Payment news, November 23

Visa develops a new payment service in India, while BNY Mellon enhances its Liquidity Direct solution.

Visa to offer new e-payment service in India

Visa has developed a new payment solution to provide a payment infrastructure in India. Designed using the unique identification authority of India (UIDAI) platform, the solution is aimed at the unbanked and under-banked population. UIDAI will provide a unique 12-digit number called an Aadhaar which will be required to access banking services.

“We have successfully demonstrated our capabilities of Visa’s proposed solution to the UIDAI and are excited about this collaboration. It will allow Visa to continue delivering on its commitment to extend the various benefits of electronic payments to the unbanked and under-banked communities in the country,” said Uttam Nayak, group country manager in India and South Asia at Visa, in a statement. “Visa will provide its infrastructure to process payment transactions using biometric authentication from Aadhaar, and enable the Government of India to execute its financial inclusion strategies.”

BNY Mellon enhances Liquidity Direct

BNY Mellon has enhanced its Liquidity Direct solution by launching a new transparency report. Details of the report are available through the cash investment portal designed for Asian institutional investors, and which allows them to more effectively view their accounts, calibrate cash allocations and manage risk.

“The fast pace of Asia’s economic growth continues to outstrip the region’s ability to effectively manage its cash,” said Filippo Santilli, managing director of liquidity services for Asia-Pacific at BNY Mellon, in a statement. “By providing increased transparency, this innovative addition to Liquidity Direct will help Asian investors improve investment diversification and risk management.”

SunGard launches new risk solution

SunGard has launched a new market and credit risk solution called Adaptiv Riskbox which employs a results-centric approach to help banks analyse, share and explain risk results more effectively. The new solution helps to streamline daily workflow by monitoring feeds, identifying errors and processing corrections on a single platform.

“Banks need to be able to credibly demonstrate they are in control of risk, yet they are spending a significant amount of their time preparing, checking and correcting risk numbers,” said Juerg Hunziker, president of SunGard’s Adaptiv and Front Arena business units, in a statement. “Adaptiv Riskbox helps banks produce actionable risk results quickly and reliably. Now the risk manager can explain the risk position to the business, and act as a partner rather than an adversary.”

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