Yalamanchili Powers Saral Money, India’s National Public and Private Sector Prepaid Banking Service for the Financially Excluded

23 January 2013. Yalamanchili’s payments platform underpins financial services provision for tens of millions

23 January 2013, Chennai, India – Global payments solutions provider, Yalamanchili, today announces that its next generation payments platform is underpinning  Saral Money, India’s  recently announced national electronic payment service created by five of the country’s major banks, Visa and the Unique Identification Authority of India (UIDAI).

Saral Money has been developed in order to promote financial inclusion in India, by providing tens of millions of financially excluded individuals with a simplified way to receive government disbursements, send money, make purchases at point of sale terminals and transact at existing ATMs and selected micro ATMs.

Saral Money is a Visa Instant Account which will dramatically simplify the issuer’s know your customer process. This includes biometric cardholder authentication linking directly to the individual’s UIDAI-issued identification number, known as an Aadhaar, in order to fulfil the necessary assessment criteria.

The Yalamanchili next generation payments platform processes all transactions made via Saral Money accounts for Axis Bank, Indian Overseas Bank, ITZ Cash (HDFC Bank) and State Bank of India and provides an appropriately coordinated infrastructure to support the initiative.

“Thanks to the versatility of the underlying technologies, this initiative has been able to cut through the historical red tape and open up the banking system to millions of citizens across the country,” comments Ramakrishna Yalamanchili, Founder and CEO, Yalamanchili. “We are proud to provide a flexible and robust next generation payments platform, which is able to support government disbursements on a massive scale.”

Saral Money is the first national investment in developing a financial inclusion and payment ecosystem for India. The pioneering joint initiative combines Visa’s advanced network technology, the government’s reach and the banks’ extensive facilities to drive the Indian Government’s vision of empowering millions of Indians with a financial identity.

This unique payment solution initially targets specific regions and will support cash transfers for subsidies, scholarships and other government disbursements. The benefits to the consumer come from the ability to receive payments direct to Saral Money and use it to withdraw or remit those funds to family members. For the government, the system helps improve transparency and efficiency while driving the country’s electronic payment and financial inclusion agenda.

 -ENDS-

For further media information, please contact Paul Rogers or Kirsty Pearson at iseepr: paul@iseepr.co.uk / kirsty@iseepr.co.uk or on + 44 (0) 1943 468007

Notes to editors

About Yalamanchili

Yalamanchili (www.yalamanchili.co.uk) is a leading provider of next generation customised, flexible, scalable and innovative banking and payment technology solutions. Founded inIndia in 1998, the company has expanded its services and now offers solutions for more than 100 clients around the world.

Focused in the retail banking area, Yalamanchili’s solutions enhance prepaid, debit, credit and commercial card issuing, acquiring, transaction processing and customer service delivery, via a fully-outsourced white-labelled service or a licensed software solution.

Yalamanchili has a world-class, parameter-driven issuing, acquiring and switching solution, which allows its clients to differentiate themselves from their competitors by reducing time to market for card payment products and addressing the growing demand for greater customer-centricity in the retail payments world.

PIF Publishes White Paper to Foster Understanding of Simplified Due Diligence (SDD) in Prepaid

23 November 2012. International trade association Prepaid International Forum (PIF) today announced that it has published a White Paper in response to concerns that certain types of prepaid products are facilitating financial crime and the purchase of age-restricted goods by minors. The paper, entitled ‘Simplified Due Diligence in Prepaid’, forms part of PIF’s drive to promote understanding, of prepaid products and how they operate, to regulators, consumer bodies and the media.

Produced in partnership with Neopay, the White Paper sets out to address the general misconception that prepaid products are increasing the risk of criminal activity in the financial services sector and enabling access to age-restricted and illegal goods by minors through the provision of anonymous products.

In a manner aimed at improving awareness of prepaid products and services the paper considers the meaning of anonymity in prepaid and the circumstances under which the legal requirement to conduct full customer due diligence can be removed. It provides examples and benefits of Simplified Due Diligence (SDD) and other regulatory exempt prepaid products but also considers the risk factors associated with these products. The paper outlines the controls that are used to manage the potential risks, the limits and restrictions in place and the regulatory structure that exists.

