India-based Utkarsh Small Finance Bank (SFB), a former microfinance institution, recently upgraded its implementation of the Universal Participation (UP) Retail Payments solution from US-based financial services enabler ACI Worldwide, enabling Utkarsh “to acquire, authenticate and authorize, route and protect card and digital payments from multiple channels.” The transition also gives Utkarsh access to the National Payments Corporation of India’s (NPCI’s) UPI initiative, which links “banks’ issuing systems to central infrastructures and payment service providers.” AGS Transact Technologies (AGSTTL), an Indian payment solutions provider, worked alongside ACI to complete the transition.
Utkarsh was launched in 2009 and serves 150 million people as of 2018. As of 2017, Utkarsh reported INR 26.6 billion (USD 357 million) in total assets, deposits of INR 21.9 billion (USD 301 million) and a gross loan portfolio of INR 16.1 billion (USD 219 million).
Founded in 1975, ACI provides real-time payment processing for banks, financial intermediaries, merchants and corporations in 31 countries. ACI states that it conducts USD 120 billion customer transactions per year and USD 14 trillion in payments and securities transactions per day. As of 2017, ACI had total assets of USD 1.9 billion.
AGSTTL, which was launched in 2004, had total assets of INR 14.2 billion (USD 193 million) as of 2017.
By Michelle Fleming, Research Associate
Sources and Additional Resources
ACI Worldwide press release
https://www.aciworldwide.com/news-and-events/press-releases/2018/october/aci-worldwide-and-ags-transact-technologies-deliver-rapid-tech-transformation-for-utkarsh
Utkarsh homepage
https://www.utkarsh.bank
Utkarsh annual report
https://www.utkarsh.bank/uploads/pdf/annual-reports.pdf
ACI Worldwide homepage
https://www.aciworldwide.com
AGSTTL homepage
https://www.agsindia.com
Capital Market hosting of AGSTTL’s prospectus
http://www.capitalmarket.com/pub/dp/dp40452.pdf
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