IT giant Tata Consultancy Services (TCS) have recently formed an alliance agreement to enhance the Quartz solution for Central Bank Digital Currency (CBDC) projects.

The collaboration aims to provide offline payment capabilities for CBDCs, allowing cash-like functionality in digital form.

Crunchfish, a Swedish company specializing in digital cash solutions, has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden, and a subsidiary in India.

Together, Crunchfish and TCS will target Central Bank Digital Currency (CBDC) projects around the world where Crunchfish will augment the Quartz solution for CBDCs with offline payments capabilities. Developed by TCS, Quartz provides foundational technology, tools, and business components for CBDCs. It harnesses the power of next-gen technologies, including DLT (Distributed Ledger Technology) and AI/ML.

Quartz enables secure integration of CBDCs with data-intensive banking operations.

Crunchfish complements Quartz by providing device-agnostic trusted client applications for offline payments. These applications can be used in both CBDCs and commercial payment systems. Offline payment availability is crucial for CBDC projects.

The combined solution enhances both the backend and frontend of CBDC implementations. It ensures resilience, scalability, and security for CBDCs. Crunchfish and TCS will collaborate to offer this solution to central banks around the world, and other entities integrating CBDCs into their business landscape.

Several companies and organizations are actively involved in the development and exploration of Central Bank Digital Currencies (CBDCs).

China's digital yuan pilot is the largest in the world, reaching 260 million wallets across 25 cities. It has been used for various purposes, including transit, healthcare, and even purchasing crude oil.

The New York Federal Reserve has launched a Digital Dollar Pilot Program in collaboration with major banks and global payments provider Swift . Participants include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank, and Wells Fargo.

BRICS founding members (Brazil, Russia, India, China, and South Africa) are exploring CBDCs. Several new members (Saudi Arabia, Iran, and the UAE) are also exploring cross-border wholesale CBDCs. Just a couple of month back, Iran has confirmed its collaboration with Russia on developing Central Bank Digital Currencies (CBDC) and tokenized assets for payments.

Mastercard, PayPal, Fiserv, and Stripe have weighed in on CBDCs, with their comments publicly available for viewing on the Fed's website.

The European Central Bank is actively preparing for the launch of the digital euro, conducting practical tests and settling transactions in a controlled environment.

Notably, CBDC development involves collaboration between governments, financial institutions, and tech companies. The landscape is dynamic, with ongoing exploration and pilots worldwide.

Mastercard and Salesforce Announce New Integration to Speed Up Resolution of Transaction Disputes

Mastercard and Salesforce have recently partnered to enhance trust across the ecosystem by addressing transaction disputes more efficiently. As consumers seek easier and safer shopping experiences, this integration aims to speed up the resolution of transaction disputes and reduce associated costs.

 

Image ~ Salesforce.com

Disputes and chargebacks, where consumers notice unrecognized transactions and request chargebacks from their banks, pose a significant challenge to the payments industry. Projections suggest that by 2026 there could be 337 million chargebacks annually, an increase of 42% from 2023 levels.

The integration will streamline the way issuers, like banks and other financial institutions, view and manage transaction data, such as disputes and decisions. It will enable a quicker, more efficient and transparent response to dispute inquiries.

The partnership will integrate Salesforce’s Financial Services Cloud (FSC) with Mastercard's dispute resolution services, providing a powerful one-stop-shop for intake, managing disputes, reporting and preventing chargebacks.

Mastercard’s services include Ethoca Alerts, which provides near real-time notifications when a financial institution raises a chargeback and Ethoca Consumer Clarity, enabling the provision of rich merchant and purchase insights to issuer back-office teams.

Powered by the Einstein Platform, FSC unifies customer relationship management (CRM), AI, merchant and consumer data, development, and security capabilities into a comprehensive platform. Every bank agent and team member working on a dispute gains better visibility from start to finish, leading to an improved customer experience.

