Tata Communications and CreditPilot, a financial technology company specializing in digital and mobile financial services, transactional and payment infrastructure, have come together to offer mobile and digital financial services solutions to mobile operators.
Under the terms of a joint Engagement Agreement (EA), Tata Communications and CreditPilot will form a joint task force to assess the integration of the provision of financial services with the Tata Communications MOVE - Mobile Virtual Network Operator Enabler (MVNE) platform. CreditPilot will provide consultancy services necessary to ensure continued regulatory compliance of financial products created as a result of the engagement.
The EA also lays down a foundation for the two companies to engage in joint marketing and sales activities.
CreditPilot already leverages the MOVE - SIM CONNECT offering to provide global mobile connectivity to their enterprise users, enabling seamless mobility and access to voice and data services to users on the move.
The EA encompasses two principal classes of mobile and digital financial services: first, Value- Added Services intended for the subscribers of mobile network operators (MNOs) or mobile virtual network operators ( MVNOs); and second, financial services for MNOs' internal use.
As a result of the engagement, MNOs and MVNOs can benefit from the essential financial and banking tools for everyday digital business: multi-method omni-channel payment acquiring, digital goods marketplace engine, treasury and FX, settlement and clearing operations.
MNOs and MVNOs will be able to offer regulated financial services including national P2P money transfers between mobile subscribers, international money remittance, access to mobile commerce, wallets and payment cards, micro-insurance, etc. Services will be accessible on any handset via USSD, messaging, chatbots, web and mobile apps. Multiple payment methods such as prepaid airtime, direct carrier billing, payment cards, bank accounts and e-wallets will be supported to enable fast service uptake.
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