FIS, a developer of banking and payments technologies, has launched Banking on Demand, a hosted solution enables India’s new bank licensees to get to market faster and focus on serving customers.
The solution will enable small banks, payment banks and microfinance institutions in India to deliver banking capabilities to their customers without the expense and time associated with building out traditional banking infrastructure, the company said.
Cloud-technology based, Banking on Demand uses shared technology infrastructure to minimize initial capital expenditures and deliver click rate pricing that matches costs to business growth.
Ramas Venkatachalam, managing director, FIS India and South Asia, said: "Technology will be the biggest enabler for new bank entrants to deliver on the mandate they have been given to bring financial access to everyone in India.
"Banking on Demand is another example of FIS’ ongoing commitment to promoting financial inclusion, and we’re excited to offer this innovative solution to help institutions better serve their customers and expand banking access."