“When SDD is applied to prepaid products and services correctly, and with the appropriate controls in place, these products can provide significant benefits to consumers”, said Robert Courtneidge, Chairman of PIF. “SDD allows issuers of prepaid products to meet market need and demand and provide consumers with a range of secure payment options.   The concerns raised are taken very seriously by the industry which is striving for a balance – to provide a commercially viable service that provides consumers with choice and convenience and a system of rigorous checks that prevents misuse”.

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For further information please contact Diane Brocklebank at E: diane.brocklebank@prepaidforum.org or T: +44 (0) 77369 71986

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Notes to Editors:

About PIF

Prepaid International Forum (PIF) is a not-for-profit trade association established in 2007 to represent the interests of all parties participating in the prepaid economy on a commercial basis.

PIF is dedicated to the progression of prepaid commerce around the world and acts as a principal point of liaison between the prepaid economy and government agencies, regulators, consumer bodies and the media. It is focused on the entire prepaid world and facilitates the development of cross-industry guidelines and codes of practice.

In all of its activities PIF aims to:

  • Provide an informed and unified voice for the cross-industry prepaid sector to speak to national and international government bodies, regulators, consumer bodies and the media;
  • Act as a catalyst for the creation of industry guidelines and codes of practice, and
  • Provide research and thought-leadership to participants in the prepaid economy

www.prepaidforum.org

About Neopay

Neopay is the market leader in delivering integrated compliance solutions to Electronic Money and Payment Institutions.

Neopay provide a full suite of regulatory compliance services; working with organisations to develop their compliance frameworks, ensuring successful authorisation processes, and providing maintenance of compliance structures.

Our approach is different. Your compliance framework needs to stem from your business, your operations and your priorities and risks. We partner with you, sharing our knowledge and expertise, to help you to develop comfortable solutions that offer best practice to your business.

www.neopay.co.uk

Global Payment Solutions Provider Yalamanchili Achieves Visa Europe Certification

15, November 2012 – Global payment solutions provider, Yalamanchili, has received Visa Europe certification, establishing the organisation as a validated service provider able to offer payment processing solutions to card issuers and programme managers operating on the Visa Europe payment scheme.

Following the company’s European launch in May, the certification received from Visa Europe is further confirmation of Yalamanchili’s service capabilities and compliments the Visa network certifications the company has long held in other regions around the world.

Chris Ellis, President – Europe, Yalamanchili, comments: “The certification from Visa Europe is a significant milestone in Yalamanchili’s development in the region and reaffirms to the market that Yalamanchili is a strong new player committed to delivering European payment processing solutions for the long term. I’m pleased to say that we are already in advanced discussions with a number of organisations regarding our processing solutions utilising the Visa Europe scheme.”

The certification, which delivers greater choice and flexibility for Yalamanchili’s clients, enables the organisation to provide fully outsourced Visa Europe compliant solutions including prepaid, debit, credit and commercial credit product offerings. Yalamanchili’s clients benefit from its strength in innovation together with its global capabilities and experience. These are the attributes which led to Yalamanchili becoming the first processor ever to offer the issuance of multiple currencies on a single FX card.

Yalamanchili provides retail banks, card programme managers and their corporate customers with the tools and services needed to create and manage their own card products liberated from the constraints of the legacy platform, traditional processor model. This approach dramatically reduces the cost and lead time required to bring a card product to market and places far greater control and product flexibility in the hands of both issuers and programme managers throughout the lifecycle of the product.

Yalamanchili’s payments processing solutions are in worldwide use across a wide range of sectors, including retail, banking, transit, corporate, government and healthcare.

-ENDS-

 For further media information, please contact Paul Rogers or Kirsty Pearson at iseepr: paul@iseepr.co.uk / kirsty@iseepr.co.uk or on + 44 (0) 1943 468007

 

Notes to editors

About Yalamanchili

Yalamanchili (www.yalamanchili.co.uk) is a leading provider of next generation customised, flexible, scalable and innovative banking and payment technology solutions. Founded in India in 1998, the company has expanded its services and now offers solutions for more than 100 clients around the world.

