Massachusetts-based Yantra Financial Technologies, which specializes in designing, developing and managing electronic payment systems, has launched a new initiative, dubbed Y-Labs Marketplace, to support the development of next-generation banking services.

The company claims that the new initiative will enable banks to introduce new payments products and services with industry specific benefits using its proprietary digital banking platform, which enables real-time, contextual and conditional payments.

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Additionally, Yantra is partnering with fintech market network MEDICI of Let’s Talk Payments, which helps startups in gaining visibility and exposure in front of investors, accelerators and financial institutions.

Yantra Financial added that application developers, product owners and banks can build digital banking and payments apps on its architecture via the Y-Labs Marketplace.

"By leveraging the platform’s financial infrastructure and real-time risk scoring engine without the licensing burden, promising fintech startups and progressive financial institutions can ensure compliance and validate innovative services or products," the company added.

Yantra Financial Technologies CEO Suresh Ramamurthi said: "Businesses in a range of industries face specific pain points and financial institutions realize this. A huge opportunity exists for financial institutions to offer services to resolve these issues, but lacking technology and compliance concerns deter the development of such solutions.

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"Yantra’s technology works within the regulatory constraints of the U.S. banking environment and manages to deliver innovative services that have modernized how we move money. For this reason, we are enabling financial institutions to help bring the most promising solutions to fruition and ultimately, deliver tangible benefits to businesses."