KOCHI: One of the largest microfinance providers in India, ESAF, has selected FIS, a global leader in financial services technology, to power the launch of its small finance bank.
ESAF Small Finance Bank was created to serve micro- and small credit needs for women in parts of India where there is little bank representation. FIS will serve as the bank’s technology partner as it opens with branches in ten states across India, FIS will provide a fully integrated banking and payments platform through a totally outsourced delivery model, which encompasses core banking channels, risk management, treasury, analytics and the entire suite of payments services that include switching, debit card management services, and ATM management.
“ESAF aims to take technology to the roots apart from focusing on the human touch,which is missing in the banking space. For a robust technology platform we wanted to partner with a globally reputed firm and we are happy that we could associate with FIS as a technology partner,” says K. Paul Thomas , founder chairman & managing director, ESAF Microfinance.
“As a new venture, intended to serve the needs of a large population that has been previously overlooked, ESAF Small Finance Bank needed to focus its efforts on meeting customer needs, without the distractions of owning and running technology operations,” said Shrihari Bhat, group managing director FIS.
