spot_img
Tuesday, June 28, 2022
No menu items!
More
    spot_img
    HomeBusinessHDFC Bank to move payments module from core banking platform

    HDFC Bank to move payments module from core banking platform

    -

    Money & Banking

    Our Bureau | Mumbai, June 21 | Updated on: Jun 21, 2022

    The Bank, in partnership with a new-age start-up, is co-creating new core banking modules

    HDFC Bank is planning to move its payments module from the existing core banking platform to ensure minimal payment downtime, even if core banking is not available.

    India’s largest private sector bank is also re-writing the mobile and net banking platforms, per its latest annual report.

    The aforementioned initiatives come against the backdrop of the bank’s customers facing some technology-related issues in accessing its products and services during FY22, leading to regulatory action.

    “I am happy to inform you that thanks to the progress we have made on our technology investments, processes, and governance, the regulatory actions have been fully lifted,” said Sashidhar Jagdishan, MD & CEO.

    Technology initiatives

    Among the technology initiatives undertaken by the Bank in the last one year include the shifting of the primary data centres to state-of-the art brand new facilities in Mumbai and Bengaluru to support higher uptimes and create a robust IT backbone for its operations; and a clearly defined capacity monitoring programme to proactively manage capacity upgrades across all key applications.

    “We will be rapidly rolling out new journeys every 3 weeks. This includes journeys across account opening, loans, and cards, covering both individual and MSMEs customers, as well as both existing and new-to-bank customers, “Jagdishan said.

    In the next few quarters, HDFC Bank will launch more of its products and services under Digital 2.0, including a new payments platform for its customers, a payments platform for its merchants, and a wealth platform, all in partnerships with new age tech companies.

    Move out payments module

    The Bank, in partnership with a new-age start-up, is co-creating new core banking modules.

    “This project will enable the moving out of the payments module from the existing core banking platform and help in creating a fully resilient active payments architecture that will ensure minimal payment downtime, even if core banking is not available.

    “This 15-month project will be followed by hollowing out the customer master modules from its existing core systems and will ensure a single system of record for customers across various products,” Jagdishan said.

    The bank has set up a new centre in Bengaluru and the team there is re-writing the mobile and net banking platforms.

    “The entire project will be completed in a 2-year time frame and will allow the bank to own a modern cloud-enabled mobile and netbanking platform. Enabling a new age experience for customers. We will roll out new features every 3 to 4 weeks, in line with digital fintech companies,” HDFC Bank chief said.

    Published on June 21, 2022

    You May Also Like

    Recommended for you

    Related articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Stay Connected

    0FansLike
    0FollowersFollow
    3,367FollowersFollow
    0SubscribersSubscribe
    spot_img

    Latest posts