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FinTech Zeta to help co-op banks go digital with Tachyon

By Priyanka Pani

July 23, 2020

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Bengaluru-based fintech firm Zeta is looking to ride on the growing needs of the Indian co-operative banks to go digital amidst the global pandemic caused by Covid-19 virus.

Zeta, through its banking platform Tachyon that it unveiled earlier this year, will help digitally enable the co-operative banks and change the way they function.

Zeta has come out with flexible pay as you use model for the smaller banks keeping in mind their budget constraints to spend lump sum amount on digital solutions.

Murali Nair, President(Banking) at Zeta, told IBS Intelligence that, “Co-operative banks today are going through a major shift to keep up with the digital economy. In a bid to stay relevant co-operative banks are also fast turning to technology and this provides a great opportunity for companies like Zeta. Besides, the current pandemic has also accelerated the digitisation process of all banks large and small including the co-operative banks and we are witnessing massive demand coming from that section.”

COVID-19 pandemic, which has claimed over a million people in India, is forcing banks to go digital and branch-less even as physical distancing becomes a new normal.

Besides, the banking regulator’s guidelines early this year to allow co-operative banks to become a small finance bank has also presented a whole new opportunity for FinTechs such as Zeta to help these smaller co-operative or community banks in their digitisation process so as to better serve the people in rural areas where Internet or broadband penetration and connectivity is no more a challenge.

“These cooperative banks have realized that in an era of smartphones and 4G networks, providing simple branch-led financial services in rural and semi-urban areas is not enough. Although this sector accounts for just 10.6 percent of the commercial banking sector, the need to strengthen it from the financial stability point of view cannot be over emphasised, given its massive financial inclusion quotient and its sheer presence across the country, especially in lower-tier towns and villages,” Nair said.

He further added that Zeta’s Tachyon would help these smaller banks in their transformation to undertake key reforms like digitisation, payment security, new product development and enhance the customer experience so as to stay relevant that they remain relevant in the era of digital banking.

Tachyon has a comprehensive end-to-end card management system, a universal switch, and a payments engine. It is connected to payment networks and supports multiple modes of payments. This makes it easy for co-operative banks to roll out new-age banking products at a much faster rate while ensuring complete compliance and security.

Tachyon’s platform is in-built with bank grade security and first in class features for end customers for a safer and peaceful banking experience. It can be used to power debit, credit, and prepaid products for retail and commercial customers of banks and fintech firms. It has a comprehensive end-to-end card management system, universal switch and payment engine.

Some of Tachyon’s feature includes:

I. Secure shield – This module empowers customers to get full control on their transactions.

a. SuperPIN – is a dynamic PIN that changes every 2 minutes and replaces a conventional static pin for debit/credit cards

b. Location shield – tags all transactions to the geo location of the customer using their mobile phone to secure transactions

II. Family Center – enables a customer to create add-on cards for their family or kin or even domestic help with parental controls on spends

III. Passbook : shows the spends incurred, but also details on merchants, locations, spend categories and so on

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