Latest news with #Aggregator
Business Standard
16-06-2025
- Business
- Business Standard
Ignosis Transforms Whizdm Finance's Banking Data Sourcing with Account Aggregator Orchestration
PNN New Delhi [India], June 16: As India's Account Aggregator ecosystem experiences 12% monthly growth and crosses Rs 1.3 lakh crore in facilitated loans, financial data infrastructure company Ignosis has partnered with Whizhm Finance Private Limited (Whizdm Finance), a subsidiary of Moneyview Private Limited (formerly known as Whizdm Innovations Private Limited), which operates the Moneyview app to solve one of digital lending's most persistent challenges. The collaboration has enabled Whizdm Finance to overcome the industry-standard 60-65% success rate ceiling that has constrained AA-based lending despite the framework handling 3.5 lakh approved daily consents nationwide. "We continuously seek to optimize every stage of the borrower journey. Ignosis's Multi-AA routing solution has significantly enhanced the reliability of our Account Aggregator flow, resulting in a 20% increase in success rates and a 4.5% growth in overall disbursals," says Manoj Dronadula, Senior Director - Products and Head of Loans at Moneyview. The technology developed by Ignosis creates an intelligent orchestration layer that automatically redirects data requests when any single AA provider encounters issues--prioritizing application completion rather than specific data channels. "We designed our solution to focus on outcomes rather than processes," says Nirav Prajapati, CEO of Ignosis. "When one AA path faces problems, another seamlessly takes over, creating a consistent experience that treats every application with equal importance." This breakthrough has enabled Whizdm Finance to scale its monthly volume to 85,000-90,000 successful data pulls, and Whizdm's robust infrastructure is now capable of handling up to 50,000 daily AA pulls, ready for continued growth in demand. Beyond improving initial success rates, Ignosis implemented a dual consent framework that streamlines the customer journey while extending visibility throughout the loan lifecycle. Ignosis' robust data infrastructure now provides a powerful foundation for significant future innovation at Whizdm Finance. This infrastructure facilitates smarter, more dynamic risk modeling, optimizes collections strategies with timely financial insights, and supports creating deeply personalized products leveraging ongoing data access.
Fashion Value Chain
11-06-2025
- Business
- Fashion Value Chain
PayG Appoints Harmeet Sethi as Chief Executive Officer
PayG, a leading homegrown Indian payment gateway innovating financial infrastructure for MSMEs, SMEs, and retailers, is pleased to announce the appointment of Mr. Harmeet Singh Sethi as its new Chief Executive Officer, effective immediately. Mr. Harmeet Singh Sethi, Chief Executive Officer, PayG Harmeet brings more than 25 years of leadership experience spanning technology, financial services, and global markets. His career includes high-impact roles across India, North America, the Middle East, and Southeast Asia, where he has led digital transformation, fintech expansion, and enterprise sales initiatives. Over his career, he has helmed transformative initiatives across fintech, digital payments, cross borders payment and financial infrastructure, cultivating strong regulatory-compliant operations and delivering scalable solutions. In his new role at PayG, Harmeet will lead strategic vision and execution across product innovation, regulatory landscape alignment, and stakeholder engagement. His top priority will be enabling seamless digital transactions that are accessible, secure, and efficient especially for merchants in semi-urban and rural India. A key focus will be on enhancing PayG's mobileâ'first, lowâ'bandwidthâ'optimized payment solutions (QR codes, SMS links, app-based virtual POS) without requiring costly hardware. In alignment with the Digital India vision, Harmeet will also focus on onboarding small traders and micro-entrepreneurs onto the PayG mobile app and collaborating with ONDC to enable broader digital commerce access for local businesses across the country. 'I am thrilled to join PayG at such a pivotal stage,'Mr. Harmeet said. 'As digital transactions are surging across India, and customer expectations are evolving rapidly. My goal is to reinforce PayG's techâ'driven foundation while ensuring data security, compliance, and operational resilience. Together with the PayG team, we will continue innovating to stay ahead of customer needs and market trends.' PayG Chairman Kamal Manohar Jangeti welcomed Harmeet to his new role and said, 'Harmeet brings deep fintech expertise and a proven global track record in building customerâ'centric and technologyâ'led platforms. Under his leadership, PayG is well positioned to drive R&D, expand product reach, and deliver sustained growth across diverse markets.' In May 2025, PayG received its official Reserve Bank of India Payment Aggregator license, empowering the company to offer fully compliant, secure, and scalable financial services. This milestone amplifies PayG's capability to deepen its fintech ecosystem presence and broaden its product offerings. With Harmeet steering the helm, PayG plans to accelerate product innovation, strengthen regulatory compliance, expand merchant adoption, and extend depth of service especially into tier II/III cities and rural districts. About PayG Founded in 2020, the PayG payments solution is one of the most trusted payment gateway service providers in India. We proudly make our payment gateway one of the most affordable ones so that everyone can access it. PayG also frees the merchants from all sorts of extra charges. So, you pay for only what you want – no hidden terms and conditions. As of now, PayG has partnered with 1000+ SMB merchants and 50+ enterprise clients. PayG features over 120+ payment options which include various banks' credit cards, debit cards, net banking, and wallets to accept payment easily.