Focused in the retail banking area, Yalamanchili’s solutions enhance prepaid, debit, credit and commercial card issuing, acquiring, transaction processing and customer service delivery, via a fully-outsourced white-labelled service or a licensed software solution.

Yalamanchili has a world-class, parameter-driven issuing, acquiring and switching solution, which allows its clients to differentiate themselves from their competitors by reducing time to market for card payment products and addressing the growing demand for greater customer-centricity in the retail payments world.

TSYS Releases White Paper on the Convergence of Social Media and Payments in India and Southeast Asia

COLUMBUS, Ga., U.S., and MUMBAI, India, 18 Oct., 2012 — TSYS today announced the publication of a white paper, the third in its Emerging Market Perspective Series, titled ‘Convergence of Social Media and Payments in India and Southeast Asia.’ The whitepaper explores adoption levels of popular social networks across the South and Southeast Asia region and how their fast growth could influence consumer banking and retail payment preferences in the future.

Combining industry data with TSYS-sponsored market research, the paper explores how payment technologies are likely to evolve and converge with social media. It also highlights the four key challenges that lie ahead for financial institutions when navigating social media: risk of dis-intermediation, security and privacy concerns, regulation and interoperability. The paper concludes with outlining key areas that financial institutions need to consider as part of their strategic imperatives as market trends and consumer sentiment point to a growing convergence between social media and payments. Top considerations included establishing and maintaining an agnostic platform that supports new and emerging payments types and virtual currencies; effectively navigating present and future regulatory requirements; and ensuring platform stability, security and scalability, along with an ability to cost-effectively process low-value (micro) transactions.

"Payments and social media share a symbiotic relationship. They both need each other for long-term survival," said Amit Sethi, managing director of India and Southeast Asia, TSYS. “With the next generation of customers spending significantly more time on social-networking sites, there is a higher likelihood of them connecting, interacting — and transacting — within the social media framework. Social media poses significant challenges and opportunities for financial institutions, and now is the time for them to consider how to leverage this fast-growing, ubiquitous medium.”

This report is the third TSYS white paper prepared on the Indian and Southeast Asia market. Earlier whitepapers, also authored by Amit Sethi, were entitled ‘Four Imperatives to Accelerate Electronic Payment Adoption in India’ and ‘M-Payments and Prepaid Poised to Define Financial Institutions’ Delivery of Banking & Payment Services to Rural India.’

‘Convergence of Social Media and Payments in India and Southeast Asia’ is available for download at: www.tsys.com/socialmediaandpaymentswhitepaper.

TSYS’ 2011 whitepapers are also available for download at: www.tsys.com/indiaelectronicpaymentsmarketwhitepaper , and www.tsys.com/indiampaymentsandprepaidwhitepaper.

About TSYS At TSYS, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief "People-Centered PaymentsSM." By putting people at the center of every decision we make, with unmatched customer service and industry insight, TSYS is able to support financial institutions, businesses and governments in more than 80 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare and more, we make it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.

TSYS’ headquarters are located in Columbus, Georgia, with local offices spread across the Americas, EMEA and Asia-Pacific. TSYS provides services to more than half of the top 20 international banks, is a Fortune 1000 company and was named one of the 2012 World's Most Ethical Companies by Ethisphere magazine. For more information, please visit us at www.tsys.com.

 

Contacts:

Cyle Mims TSYS Media Relations +1.706.644.3110 cylemims@tsys.com
Shawn Roberts TSYS Investor Relations +1.706.644.6081 shawnroberts@tsys.com
Amit Sethi TSYS International +91 120 4191002 AmitSethi@tsys.com
Sara Ruffell TSYS International +00357 22882600 sararuffell@tsys.com

Yalamanchili Payment Processing Platform Supports EZ-Link and M1 Prepaid MasterCard

11 October 2012 -  Global payment solutions provider, Yalamanchili, today announces that its next generation payments platform has been utilised by Singaporean prepaid card giant, EZ-Link to provide the payments processing capability behind the recently launched contactless M1 Prepaid MasterCard. The card, a co-branded collaboration between EZ-Link, MasterCard Worldwide and telecommunications provider M1 Limited (M1), a leading provider of mobile, broadband and fixed communications services in Singapore, is the first prepaid product in Singapore that integrates voice (telephony), global retail, and transportation contactless payments all in one card.

