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EdgeVerve SystemsInfosysniki.aiPress Release

Infosys Arm Partnering with Local Startups To Take Their Solutions Globally

One of India's biggest multinational corporation, Infosys, is now helping local Indian startups take their solutions to a global scale.

EdgeVerve Systems, which is a wholly-owned financial product subsidiary of Infosys, has decided to explore the great expertise that Indian startups have to offer to buckle up its digital offering as part of its Finacle platform to the global customers of its financial service.

This month only, the company locked in two partnerships with local startups to take their solutions to global customers. In fact, just yesterday, the company announced that it has decided to take Bengaluru-based startup’s ToneTag’s near-field communications, payments and location-based services to its customers as part of Finacle.

The startup, which is backed by former Infosys director T V Mohandas Pai, has big names like former Wipro chief executive T K Kurien; co-founder of i-Flex Solutions Deepak Ghasias; and Facebook Product director Anand Chandrasekaran as its investors.

As recent as last week, Infosys Finacle collaborated with Niki.ai to build a joint solution and provide a "smart-purchasing chatbot by using natural language processing and machine learning to speak with customers and perform online transactions". Ratan Tata's Unilazer Venture-backed Niki.ai is also capable of delivering personalised suggestions for Infosys' banking customers and other financial service client analysis.

According to Infosys, ToneTag will be offering flexible payment solutions at banks using contactless technology, which will be provided with the help of biometrics authentication capabilities at Infosys Finacle. This combo will help consumers approve a transaction on their phone without sharing the card or account information with the merchant.

The aforementioned startups were recognised at Finacle FinTech Connect, an initiative that primarily focuses on alliances and makes use of the Infosys Innovation Fund programme to scout for promising financial technology startups in the Indian ecosystem.

According to analysts, such partnerships can help Infosys in building smart offerings for financial service sectors at a much lesser cost as it will be using expertise from startups that is already available.

This development was first reported in Business Standard.

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