Yahoo
19-03-2025
- Business
- Yahoo
BRISKPE Secures RBI's In-Principle Authorisation to Operate as PA-CB for Exports and Imports
MUMBAI, India, March 19, 2025 /PRNewswire/ -- BRISKPE, a Prosus-backed cross-border payments platform, has reached a major milestone by securing the Reserve Bank of India's (RBI) in-principle Payment Aggregator – Cross Border (PA-CB) authorisation. The authorisation enables BRISKPE to operate as a dedicated PA-CB for both exports and, crucially, imports under the Payment and Settlement Systems Act, 2007. As one of the first platforms to solely focus exclusively on cross-border payments, BRISKPE aligns with the RBI's updated regulatory framework introduced in October 2023. This milestone paves the way for faster, safer, and more cost-effective global transactions for Indian businesses. With this approval, BRISKPE is now equipped to provide seamless solutions for businesses struggling with inefficient international payment systems. The platform currently processes 10,000 transactions in a month for its export-oriented services and with imports coming in, it expects it to go up to 1 lakh transactions by end of next financial year. "Receiving the RBI's in-principle PA-CB authorisation, especially encompassing both exports and imports, is a transformative moment for BRISKPE and Indian businesses engaged in global trade," said Sanjay Tripathy, CEO of BRISKPE, adding, "We are committed to simplifying and securing cross-border transactions, and this authorisation validates our dedication to regulatory compliance and innovation. By enabling seamless import and export payments, we are unlocking new growth opportunities for Indian enterprises." Secure, Compliant, and Seamless Global Transactions The RBI's PA-CB framework is designed to fortify the security and transparency of cross-border transactions, ensuring that only robust and compliant entities operate within this critical space. BRISKPE's adherence to stringent regulatory requirements, including registration with the Financial Intelligence Unit-India (FIU-IND) and meeting the stipulated net worth criteria, underscores its commitment to maintaining the highest standards of operational integrity. BRISKPE will operate Import Collection Accounts (ICA) and Export Collection Accounts (ECA) with AD Category-I banks, facilitating regulated fund management. This ensures that import and export payments are processed through secure escrow accounts, enhancing transaction security and compliance. Addressing Key Challenges for Exporters and Importers Beyond facilitating secure transactions, BRISKPE is dedicated to rigorous KYC norms, merchant due diligence, and real-time transaction monitoring, safeguarding India's expanding digital trade ecosystem. Through partnerships with leading banks and financial institutions, BRISKPE offers a comprehensive suite of services that simplify every stage of international transactions, including remittance processing, digital onboarding, and E-FIRA & E-BRC certification. For Indian exporters, the benefits extend beyond just cost savings. The ability to receive payments faster, with complete compliance, ensures enhanced cash flows and greater financial stability. Indian importers, on the other hand, can use BRISKPE's reliable and transparent platform to make timely payments to international suppliers, reducing the risk of delays and ensuring smooth supply chain operations. With the RBI's in-principle PA-CB authorisation, BRISKPE is set to redefine the landscape of cross-border payments. By eliminating inefficiencies, ensuring compliance, and reducing transaction costs, BRISKPE empowers Indian businesses to thrive in the global marketplace. "As global digital trade grows, seamless and secure international payments are no longer optional—they're essential. We are empowering MSME exporters and importers with faster, transparent, and cost-effective payments. By streamlining transactions, we're not just moving money—we're unlocking global opportunities for Indian businesses," adds Tripathy. About BRISKPE BRISKPE is transforming cross-border payments for MSME exporters, and importers, making global transactions faster, more cost-effective, and seamless. Launched in 2023, BRISKPE leverages cutting-edge technology to provide real-time tracking, local virtual accounts, competitive forex rates, and bank-grade compliance. With a strong focus on efficiency and transparency, BRISKPE simplifies inward and outward remittances, helping businesses reduce costs, improve cash flow, and navigate global payments with ease. Whether you're receiving payments from international clients or paying overseas suppliers, BRISKPE ensures a hassle-free, secure, and scalable payment experience. Media Contact:Sayoni Photo: View original content to download multimedia:
