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Empowering banks for financial inclusion

Mpower Softcomm, has obtained the application service provider license from NPCI for IMPS

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Sonal Desai
New Update

MUMBAI, INDIA: Mpower Softcomm, a provider of financial transaction solutions for the financial services, retail, utility payments, airtime and electronic services delivery, has procured an Application Service Provider (ASP) license from the National Payment Corporation of India (NPCI).

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The company claims that it is the first technology company to procure the license, and the move will enable its foray into immediate payment services (IMPS), which enables senders to transfer or deposit money into a beneficiary’s account within seconds.

With the ASP license, MPower will now support more than 2000 Urban Co-operative Banks (UCBs), District Central Co-operative Banks (DCCBs), Scheduled Commercial Banks (SCBs) and Regional Rural Banks (RRBs ) 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 and RRBs in the country are enabled with real-time money transfer service, it would bring far-reaching changes in the financial system. Having partnered with Oxigen-sponsored Mpower Softcomm, IMPS would be made accessible to millions of customers,” said AP Hota, MD & CEO, NPCI.

Pramod Saxena, Founder, MPower, added, “The license 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 solution) and facilitate them for 24x7 real time payments using the IMPS network. This reinforces our support for financial inclusion, which is in tandem with the Prime Minister Office’s vision of Pradhan Mantri Jan Dhan Yojana.”

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