InfrasoftTech Completes a Successful Year of Launch of Payment Services on Hosted Platform

MUMBAI, India, December 31, 2014 /PRNewswire/ --

InfrasoftTech today announced that within a year of its launch, it now has over 40 banks in India that have signed up for its hosted solution for payment services.

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In December 2013, InfrasoftTech launched the hosted model for payments services solution under the aegis of NPCI, allowing banks to be on national financial network. The banks, which could either not comply with direct membership requirements of NPCI or did not want to invest in Payment Services infrastructure find this as the best suitable option to connect to NPCI network and offer variety of payment services. They become sub-members of NPCI through a Sponsor Bank, which takes the responsibility of settlement risk and liquidity.

InfrasoftTech is an approved ASP (Application Service Provider) with NPCI, offering various payment services rolled out by NPCI. The sub-member banks contract with InfrasoftTech to avail of services like ATM / Debit / Rupay card, Immediate Mobile Payment Service, POS based transactions, eCommerce transactions on pay-per-use basis.

The solution acts as a gateway connecting a bank's customer to National Financial Network, Retail & Online Merchants and to other customers. InfrasoftTech has implemented a datacenter and disaster recovery center which provides real-time failover capability.

InfrasoftTech's hosted payments services solution allows the banks and their customers to access national financial network of over 170,000 ATMs, over a million POS, and 10 thousand+ eCommerce sites.

The hosted model ensures access to industry standard practices, which these banks could not have afforded due to lack of investment and technical management capabilities. The solution provides the best in security, scalability and business continuity. The solution is certified on PA-DSS and PCI DSS standards, providing highest level of security.

The banks are now able to offer competitive services to their customers such as easy access to cash through ATMs, easy person-to-person payment, online merchant payments and utility payments.

Having established scalable setup, InfrasoftTech is capable to extend the solution to over 800 banks in India, which remain outside the NPCI network.

About InfrasoftTech: 

InfrasoftTech is a specialist IT solutions & service provider in BFSI space serving 300+ financial institutions worldwide. InfrasoftTech offers wide range of Banking Products, Framework based Solutions and specialized Services in the domain of Retail & Commercial Banking, Asset Management, Brokerage, Capital Markets, Payment Services and Wealth Management.

The payment system integration, payment gateways, clearing & settlement interfaces form an integral InfrasoftTech's suite of offerings. These payment solutions allow banks and financial institutions to transact with national as well as international payment & settlement networks. InfrasoftTech's ATM Switch Solution has been implemented by many banks on On-Premise model and services 2000+ ATMs. InfrasoftTech has implemented payment interfaces in Kenya and Ethiopia connecting to the country's national payments network.  

For further details, please contact:    
Harshada Deokar
Asst. Manager - Corporate Communications
Contact No - +91-22-6776-4000
Email: [email protected]

SOURCE InfrasoftTech