Strap: India’s retail payment body, NPCI has tied-up with Fiserv to enable nFiNi allowing fintechs and banks to roll out credit cards.
Copy: National Payments Corporation of India (NPCI) and Fiserv Inc have tied-up to launch nFiNi – Rupay Credit Card stack for fintechs and banks.
The program will empower fintechs to swiftly and effectively launch new credit cards for retail as well as corporate customers, it also allows banks to grow their fintech portfolio while maintaining focus on their core offerings.
NPCI said in a release, nFiNi will focus on on-boarding new issuers as well as new-to-credit customers on RuPay Credit Card.
NPCI said, the nFiNi platform is a breakthrough plug and play RuPay credit card stack, powering RuPay cards (including NCMC) by offering access to needed services through the NPCI network combined with FirstVisionTM cloud-based open API integrations from Fiserv.
The FirstVision microservices-based platform-as-a-service offers a set of APIs that supports orchestration of the digital user experience, push alerts to support in-app, SMS, and WhatsApp notifications, simplified integration options, and instant digital card provisioning, allowing customers to transact immediately after being approved for a card, it added.
The nFiNi program will significantly reduce onboarding time via services offered including a hosted card management system covering transaction processing, fraud and risk management, open APIs, and surround services to support card programs.
Nalin Bansal, Chief of Corporate Relationships & Fintechs, NPCI said, “We are glad to collaborate with Fiserv for the launch of innovative RuPay credit card stack for banks and fintechs. The program will add variety to the services offered by new-age fintechs and banks, especially for the issuance of credit cards. 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, “Fiserv is proud to partner with NPCI in the journey to expand credit card and financial solutions to the larger population. NPCI, with its well-established market leadership in enabling digital payments and settlements, is in an excellent position to support the fintech ecosystem in building access to credit for India. 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. In this endeavor to drive financial and credit inclusion, we look forward to working with NPCI and the alternate data providers and credit bureaus as we jointly build use cases in the market.”