Cognizant and FICO to Provide Real-Time Payment Fraud Prevention Solution to Banks

Cognizant and FICO have joined forces to address the challenge of real-time payments fraud. Their planned collaboration aims to provide a cloud-based real-time payment fraud prevention solution powered by FICO Falcon Fraud Manager.

The joint offering leverages both firms' artificial intelligence (AI) and machine learning (ML) technology to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.

While real-time payments have brought speed and convenience, they have also opened the door for scammers. The Cognizant and FICO solution aims to provide real-time fraud prevention by seamlessly integrating with the real-time payments rails. It is expected to enable the detection and blocking of fraudulent transactions with greater accuracy, minimizing losses and ensuring a secure consumer experience.

The collaboration combines the Cognizant communication layer and clearing gateway with FICO Falcon Fraud Manager, which is a leading payments fraud management solution.

The solution targets multiple payment clearings, including FedNow, RTP, and SEPA Instant Credit Transfer.

Banks of all sizes can implement this proposed cloud-based solution on a pay-per-use or licensing basis, eliminating upfront costs. Additionally, the solution handles complex compliance requirements and integration tasks, allowing businesses to focus on their core operations.

Nageswar Cherukupalli, Senior Vice President & Business Unit Head of Banking & Capital Markets and Strategic Initiatives of Cognizant, emphasizes that the collaboration intends to provide an AI- and ML-based layer of protection against sophisticated threats, enhancing consumer safety and reducing losses.

In summary, this partnership aims to create a safer and more secure future for real-time payments, ensuring that customers are protected in the evolving landscape of digital transactions.

LTIMindtree Integrates Its Subsidiaries Syncordis and Nielsen+Partner to Form Banking Transformation Practice

LTIMindtree [NSE: LTIM, BSE: 540005], a global technology consulting and digital solutions company, announced integration of its subsidiaries; Syncordis and Nielsen+Partner to form a specialized Banking Transformation Practice (BTP). LTIMindtree’s BTP is uniquely positioned to deliver end-to-end Consulting, Digital and IT services, leveraging commercial off-the-shelf (COTS) products and platforms serving Banks and Capital Market firms.

Post this announcement, the shares of LTIMindtree gained up to 2.4 %, on Thursday.

LTIMindtree acquired Syncordis in December 2017 and Nielsen+Partner in January 2019. Through this integration, LTIMindtree aims to combine complementary capabilities of two successful companies with a proven track record in delivering industry-leading growth.

Nachiket Deshpande, Whole-Time Director and Chief Operating Officer, LTIMindtree, said, “We envision the newly formed Banking Transformation Practice to deeply serve our global clients, empower strategic partnerships and deliver productized services. We are confident that by enabling end-to-end transformation for our clients, BTP will help LTIMindtree deliver industry-leading growth.”

Guillaume Desjonqueres, Chief Executive Officer, Syncordis, said, “In LTIMindtree BTP, customers will find a partner, large enough to champion their end-to-end complex transformational aspirations and nimble enough to care deeply for them. We are excited about this integration, the potential of deeply serving our global clients and success it brings for all of us.”

LTIMindtree’s BTP will offer customers significantly enhanced product/platform capabilities, a more diverse set of end-to-end, core-to-consumer offerings further augmented by deeper industry partnerships and a highly skilled talent pool.

Accenture To Work with Union Bank of India To Build New AI and Machine Learning Models

Union Bank of India, a leading public sector bank in India is collaborating with Accenture (NYSE: ACN) to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities.

Accenture will work with Union Bank of India to build new AI and machine learning models that can help generate actionable insights for improved business forecasting, facilitate personalized offers for customers and enable intelligence for fraud detection, prevention, and mitigation.

This program will boost the bank’s operational efficiency and enhance its ability to offer customer-centric banking services and manage risk.

Using predictive analytics, machine learning and artificial intelligence, this platform will leverage structured and unstructured data from within the bank as well as from external sources to generate business-relevant insights.

