Fundtech and HDFC Bank Win Asian Banker Award

Fundtech global transaction banking solutions announced its “Global CASHplus” won The Asian Banker’s award for Best Corporate Payments Implementation Project. The solution provides a real-time web services-based channel, which enables the bank’s partners to aggregate remittance transactions and send them to HDFC Bank in a secure environment. The Global CASHplus provides a high degree of automation replacing many time-consuming manual processes, automated transaction initiation, automated acknowledgement, rejections where necessary and online transaction status. It provides cash management, financial supply chain and trade, and remittances solution. The platform offers an integrated suite of features with rich functionality and scalability that is deployed on a modular basis.

RBI Relaxes Policy on Migrant Remittance

Reserve Bank of India (RBI) has issued guidelines on “Domestic Money Transfer – Relaxations” on October 05, 2011 which are available at RBI’s website www.rbi.org.in. Banks and authorized prepaid payment issuers have been advised to report the number of transactions effected under the above scheme which are being collected from banks by RBI. This information…

PayMate Launches mPayments App

Mobile payments company PayMate has launched PayPOS application, which allows small businesses to accept and process electronic transactions using credit and debit cards directly on their mobile phones at the point of sale (POS). The application has no setup fee, rentals, variable fees or minimum transaction threshold. Through this app, the company aims to project…

Calpian Invests in My Mobile Payments

Calpian electronic payment processing investmented in India-based My Mobile Payments Limited through Digital Payments Processing Limited. Working with MMPL, DPPL will be the customer face of Money on Mobile, a service that allows individuals to use their cellular phones to make routine payments such as mobile phone top-up, television time, and moving money using simple text messaging technology. According to the Telecom Regulatory Authority of India, there are 903.7 million cell phone subscribers in India, and the country is adding 9.9 million new subscribers per month.

Datacard Group Expands Offering Around Globe

Datacard Group, the world leader in secure ID and card personalization solutions, announced that CardPro Solutions Pvt. Ltd.”a manufacturer, exporter and supplier of smart cards”has installed the Datacard® MX2000™ card issuance system, helping expand Datacard Group’s growth in the Indian market. By implementing the MX2000 card issuance system, CardPro Solutions will now be able to…

MoneyGram and India Post Expand Presence

MoneyGram International, a leading global money transfer company, and India Post, the largest distribution postal network in the world, today announced that their existing agreement to offer money transfer services through India Post outlets has expanded from an initial 100 locations to more than 650 locations across the country. In a presentation before community dignitaries…

MoneyGram and India Post Expand Remittance Availability

MoneyGram International global money transfer company and India Post postal network expended on existing agreements to offer money transfer services through India Post outlets from an initial 100 locations to more than 650 locations. India Post and MoneyGram have planned joint marketing initiatives in several Indian states to support the expansion of the service. MoneyGram’s service is planned to expand to 5,000 India Post locations by 2014. The joint relationship and networks are expected to increase transactions from key remitter countries, including the United States, United Arab Emirates, the United Kingdom, Canada, Australia, and Saudi Arabia. MoneyGram also offers services through postal systems in Canada, Jamaica, Kazakhstan, Kenya, Italy, Poland, Ukraine, Moldova, and the United Kingdom.

Discover & National Payment Forge Strategic Alliance

Discover Financial Services (DFS) and National Payments Corporation of India (NPCI) have entered a strategic alliance resulting to accept Discover cards and Diners Club International (DCI) cards at NPCI ATMs and POS terminals. It also will allow RuPay national card payment network cardholders to use the Discover, Diners Club International and PULSE networks for international purchases and cash access. POS and ATM transactions by RuPay network cardholders within India will be processed on the RuPay network. Outside of India, RuPay Global Card transactions will be processed on the Discover, Diners Club and PULSE ATM networks. The long-term agreement will result in increased transaction volume on NPCI’s ATM and on their soon-to-be implemented POS network in India, as well as increased transaction volume on the Discover, Diners Club and PULSE networks.

Axis Bank deploys Fico Card/Loan BPM

Axis Bank has chosen FICO “Blaze Advisor” business rules management system to manage processing of all retail loans and for customer management on its credit card portfolio. Now Axis Bank can establish a common decision platform among different business units and credit lifecycle stages based on FICO’s decision management technology. The “Blaze Advisor” also lets the bank decrease its turnaround time for deploying new scorecards and decision strategies and improve consistency and scalability in its business processes across its different region with a common, central platform for managing analytics and strategies and enabling quick deployment of new strategies and analytic models. Moreover, because Blaze Advisor is designed to allow business users to create and modify rules without relying on IT support, it will accelerate time to market for business decisions.

Visa & Monitise Oversee mPayments Service

Movida m-payments joint with Visa and Monitise inked an agreement with HDFC Bank to introduce its mobile payment service, letting users pay bills, top up prepaid airtime and buy tickets from their mobile phone. Implementing menu-based USSD mobile technology (protocol to communicate mobile phones with service provider computers), cardholders can access the service over Movida’s secure connection. Its secure and encompasses various security measures to maintain account integrity, including a unique PIN number set up on the phone to access the account information. Only the user’s bank-registered phone can be connected to the service.