Indian mobile wallet company Paytm has selected Infosys Finacle, a wholly-owned subsidiary of IT major Infosys, to power its new payments bank business.

Paytm will use Infosys’ core banking solution Finacle for its deposit products and payments platform. The flagship banking product is part of the company’s subsidiary EdgeVerve Systems.

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The modern application programme interfaces (APIs) of Finacle will enable Paytm to integrate its payments bank services rapidly across its existing wallet business.

Infosys claims that the platform’s readymade integration adaptors, along with its compliance to industry standards, will reduce integration costs as well as simplify Paytm’s banking transformation journey.

The solution’s product factory capability will enable Paytm to create and offer a bouquet of CaSa (Current Account and Savings) based products and services in addition to its existing Wallet offering.

The solution will also offer integration adaptors with many third party applications like anti-money laundering, the technology vendor added.

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Paytm Payments Bank CEO Shinjini Kumar said: "After considering multiple core banking solutions, Paytm is happy to announce that we have chosen Infosys Finacle as the core banking solution for our payments bank.

"With its large deployment base in India including some of the largest banks, Finacle has proven to be a scalable solution and we are confident that it will be able to support our aspiration to be a large and robust platform for small value, high volume transactions for millions of Indians."