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MpowerSoft Comm, The First Tech Company to Acquire Application Service Provider (ASP) License from NPCI for IMPS

June 26, 2015 - New Delhi, Delhi, India

Business Wire India
Mpower, a company that is a pioneer in providing Financial Transaction tech solutions for Financial Services, Retail, Utility Payments, Airtime and other Electronic Services Delivery, announces that it is the FIRST tech company that has procured an ASP  License from NPCI (National Payments Corporation Of India) for “IMPS” (Immediate Payment Services).

As the name suggests, IMPS enables a sender to transfer/deposit money into a beneficiary’s account within a few seconds.

This ASP service would enable MPower to support 2000+ UCBs (Urban Co-operative Banks), DCCBs (District Central Co-operative Banks), SCBs (Scheduled Commercial Banks), RRBs (Regional Rural Banks) nationwide, for their IMPS transactions from their branch or Business Correspondent Network. As an ASP license holder, MPower can use its technology to help these banks work on IMPS without setting up their own individual IT infrastructure.
“We firmly believe when all cooperative banks & RRBs in the country are enabled on real-time money transfer service, it would bring far-reaching changes in the financial system. It would also reflect our financial inclusion goals. The divide between big banks and small banks in offering such financial services should go. Having partnered with Oxigen-sponsored Mpower Softcomm, IMPS system would be made accessible to millions of customers,” said A P Hota, MD & CEO, NPCI.

Pramod Saxena, Founder, MPower Softcomm, commented, “The acquisition of this licensing is a great achievement for our entire team. This licensing allows our platform, to work as a managed service provider for these banks to provide seamless connectivity to NPCI for all their IMPS transactions. Our mobile Banking platform can connect with any CBS (Core banking solutions) and facilitate them for 24*7 real time payments using the IMPS network. This reinforces our support for Financial Inclusion, which is in tandem with the Prime Minister’s office plan of ‘Pradhan Mantri Jan Dhan Yojana’.”

NPCI manages the National Financial Switch that connects all the banks in India for interbank transfers. It pivoted the money transfer and financial inclusion in India with the launch of the most innovative service ‘IMPS’.

MPower’s Financial Services & Payments processing platform handles over 50 million transactions every day, for its customers, e.g. Oxigen Services (India) Pvt. Ltd.

About MPower:

MPower is a pioneer in providing Financial Transaction Solutions to the global Tier 1 customers in Financial Services, Retail, Utility Payments, Airtime and other Electronic Services Delivery. The core competency of MPower’s business lies in its Financial Transaction platform which includes Mobile Banking, Mobile Wallet and Services Aggregation for consumption on the same platform. With pervasive domain knowledge and an assemblage of services that is comprehensive, MPower has bolstered its clients in verticals such as Banking, Telecom, Retail, PPI holders and G2C implementation. Established in 2013, today, MPower is a family of 150+ employees operating from “state- of-the-art” facilities located in Gurgaon, Bangalore, & Noida (India).

The team has ten years of active exposure on designing solutions in Banking and Non-Banking Domains. The next generation of product lines is evolving towards Big Data Analytics and Internet of things. MPower envisions being at the forefront of Financial Transaction Solutions, Analytics and Machine to Machine Solutions.

MPower is an ISO 27001:2013 certified company. Process driven operations and quality management systems strengthen its contribution to business and help in fulfilling its pledge to the clients.

About NPCI

National Payments Corporation of India (NPCI), which has been set up in 2009 as the central infrastructure for various retail payment systems in India, was envisaged by the Reserve Bank of India as the payment utility for all banks in the country. During the last five years, the organization has grown multi-fold from 2 million transactions a day to 20 million transactions now.  From a single service of switching of inter-bank ATM transactions, the range of services have grown to Cheque Clearing, Immediate Payments Service money transfer (24x7), Automated Clearing House, Electronic Benefit Transfer and a domestic card payment network named ‘RuPay’ to provide an alternative to international card schemes. RuPay card base has gone up to 165 million.

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Source: Business Wire India


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