Tag: AWS

Yes Bank partners Amazon Pay for UPI, chooses AWS for payment processing, BFSI News, ET BFSI

Banking & Finance

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Mumbai: Yes Bank has partnered with Amazon Pay and AWS to offer UPI payment to users. In FY21, Yes Bank recorded a market share of around 40% by volume in the UPI ecosystem and around 30% by volume in the UPI merchant acquiring business thanks to the integration with PhonePe.

The integration with Amazon Pay will enable the US e-commerce giant, which is a late entrant into the payment space, to issue UPI IDs with the @yapl handle. The tie-up will further expand Yes Bank’s presence in UPI with its payment processing platform hosted on AWS.

Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, adding to its existing merchant network.

The private lender said it has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales.

“With this collaboration, we will be able to offer our customers more control, flexibility and choice for a vast range of purchases and peer-to-peer transactions — through UPI-based payments,” said Prashant Kumar, MD & CEO, Yes Bank.

According to Mahendra Nerurkar, CEO and VP, Amazon Pay, the company plans to expand its digital payment network by making it more rewarding for customers. “UPI is one of the most convenient and popular ways to pay in India. With a cloud-native architecture we hope to keep raising the bar on availability, speed and customer experience using UPI through the Amazon app,” said Nerurkar.



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Yes Bank collaborates with Amazon Pay and AWS to offer UPI payment services

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Yes Bank on Thursday announced its collaboration with Amazon Pay and Amazon Web Services (AWS) to offer customers an instant real-time payment system through a UPI transaction facility.

“The integration enables Amazon Pay to issue UPI IDs with the @yapl handle, allowing customers to make secure, fast, and convenient payments,” it said in a statement.

Based on a multi-bank model, this collaboration allows Yes Bank to acquire merchants through the Amazon Pay platform, further extending the lender’s presence in the UPI merchant business segment.

Cloud-native UPI processing platform

The private sector lender said it has developed a cloud-native UPI processing platform to optimally handle the high traffic of transactions observed during surge periods like festivals or annual sales. It is hosting its UPI processing platform on AWS.

“With AWS, the bank will have more flexibility to scale with the exponential growth in UPI volumes driven by high customer demand,” it further said.

Yes Bank is one of the market leaders in UPI payments. In fiscal 2020-21, it recorded a market share of around 40 per cent by volume in the UPI ecosystem and around 30 per cent by volume in the UPI merchant acquiring business.

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RBL Bank selects AWS to accelerate AI efforts

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RBL Bank has selected Amazon Web Services (AWS), an Amazon.com company, as its cloud provider.

AWS would help RBL Bank strengthen its AI-powered banking solutions and drive digital transformation at the lender.

“The bank is building on its analytics practice and investing in AI capabilities to implement various use cases across multiple segments, including risk, customer service, human resources, and operations,” RBL Bank said in a statement on Monday.

It will leverage Amazon Textract, a machine learning service that automatically extracts text, handwriting, and data from scanned documents, across the bank’s risk and operations divisions to analyse documents such as financial statements, stock statements, and stock audit reports to predict default risk.

“Using ML allows analysts at RBL Bank to extract data and automate the handling of 2,500 documents per quarter,” the bank said.

Other use cases already being tested within the operations division include using services like Amazon Rekognition and Amazon Textract to automatically extract and match customer signatures and running fuzzy match algorithms to replace manual name match for various processes, it further said.

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Axis Bank aims to fuel digital transformation with AWS, BFSI News, ET BFSI

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India’s third-largest private sector bank, Axis Bank, has selected Amazon Web Services (AWS) to accelerate its digital transformation program and meet the growing demand for its digital banking services.

As part of a multi-year agreement, Axis Bank will draw on the breadth and depth of AWS services, including containers, database, and compute, to build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in under six minutes and instant digital payments, helping the bank increase customer satisfaction by 35% and lower costs by 24%, as claimed by the bank.

Axis Bank has so far deployed over 25 mission-critical applications on AWS, including a Buy Now Pay Later product and a new loan management system to support it, Account Aggregator, Video-Know Your Customer (V-KYC), and WhatsApp Banking. Axis Bank also plans to migrate 70% of its on-premises data center infrastructure in the next 24 months to further reduce costs.

“Cloud is transforming the financial industry and we are delighted to help Axis Bank build and grow a suite of digital banking services that evolve with technology changes, introduce new payment modes, and support evolving consumer and business needs in India,” said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.

Axis Bank said it believes building a cloud-native, design-centric engineering capability is critical to its success. To achieve this, the bank has dedicated over 800 people to its digital projects, built an in-house engineering and design team of more than 130 people, and established a cloud engineering practice centered on agile software development and DevOps principles.

Subrat Mohanty, Group Executive, Axis Bank said, “We continue to anticipate future trends and make investments ahead of time within our technology stack. We believe AWS will enhance our agility and resilience to manage two key features that define our digital business – rapid scale and high velocity. We aim to transition 70% of our infrastructure and applications on the cloud.”



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Axis Bank selects AWS to accelerate digital transformation

Banking & Finance

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Private sector lender Axis Bank has selected Amazon Web Services (AWS) to accelerate its digital transformation programme.

“As part of a multi-year agreement, Axis Bank will draw on the breadth and depth of AWS services, including containers, database, and compute, to build a portfolio of new digital financial services to bring advanced banking experiences to customers, including online accounts that can be opened in under six minutes and instant digital payments, helping the bank increase customer satisfaction by 35 per cent and lower costs by 24 per cent,” AWS, an Amazon.com company, said in a statement on Tuesday.

Axis Bank has deployed over 25 mission-critical applications on AWS, including a Buy Now Pay Later product and a new loan management system to support it, Account Aggregator, Video-Know Your Customer, and WhatsApp banking.

Are Indian banks ready to make the ‘digital-first’ transition?

Axis Bank also plans to migrate 70 per cent of its on-premises data centre infrastructure in the next 24 months to further reduce cost, improve agility, and improve customer experience.

Migration to cloud

Subrat Mohanty, Group Executive, Axis Bank, said, “We believe AWS will enhance our agility and resilience to manage two key features that define our digital business — rapid scale and high velocity. We aim to transition 70 per cent of our infrastructure and applications on the cloud.”

Axis Bank has set up a cloud centre of excellence to accelerate its cloud migration and set the digital foundation for innovating new services. At present, 15 per cent of the bank’s applications are already on the cloud.

Axis Bank Q4 net jumps to ₹2,677 cr

“Cloud is transforming the financial industry and we are delighted to help Axis Bank build and grow a suite of digital banking services that evolve with technology changes, introduce new payment modes, and support evolving consumer and business needs in India,” said Puneet Chandok, President, Commercial Business, AWS India and South Asia, AISPL.

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