1 min read.Updated: 08 Sep 2021, 05:22 PM ISTLivemint
The nFiNi programme 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 programmes
MUMBAI: The National Payments Corporation of India (NPCI) and Fiserv Inc, a leading global provider of payments and financial services technology, have entered into an agreement to launch the plug-and-play RuPay credit card stack, nFiNi.
This BaaS (banking-as-a-service) programme provides a ready stack of services required for fintechs and banks to issue RuPay credit cards, as per a statement.
Under the nFiNi programme, NPCI and Fiserv will expand the market base by enabling fintechs and banks on credit cards. Once on-boarded, fintechs who largely cater to new-to-bank-and-credit customers will be able to issue credit to this segment through the nFiNi platform.
The nFiNi programme 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 programmes, according to the statement.
Fintechs, it said, will now be able to co-create new credit card programs sponsored by banks on nFiNi.
Nalin Bansal, chief of corporate relationships and fintechs at NPCI, said, the programme will add variety to 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," said Bansal.