The program will enable the bank to develop robust data visualization and reporting capabilities including interactive dashboards and reports for business, operational and regulatory purposes. Employees will have access to business intelligence that can enhance customer service and operational agility across the bank’s branches, contact centers and digital channels. As a result, the bank will be able to make informed decisions and identify new data-led opportunities for value creation. These will have an impact across its business portfolio including corporate, retail, and micro, small and medium enterprises (MSMEs) banking, and as well as across functions like risk management, treasury, customer service and operations, among others.

A. Manimekhalai, Managing Director & CEO, Union Bank of India said, “Leveraging advanced analytics and AI, we see potential to unlock tremendous value from data - to form meaningful customer relationships, enhance employee productivity and achieve profitable growth. This collaboration with Accenture is a key step towards our goal to evolve into a data driven and digitally forward bank that supports the next generation of banking services.”

Sandeep Dutta, Senior Managing Director and Lead - India Business, Accenture said, “The democratization of data-driven insights enabled by AI, generative AI and analytics is crucial to fostering a culture of customer-centricity, agility, and innovation. We look forward to working alongside Union Bank of India to shape their growth journey.”

Union Bank of India, established in 1919, is one of the largest Public Sector Banks in India with total business of ₹ 19.84 Trillion as on September 30, 2023. Union Bank of India has customer base of over 21.00 Crore (Approx.) and operates through 8,521 Domestic Branches and International Branches, 10,013 ATMs and workforce of over 76,700 employees. Union Bank of India has 9 Subsidiaries/JV/Associates across various Industries viz. Insurance, Banking, Asset Management, inter alia.

RBI Selects McKinsey, Accenture To Develop AI and ML based System for Supervision on Banks, NBFCs

Reserve Bank of India (RBI) wants to extensively use advanced analytics, Artifical Intelligence (AI) and Machine Learning (ML) to analyze its huge database and improve regulatory supervision on banks and non-banking financial companies (NBFCs). For this, the India's central bank is planning has given contract to external experts.

RBI has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using AI and ML for its supervisory functions.

It was in last September, when the RBI invited expressions of interest (EoI) to involve consultants in using advanced analytics Artificial Intelligence and Machine Learning for generating supervisory inputs.

Based on the screening/evaluation prescribed in the EoI document, the Central Bank shortlisted 7 applicants for selection of Consultants. The shortlisted 7 firh ms included Accenture Solutions Private Limited; Boston Consulting Group (India) Pvt Ltd; Deloitte Touche Tohmatsu India LLP; Ernst and Young LLP; KPMG Assurance and Consulting Service LLP; McKinsey and Company; and Pricewaterhouse Coopers Pvt Ltd.

Eventually, Indian Units of McKinsey and Accenture were the ones who got awarded a contract worth rupees 91 crore, according to the Reserve Bank document.

The Department of Supervision has been developing and using linear and a few machine-learnt models for supervisory examinations. The interest now is to explore the data to identify its attributes that can be leveraged to generate new and improved supervisory inputs, said the EoI issued in September.

This supervisory jurisdiction of RBI ranges from various banks like urban cooperative banks, NBFCs, payment banks, small finance banks, and local area banks to credit information companies and all Indian financial institutions.

Union Bank of India Partners with IBM To Co-Create State-of-the-Art Digital Business Platform

Union Bank of India Partners with IBM to Accelerate Holistic Digital Transformation with Future Ready Capabilities

Union Bank of India, one of the leading public sector banks in the country, takes a giant leap towards a future-ready and customer-centric approach with its ambitious Digital Transformation initiative. In a strategic move to usher in a new era of banking, the bank has partnered with M/s IBM India Pvt Ltd, a renowned technology system integrator, to co-create a state-of-the-art Digital Business Platform.

