FINO PayTech Limited, a Mumbai-based payments technology company, today 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 key player 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, the company 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
The solutions are expected to play a significant role in banks’ financial inclusion efforts. Incidentally, about 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.
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.”