On-boarded over 450 co-operative banks on digital platform through National Financial Switch
Sarvatra Technologies, India’s leading end-to-end payments and banking solutions provider, has been awarded the ‘Best Banking Tech’ of the year for its world-class EFT (Electronic Funds Transfer) switch platform that played a critical role in the effective nationwide participation in NFS (National Financial Switch) network. Sarvatra Technologies was presented the prestigious award in a grand ceremony at 9th India Digital Awards 2019 organized by Internet and Mobile Association of India (IAMAI).
“Sarvatra EFT Switch” is a world-class EFT (Electronic Funds Transfer) switch that enables ATM, Merchant POS, and E-commerce payments transactions and is offered to its client banks as PaaS (Platform as a Service) on a shared basis. It allows its clientele banks to enable ATM/POS network sharing and universal acceptance of their ATM/Debit cards across India. Sarvatra EFT Switch has been recognized by NPCI (National Payments Corporation of India) for enabling effective nationwide participation in NFS (National Financial Switch) network.
Sarvatra EFT Switch enjoys 55% market share in NPCI’s sponsor model, with 1.5+ crore Debit Cards issued till date.The switch has brought more than 450 co-operative banks on the National Financial Switch (NFS) platform. Sarvatra provides the entire infrastructure required for a bank to centralize its system and to participate in the national payment network as a managed service. The entire setup is managed by Sarvatra, while the operating cost is on a pay-per-use basis. This enables even the smallest rural and co-operative bank to offer modern customer facilities with minimal expenditure and shortest time to go live.
Commenting on the win, Mr. Mandar Agashe, Founder and Vice Chairman Sarvatra Technologies said, “It is a great honor to be awarded with the prestigious ‘Best Banking Tech’ award of the year for our EFT Switch platform by IAMAI. It’s a huge recognition for us as it highlights our ability to bring in transformation through innovation. The “Sarvatra EFT Switch” offers banks a new business paradigm with increased operational efficiency and alignment of new revenue streams thereby offering them the ability to compete with larger banks and thus become a driving force for the grander agenda of financial inclusion in India.
Speaking on the achievement, Sumeet Phadnis, Executive Director and CEO, Sarvatra Technologies said,”It’s a great start to the year for us and we look forward to introducing newer innovative ideas in closely integrating technology as a key enabler for the BFSI industry. We are grateful and thankful to the industry for this superlative recognition of our work and will be on our forefront to perform even better”
The awards, this year was held across 8 Categories namely Digital Advertising, Digital Content, Social Media, Mobile and App Award, Payment and Fintech Awards, Technology Awards, Digital Social and Economic Empowerment Awards, and Special Awards.
With this award now Sarvatra Technologies joins the elite group of thought leaders and trend setters who offer technology powered innovation benefitting their clientele and raising the bar of operational efficiency.
About Sarvatra Technologies:
Sarvatra Technologies is a leading end-to-end payments and banking solutions provider in India, offering RuPay Debit cards, ATM, POS, ECOM, Micro ATM, IMPS, AEPS, UPI, BBPS, and POS-based Branch Servicing solutions. It holds leadership position in providing technology for UPI transactions in India and manages a major portion of the total transaction volume that is generated on UPI and IMPS nationally. The first ASP to enable sub-member banks on RuPay ATM, E-com, VAS, and IMPS, it services 450+ banks across 23 states and 3 union territories in India. Key enterprise clientele of the company includes ICICI Bank, Paytm Payments Bank, Equitas Small Finance Bank, etc.