Left to Right are:  Ms. Lula Mohanty, IBM, Managing Partner, Ms. Manimekhalai, MD & CEO, Union Bank of India, Mr. Nidhu Saxena Executive Director & Mr. Ramasubramanian S., Executive Director.

This landmark collaboration aims to establish a Digital Bank, equipped with cutting-edge capabilities that focus on omni-channel experiences, data-driven hyper-personalization, and an extensive financial services superstore designed for seamless cross-selling and upselling. The Digital Business Platform will also facilitate full digital journeys, providing customers with unparalleled convenience and efficiency. Furthermore, the bank will embrace Open Banking capabilities, allowing for seamless integration of services across multiple partnerships.

"At Union Bank of India, we are dedicated to empowering our customers with innovative products and unparalleled banking experiences. Our collaboration with IBM India Pvt Ltd represents a significant milestone in our journey towards a comprehensive Digital Transformation," said the Managing Director of Union Bank of India. "We are committed to creating a future-ready banking ecosystem that prioritizes customer satisfaction and convenience."

India Post Payments Bank (IPPB) and Airtel Launches WhatsApp Banking Services

Empower customers pan-India to access banking services on their mobile phones in just a few clicks 

Delivered on Airtel IQ, the messaging solution will augment the Govt.’s Digital India mission by enabling IPPB  customers across the country to seamlessly connect with their bank on WhatsApp 

India Post Payments Bank (IPPB), in collaboration with Airtel, announced the launch of WhatsApp Banking Services for IPPB customers in New Delhi on Friday, enabling them to access banking services on their mobile phone.

The newly launched IPPB WhatsApp Banking channel will enable IPPB customers to seamlessly connect with the bank on WhatsApp and effortlessly avail a host of banking services, including doorstep service request, locating nearest Post Office and much more. In line with the ambition of the Government to bring digital and financial inclusion to citizens in their language, the Airtel – IPPB WhatsApp Banking solution is also working on to build multi-language support, enabling added convenience to customers, especially to those in the rural parts of the country to access banking services in their preferred language.

Airtel has been working with IPPB to deliver as many as 250 million messages per month to the bank’s customers many of whom are located in mofussil towns and tier 2,3 cities. The addition of the WhatsApp messaging will add to customer’s accessibility to connect with the bank on their fingertips, furthering Digital India mission of the Government, as part of which IPPB has been working tirelessly to deliver banking services in the rural pockets of the country.

Shri Gursharan Rai Bansal, CGM & CSMO – India Post Payments Bank said, “We are delighted to work with Bharti Airtel as our partner in driving digital and financial inclusion in India. We believe that financial services driven by technology have great potential and can go a long way in ensuring that the best financial products reach the farthest corners of the country."

Shri Abhishek Biswal, Business Head - Airtel IQ said, “Airtel IQ is a robust, intuitive and secure cloud communication suite. With the addition of WhatsApp messaging to the existing SMS and voice communication that we offer to India Post Payments Bank customers, we will further enable a two-way communication between the bank and their customers. We are delighted to continue our association with IPPB to contribute significantly in making banking services more accessible to tier2,3 cities in the country. We promise to continue delivering customer centric solutions that offer greater convenience to customers."

The IPPB and Airtel IQ are working towards further integrating a LIVE interactive customer support agent into the WhatsApp solution which will enable customers to access 24X7 support and get quick resolutions for their queries.

Union Bank of India Launches MetaVerse Lounge and Open Banking Sandbox Environment

Union Bank of India today announced the launch of Metaverse Virtual Lounge & Open Banking Sandbox environment at an event held at Mumbai.

Uni-verse, the Metaverse Virtual Lounge of the Bank, hosts Bank’s products information and Videos in the initial phase. Uni-verse will deliver a unique experience of Banking to the Customers who can roam around the Lounge, get information of Bank’s Deposit, Loan, Govt. Welfare Schemes, Digital initiatives etc. as if they are experiencing real world. This initiative is in partnership with M/s Tech Mahindra.

