Fable Fintech, a global banking infrastructure company, is in talks with PSU banks to enable them to provide payment business to their customers.
Fable, which enables SaaS-powered platforms to undertake cross-border, corporate, trade and FX transactions, offers its technology platforms to nine out of 10 large private sector banks, including HDFC Bank, ICICI Bank, IDFC First Bank and public sector Canara Bank.
The company plans to deploy its platform in the top five PSU banks in India.
Founder & CEO, Fable Fintech, Naushad Contractor, said the company would acquire 10 to 12 new overseas customers before March. In India, it will be predominantly PSU banks.
The company aims to process 50 million cross-border transactions worth $27 billion in this financial year, he said.
“We are targeting PSU banks as they are well run and well governed. We provide technology to banks and money service businesses,” he said.
In the last financial year, transactions worth $14 billion (about Rs 1.16 lakh crore) were processed using the company’s technology, he said.
“We are also looking to raise funds in the range of Rs 30 crore-Rs 100 crore in the next one year and aim to turn profitable in 8 to 12 months,” Naushad added.
Apart from banks, Fable’s platform can be used by telecom companies, retail marts, co-branded credit cards, and travel firms, among others.
The platform can initiate 30 to 40 transactions simultaneously per second, which is the reason for large volumes of transactions in cross-border payments.
It currently has different technology platforms to support six use cases for cross-border payments. The company is also in talks with the top banks in the US, the European Union and South-East Asia to deploy its technology for the payment business.
Three out of 12 large banks worldwide use the technology provided by Fable.
The company facilitates money transfers in about 70 countries and has over 300 employees.