HDFC Bank to launch New Payments platforms

HDFC Bank, the country’s largest private lender, plans to overhaul its digital services. As part of this, the company will partner with new-age tech companies to launch a large number of services, including a new payments platform for its customers.

“In the next few quarters, we will launch more of our products and services under Digital 2.0 including a new payments platform for our customers, payments platform for our merchants, and a wealth platform all in partnerships with new-age technology companies”, HDFC Bank MD and CEO Sashidhar Jagdishan said in the bank’s annual report for the year 2021-22.

As part of this, the bank will spin off a separate payment module from its existing core banking platform to ensure minimum downtime.

“This project will enable the moving out of payments module from existing core banking platform and help in creating a fully resilient active payments framework that will ensure minimum payments downtime, even if core banking is not available,” said Jagdishan.

The bank said that the project will continue over a period of 15 months, which will be followed by ‘hollowing the customer master modules from its existing core systems and will ensure a single system of record for customers across a large number of products.