HDFC Bank to move payments out of core banking

The bank is also expected to launch additional products and services under Digital 2.0 including a new payments platform for its customers and merchants.

In an address to shareholders as part of its annual report, Sashidhar Jagdishan the managing director of the lender said that the bank has embarked on a few strategic initiatives in partnership with a new age start-up to co-create new core banking modules.

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

“This 15-month project 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 various products.”

Jagdishan also said that the bank has set up a new centre in Bengaluru to revamp its mobile and internet banking platforms. The entire project will be completed in a 2-year time frame and will allow the bank to own a modern cloud enabled Mobile/NetBanking platform. The bank is expected to roll out new features every 3 to 4 weeks, in line with digital fintech companies.