Utkarsh Small Finance Bank in paytech overhaul with ACI Worldwide
India-based Utkarsh Small Finance Bank (USFB) has become the first bank in the country to go live with the latest version of ACI Worldwide’s UP Retail Payments solution, hosted by AGS Transact Technologies (AGSTTL).
AGSTTL, a domestic provider of payment solutions, and ACI have a long-standing partnership. This partnership has paved the way for AGSTTL to offer the solution via a hosted model, compliant with the recent Reserve Bank of India (RBI) mandate regarding storing of data within India.
According to ACI, its UP Retail Payments offering – featuring the vendor’s UP BASE24-eps platform – enables institutions to acquire, authenticate and authorise, route and protect card and digital payments from multiple channels.
By moving to the latest iteration of this tech, USFB can process conventional as well as multiple new transaction types, and also access APIs developed by the National Payments Corporation of India’s (NPCI) UPI initiative, which connect banks’ issuing systems to central infrastructures and payment service providers (PSPs).
Mahesh Patel, CTO of AGSTTL, says the new paytech will enable the bank to reach its goal of having ten million customers by 2021.
“Our mission is to provide affordable and accessible banking services – and UP BASE24-eps now forms a critical piece of our technology stack, enabling us to fulfil our mission of increasing financial inclusion,” said comments Venkat Krishnan V, CTO of USFB.
USFB was incorporated in late 2016 (having converted to a bank from a microfinance entity). India-based Intellect Design Arena is its core banking software provider.