Tag: Fiserv

NPCI and Fiserv launch ‘nFiNi’ programme

Banking & Finance

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The National Payments Corporation of India (NPCI) and Nasdaq-listed Fiserv Inc. entered into an understanding that will enable the launch of plug-and-play RuPay credit card stack, ‘nFiNi’.

This BaaS (banking-as-a-service) programme provides a ready stack of services required for fintechs and banks to issue RuPay credit cards, NPCI said in a statement.

Fintechs will now be able to co-create new credit card programmes sponsored by banks on nFiNi. The programme will empower fintechs to swiftly and effectively launch new credit cards for retail as well as corporate customers, NPCI said.

“This will bring in significant efficiencies for banking and fintech institutions at various levels in terms of operations and customer management. The programme will further enable these institutions to expand their market base to new-to-credit customer,” the statement said.

NPCI is an umbrella organisation for operating retail payments and settlement systems in India. Fiserv Inc. is a global payments and financial technology company.

“Once on-boarded, the fintechs, which largely cater to the new-to-bank-and-credit customer, will be able to issue credit to this segment through the nFiNi platform,” NPCI said.

Powering RuPay cards

The nFiNi platform will power RuPay cards (including National Common Mobility Card) by offering access to needed services through the NPCI network combined with FirstVisionTM cloud-based open API integrations from Fiserv.

Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCI said, “We believe this will accelerate the penetration of RuPay cards in the country as well as lead to increased penetration of credit in the market in both urban and rural space.

“It is important to provide a robust tech stack of services to these institutions which will not only help them in seamless integration of products and services but also allow them to reach out to a greater number of customers more effectively.”

Rishi Chhabra, General Manager – India & Sri Lanka, Fiserv said the service-oriented architecture and open APIs of locally-hosted FirstVision facilitate rapid application development to enable new capabilities to be brought to market more quickly, while at the same time, facilitating regulatory compliance.

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NPCI, Fiserv to open RuPay API platform, BFSI News, ET BFSI

Personal Finance

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The National Payments Corporation of India (NPCI) has tied up with Nasdaq-listed fintech firm Fiserv to launch an application programming interface (API) platform for startups and banks looking to build credit card-based products on top of the RuPay rails, said senior company executives.

They said the collaboration will help faster and cheaper onboarding of customers and merchants by banks as well as enable fintech firms to build out new models of digital interfaces for customers launching RuPay credit card products.

“We are trying to expand the credit ecosystem in India, where a lot of great work has happened on the debit side,” Rishi Chhabra, head of India and Sri Lanka at Fiserv, told ET.

The Wisconsin-based firm, which has been operating in India for over a decade, works with seven of the top ten credit card issuing banks in India.

“While collaborating with NPCI one of the shared visions is to expand credit issuance in India,” said Chhabra. “Our tech stack on RuPay will support scalability from an onboarding perspective for both banks and fintechs. We have hundreds and thousands of micro-APIs for the fintech firms to code, consume and onboard and launch their services at scale.”

The collaboration comes at a time when card networks Mastercard and American Express have been barred by the Reserve Bank of India (RBI) from issuing any new cards owing to non-compliance with data localisation mandate resulting in a clutch of card-issuing banks migrating their networks to Visa and NPCI’s homegrown RuPay.

According to Nalin Bansal, the chief of corporate relationships and fintechs at NPCI, the collaboration with Fiserv will help RuPay build an ecosystem around its credit card products, thereby attracting more fintech firms to innovate and scale these offerings.

“In India what we have achieved on debit, we haven’t been able to emulate on credit. The need now is how to make credit more affordable for a larger set of customers,” said Bansal. “The platform will help onboard fintech firms at a fairly reasonable cost and speed. These need not be high-end, premium products. It could be a credit card with lower feature sets and limits to the broad-based credit market in India.”

The platform, called ‘nFiNi’, will power RuPay cards by offering access to services through the NPCI network and Fiserv’s microservices-based platform-as-a-service with a set of APIs. This stack, among other things, will support orchestration of the digital user experience, enable push alerts for in-app, mobile messaging app and SMS notifications, simplified integration options and instant digital card provisioning, allowing customers to transact immediately after being approved for a card.



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Pine Labs appoints Marc Mathenz as CFO, BFSI News, ET BFSI

Banking & Finance

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Pine Labs has appointed Marc Mathenz as the Chief Financial Officer.

Marc is known for scaling and growing international businesses with an entrepreneurial and transformation mindset. He’s known for expanding Fiserv and First Data businesses in the APAC region with strategic M&A, skillful integration. Marc was former MD & CEO of both Fiserv and First Data in APAC and was regional CFO at First Data earlier.

B Amrish Rau, CEO, Pine Labs said, “In this key phase of growth for Pine Labs, I am delighted to welcome Marc Mathenz as the next CFO. Marc takes over the reins from Sameer who has done a great job as CFO and now moves to a new role in Capital Markets for the organisation. Marc is a multidimensional leader with deep financial expertise and will help steer the Pine Labs battleship, which is poised for bigger and better milestones in its journey ahead.”

Rau said, “A great addition to our leadership team as we scale new frontiers in the times ahead. On a lighter note, I knew we had the right fit when Marc picked Moneyball as his favourite movie ever; a willingness to succeed against all odds, that’s a winner’s trait. I wish Marc the best.”

Marc Mathenz, CFO, Pine Labs, said, “I am very excited to be joining Pine Labs at this pivotal point in its journey. As the company sets out to become a merchant and consumer focused payments and fintech market leader across Asia Pacific, I hope that my experience in managing and scaling multi-country and multi-cultural businesses will help Pine Labs accelerate its already steep growth trajectory.”



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Federal Bank to launch credit cards in next few months

Banking & Finance

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Federal Bank is set to launch credit cards in coming months and remains bullish about growth opportunities on the retail portfolio.

“We are in the process of getting into credit cards. In a couple of months from now, we will be there,” said Shalini Warrier, Executive Director, Federal Bank.

The bank has tied up with Mastercard and will initially start issuances for its own customers. It has also tied up with Fiserv to enable the digitisation of the end-to-end card issuance and processing cycle.

“We have a very good customer base. Once we have made enough inroads into our existing customers, at some point we will start new to bank business,” Warrier told BusinessLine, adding that between personal loans and credit cards, the portfolio will grow and that will help contribute to the return on assets.

Noting that the bank offers personal loans only to existing customers, Warrier said the portfolio is small and it will never be a very big portion. “But clearly, there is a need to increase that a little bit,” she said.

Personal loans is at about ₹1,800 crore for the bank.

Meanwhile, Warrier is also very optimistic about the retail portfolio and said the momentum for credit demand continues.

“Our momentum is higher than January 2020. It was higher in January 2021, and is continuing in February,” she said, adding that there is a high level of confidence in the market.

The bank expects the retail portfolio to grow at about 13 per cent to 15 per cent.

Federal Bank’s retail advances grew by 16 per cent in the third quarter of the fiscal and contributes 54 per cent of the loan book, as against 46 per cent from the wholesale business.

Inward remittances

According to Warrier, the lender’s inward remittance business has also grown despite the pandemic.

“The reason why we have not seen a decline in our remittance business was because we’ve been gaining market share. The overall pool may have come down a little bit, the fact remains that our pool has actually been increasing,” she said.

As on December 31, 2020, the banks market share in personal inward remittance business increased to 17.5 per cent. It has also processed over $ 1 trillion inward remittances processed in calendar year 2020.

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