Union Bank of India also launched Open Banking Sandbox environment through which it will collaborate with Fin Techs and Start-Up partners for developing and launching innovative Banking products. Sandbox environment empowers Fin Techs and developers by providing a platform which will realize their ideas.

Ms. A Manimekhalai, MD&CEO, Union Bank of India, affirmed Bank’s adoption of latest technologies including Metaverse which transforms Customer’s Banking experience to another level. Further, with the launch of Sandbox, Bank is ushering into Open Banking environment which will not only turn Third Party developers’ innovative ideas into reality but will also pave path for new avenues.

Shri Nitesh Ranjan, Executive Director, Union Bank of India, reiterated Bank’s commitment of facilitating innovative Banking experience to its Customers through the launch of Metaverse and Sandbox.

Kiya.AI Launches India’s First-Ever Banking Metaverse – Kiyaverse

Ever imagine being able to visit your bank branch virtually (without leaving your home) or conveniently discussing investment plans with an advisor? Well, the day is not far when you will be able to transact, access banking information and avail various banking products from the comfort of your home. Kiya.ai - one of the most innovative digital solutions providers serving financial institutions and governments globally, today announced the launch of India’s first-ever Banking Metaverse – Kiyaverse.

Kiyaverse pioneers use cases of merging real-world banking with Metaverse banking through an avatar (virtual humanoid) based interactions. In the first phase, Kiyaverse will allow banks to extend their own Metaverse for clients, partners, and employees, through services that will include Relationship Manager & Peer Avatars and Robo-advisors. Kiyaverse plans to have tokens as NFTs and support CBDC to enable open finance in a Web3.0 environment. Kiyaverse will interface its Open API connectors with Aggregators, and Gateways to enable a Super-App and Marketplace on the metaverse. With the introduction of Haptics enabled Headsets, Kiyaverse will provide a near real-world interaction using the internet of senses.

Kiya.ai MD and CEO Rajesh Mirjankar said, “While digital banking is functionally interdependent and inclusive, it is all too often seen as being emotionally detached. Metaverse allows banks to use cutting-edge technology with a human touch which will significantly deepen and personalize customer interaction. Kiyaverse offers meaningful applications in the Metaverse that apply to relevant business use cases in the real world. It will enable banks to harness the potential of enhanced UX to bring out the best outcomes for data visualization and gamification of processes and procedures. Kiyaverse provides cross-functional multi-experience using personalized avatars across real world, mixed reality & virtual reality environments. Our product roadmap includes integration with CBDC and interoperability with other Metaverses to enable open finance in the Metaverse.”

Kiyaverse will enable customers to use their personalized avatars on digital banking units, mobiles, laptops, VR headsets and mixed reality environments. The platform will bring banking services from the real world to the virtual world and vice-a versa, interacting with a relationship manager’s avatar creation and customisation, AI-based digital customer interaction, portfolio analysis, wealth management, co-lending, and corporate banking. Kiyaverse provides 3-dimensional analysis of data for Banks including CMO Insights, Product Performance, Risk Analysis and Channel Analytics.

About Kiya.ai

Kiya.ai is one of the most innovative digital solutions providers serving financial institutions and governments globally. Known for its deep domain expertise in Financial Services, Digital Payments, Governance, Risk, and Compliance solutions along with market-ready processes which help clients traverse their digital transformation journey and create sustainable value for the community.

Headquartered in Mumbai, Kiya.ai helps businesses transform through its range of advanced digital solutions and new-age technologies such as Multi-experience & Omnichannel Banking, Artificial Intelligence, Robotic Process Automation (RPA), and Data Analytics.

Kiya.ai has 12 global offices and serves 500+ enterprises in 56 countries across South-East Asia, Africa, the Middle East, Europe, and North America. Kiya.ai is ISO 9001 and ISO 27001 certified and is assessed at CMMI Level 5 v2.0.