“The technology you use impresses no one. The experience you create with us everything.”
Paytm Payments Bank
Paytm Payments Bank – Payments Bank Transformation – first of its kind
- BBSSL was approached by a leading System Integrator (SI) for this transformation
Project. RBI had come out with this new initiative and Paytm wanted to enhance its
image in venturing out in Banking sphere. This was pioneer of sorts as it was new idea
and an unknown territory for all the stakeholders (Paytm, SI, BBSSL and even EV also). - Paytm also on their part had involved many experts and pushed them aggressively in
this project. Although the project was originally for short duration of less than 6 months,
but due to regulatory understandings and unknown territory due to newness of the
idea, it took longer than expected to complete the projects. RBI’s guidelines also were
taking some time to build the framework which also added to the delay in the project. - But once the clarity was coming in, project speed gained momentum and things fell in
place finally. - Quite a few challenges were there including scaling up the volumes as Paytm had at
least over 10 million Customers and the response time was the key. Quite a few fine
tunings in Servers, Scripts, Tables, Indexes were done to achieve the same.
Salient Features
- SLFD (Super Liquid Fixed Deposits) was a unique product were even for a single Rupee
and FD can be opened even for one day. It was supposed to be highly liquid. Interface
was done with IndusInd Bank. - Similarly, MMF (Money Market Fund) was another product which could be opened for
as low as 500 with multiples of 100 thereon. Interface through feed files was done with
CAMS. NAVs also was obtained through File upload. - Another unique product was BC (Business Correspondent) in which there was no
threshold of 1 Lac as these were representative of Bank on the Move. BC is responsible
for Account Opening in remote areas where net connectivity is the challenge, Cash
Deposits / Withdrawal by Norton Customers, Remittances, other requests like
Insurance, Aadhar, KYC, etc. - Besides, for Wallet (which Norton is well known for) also, there was an interface to
Finacle CBS for various transactions.