Money & Banking

NPCI and Fiserv launch ‘nFiNi’ programme

Our Bureau Mumbai | Updated on September 08, 2021

To enable fintechs to co-create bank sponsored credit cards

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.

Published on September 08, 2021

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