Airtel Payments Bank live with new core banking system
Airtel Payments Bank, a start-up subsidiary of Indian telco Airtel, has gone live with its core banking system. This is understood to be Infosys’ Finacle.
The new platform went live after “after a few tense moments”, according to Airtel’s global chief HR officer, Srikanth Balachandran. It was “a moment of joy and celebration for the 300-odd people at Airtel Payments Bank”, he writes in a LinkedIn post.
“Heralding the maturation of India’s truly digital bank into a full-fledged financial institution, with all the system frameworks that power the transactions. Yet, clinging on to the soul of a start-up,” he continues.
“A bank that has defied all traditional logic. No branches. No counters. To be a customer of Airtel Payments Bank, all you need is a mobile number!”
The bank opened for business in early 2017 and “has been adding millions of new customers month after month”, Balachandran says. “The volume and value of payments throughput have been galloping quarter after quarter.”
It has recently launched the Unified Payment Interface (UPI), connecting to the new real-time payments system developed by the National Payments Corporation of India (NPCI, an arm of the country’s government).
It has also entered into a strategic partnership with Hindustan Petroleum Corporation Limited (HPCL), turning HPCL’s network of 14,000 petrol stations across the country into Airtel Payments Bank’s banking points.
Customers can open a bank account “in a matter of minutes”, Balachandran says. The bank has rolled out an electronic know your customer (e-KYC) solution using the Aadhaar-powered biometric system. (Aadhaar is a 12-digit unique identity number issued to India’s citizens.)
Account holders are provided with a virtual Mastercard debit card.
“Airtel Payments Bank runs on digital technologies. Its systems are engineered for mobile banking,” Balachandran states. He adds that the bank leverages “the power of Airtel’s telecom network fully”, with the created ecosystem “capable of servicing every one of Airtel’s 282 million customers in India”.
“The digital capabilities are truly unmatched, and the technologies and tools deployed are leading edge by any standards in the banking and fintech worlds,” he claims.
“The product and engineering teams are oozing creativity, while the sales and service folks are creating memorable moments for customers.”