ESAF Selects FIS to Power Launch of Small Finance Bank

MUMBAI:
One of the largest microfinance providers in India, ESAF, has selected FIS (NYSE: FIS), a global leader in financial services technology, to power the launch of its small finance bank.
ESAF Small Finance Bank was created to serve micro- and small-credit needs for women in parts of India where there is little bank representation. FIS will serve as the bank’s technology partner as it opens with branches in 10 states across India, FIS will provide a fully integrated banking and payments platform through a totally outsourced delivery model, which encompasses core banking, channels, risk management, treasury, analytics and the entire suite of payments services that includes switching, debit card management services and ATM management.
The goal is to allow ESAF to operate quickly and efficiently, and be prepared for easy growth as the bank
works to serve across all sections of the financially underserved society.
ESAF aims to take technology to the roots apart from focusing on the human touch,  which is missing in the banking space. For a robust technology platform we wanted to partner with a globally reputed firm and we are happy that we could associate with FIS as a technology partner, says K. Paul Thomas, Founder, Chairman & Managing Director, ESAF Microfinance .“As a new venture, intended to serve the needs of a large population that has been previously overlooked, ESAF Small Finance Bank needed to focus its efforts on meeting customer needs, without the distractions of owning and running technology operations,” said Shrihari Bhat, group managing director, APAC, FIS. “We’re proud that FIS’ proven solutions continue to support financial inclusion across India.”
FIS’ ability to support fast, efficient growth, plus its experience in the Indian market a
nd its efforts supporting financial inclusion have made it a technology partner of choice for a number of recent financial institution startups in India, including payments banks and microfinance companies intended to increase financial inclusion.
The consistency of FIS’ support, combined with its extensive capabilities, earned it Best Tech Brand in
Banking & Financial Services by the Economic Times, earlier this year. FIS also took home more awards
than any other company at this year’s BPO Excellence Awards.