TMB joins hands with Wegofin Digital Solutions for payment aggregator biz

Tamilnad Mercantile Bank teams up with fintech Wegofin to expand digital services via Banking-as-a-Payment Aggregator, boosting MSMEs, startups and enterprises across India

Tamilnad Mercantile Bank (TMB) on Friday announced a strategic partnership with Wegofin Digital Solutions, a fintech firm, to expand digital banking and financial services for businesses across India.

 

The collaboration marks a milestone in TMB’s digital transformation journey, introducing the Banking-as-a-Payment Aggregator (BAPA) model to empower micro, small and medium enterprises (MSMEs), startups and enterprises with technology-driven solutions. Wegofin, which provides integrated offerings in banking, payments, accounting and compliance, will serve as a technology service provider (TSP) for TMB.

 

Through this tie-up, TMB will strengthen its role as a banking partner while enabling seamless UPI merchant acquiring, automated payouts, fraud risk management and compliance-driven financial operations.

   

The partnership will also see the launch of AcquireX and DisburseX platforms. TMB will use Wegofin’s Reserve Bank of India (RBI)-compliant SaaS platforms to onboard merchants, automate bulk disbursements and streamline UPI transactions with real-time settlement and reconciliation. 

 

With a fraud detection accuracy rate of 83.21 per cent and sub-minute flagging, Wegofin’s tools will enhance TMB’s security, compliance and operational resilience. The partnership is also expected to support CASA growth and unlock new non-interest income streams for the bank.

 

Salee S Nair, managing director and chief executive officer, TMB, said: “This partnership with Wegofin marks a pivotal step in TMB’s journey of transformation in the digital space. By embracing the Banking-as-a-Payment Aggregator model, we are strengthening our ability to serve businesses of all sizes with innovative, secure and scalable financial solutions. Our goal is to reimagine banking for the modern enterprise and extend the benefits of technology-driven financial services to every corner of India.”

 

Prabhu Kumar, founder and chief executive officer, Wegofin, said: “We are delighted to collaborate with TMB, a trusted and legacy name in Indian banking, to advance financial inclusion and digital adoption. This partnership is a leap forward in building smarter, compliance-focused financial ecosystems that empower enterprises.”

 

The collaboration underscores TMB’s long-term commitment to combining traditional banking strengths with fintech innovation. By adopting the BAPA model, the bank is well-positioned to drive digital adoption, broaden financial access and strengthen its role as a future-ready institution supporting India’s growing digital economy.