FINO PayTech rolls out technology products to accelerate Financial Inclusion

FINO PayTech Limited has announced its plans to roll out a slew of technology products for banks working in the financial inclusion space. This comes close on the heels of Dr. Nachiket Mor committee recommendations urging banks to use technology to speed up financial inclusion.

As a pioneer in the financial inclusion space both as a technology solutions provider and business correspondent (BC) service operator to over 20 private and public sector banks, FINO PayTech has made the following solutions available for banks:

- Kiosk Banking for rural market: An innovative concept for micro banking segment providing a PC based solution for biometric enabled customer registration and transaction platform

- AEPS Micro ATM for Direct Benefit Transfer: Handheld device based solution for carrying out UID based banking transactions with biometric authentication

- Financial Inclusion Gateway for effective BC management: Enables centralized biometric authentication as well as UID based transactions with multiple BCs and channels integrating seamlessly with partner bank's Core Banking System

These solutions are expected to play a significant role in banks' financial inclusion efforts. It may be mentioned here that 40 % of the Indian population is excluded from formal banking channels, most of them residing in remote rural areas. Banks face a huge challenge in reaching out and providing access to financial services to the huge rural masses in a cost effective, safe and transparent manner.

Explaining the significance of these solutions in enabling financial inclusion, Mujahid Ahsan, Vice President, FINO PayTech said, "FINO's foundation has been the belief in technology as a critical player in enabling financial inclusion. We believe that a lot of technologies such as UID, mobile and broadband connectivity when used in an integrated manner have the potential to bring banking closer to millions of unbanked and un-served people. Our solutions are designed to integrate these technologies where required, seamlessly with the banks' existing systems to improve efficiency, reduce costs and accelerate the process of financial inclusion."

"Financial Inclusion Gateway, AEPS Micro ATM and Kiosk Banking solutions are complaint and compatible with all relevant systems and standards including regulatory guidelines and UID (Aadhar enabled payment systems). We demonstrated the effectiveness of these solutions with a leading bank recently and are keen to explore opportunities with other banks," added Mr. Ahsan.

FINO's financial inclusion gateway along with its Kiosk Banking and AEPS Micro ATM solutions as bundled offering provides further impetus to banks' financial inclusion efforts. It allows all key stakeholders of a bank work in a collaborative environment towards ensuring greater reach of banking services in rural areas. It leads to ease and increase in operational efficiency and thereby enables substantial cost savings to the bank. These solutions along with FINO PayTech's over 30,000 BC agent network provide strategic as well as cost advantage to banks on the implementation side too. Together the combined end-to-end solution offering suitable for all types of banks (Public, Private, RRB & Co-Operative Sector) have the potential to change the bank penetration as well as transaction scenario in the country, especially in rural areas.

In addition to technology solutions and BC services, FINO platform also supports products such as insurance and remittance to various financial institutions. Going forward FINO plans to introduce more products such as eKYC and lending services to further financial inclusion.

Source : Equity Bulls

Keywords