EZ-Link has integrated Yalamanchili’s payment processing platform into its existing infrastructure, enabling it to create and manage the development and launch of prepaid card products. Using Yalamanchili’s platform, EZ-Link has delivered programme management services to its telecommunications partner M1, resulting in the launch of the M1 Prepaid MasterCard. The innovative new card combines the convenience of three prepaid cards into one, enabling users to top up M1’s existing prepaid mobile M Card, make contactless payments for public transport and make every day purchases using the MasterCard payment facility.

Nicholas Lee, Chief Executive Officer at EZ-Link, comments: “Yalamanchili’s payment processing platform has supported EZ-Link’s prepaid business since April 2009. Its modular system provides EZ-Link’s prepaid team with backend access and more control over the payment process. It also reduces the time needed to bring our allied prepaid products to market. These enhancements enable EZ-Link to offer a wider variety of more sophisticated services to our customers, presenting us with new opportunities to generate revenues.”

Ramki Yalamanchili, Chief Executive and Founder of Yalamanchili, adds: “The M1 Prepaid MasterCard is EZ-Link’s first solution to be underpinned by Yalamanchili’s outsourced processing platform. Our intention for EZ-Link was always to empower the organisation to innovate beyond its current capabilities. Our platform enables organisations like EZ-Link to launch highly customised, self-serviced, prepaid programmes in a matter of days. This means our users are free from technical constraints and can focus on innovation and profitability in the prepaid solutions they deliver for their customers.”

Yalamanchili has been providing prepaid solutions to EZ-Link since April 2009 and supported the successful implementation and launch of the FEVO prepaid MasterCard®. Its payments processing solutions are in worldwide use across a wide range of sectors, including retail, banking, transit, corporate, government and healthcare.

-ENDS-

For further media information, please contact Paul Rogers or Kirsty Pearson at iseepr: paul@iseepr.co.uk / kirsty@iseepr.co.uk or on + 44 (0) 1943 468007

Notes to editors

 

About Yalamanchili

Yalamanchili (www.yalamanchili.co.uk) is a leading provider of next generation customised, flexible, scalable and innovative banking and payment technology solutions. Founded in India in 1998, the company has expanded its services and now offers solutions for more than 100 clients around the world.

 

Focused in the retail banking area, Yalamanchili’s solutions enhance prepaid, debit, credit and commercial card issuing, acquiring, transaction processing and customer service delivery, via a fully-outsourced white-labelled service or a licensed software solution.

 

Yalamanchili has a world-class, parameter-driven issuing, acquiring and switching solution, which allows its clients to differentiate themselves from their competitors by reducing time to market for card payment products and addressing the growing demand for greater customer-centricity in the retail payments world.

PIF Publishes White Paper to Promote Understanding of Prepaid

10 October 2012 - Prepaid International Forum (PIF) has produced a concise introduction to prepaid in its new White Paper, ‘Prepaid: Issues, Economics & Growth’. The paper forms part of PIF’s drive to promote understanding, of who issues prepaid products and how they are used, to regulators, consumer bodies and the media.

The paper has been produced in consultation with PIF members and other industry experts. It provides an overview of prepaid in selected markets with references to how prepaid products are used by consumers, government bodies and corporations and considers the drivers behind the various products. The paper also sets out the factors that are currently impacting prepaid business models, from potential increased competition to fraud and public scrutiny.  The paper begins by considering the latest definition of e-money within the context of prepaid and explains the rationale behind current e-money regulations.

For further information please contact:


Diane Brocklebank
Head of Member Relations
Prepaid International Forum (PIF)
T: + 44 (0) 7736 971986
E: diane.brocklebank@prepaidforum.org

PIF India Announces New Chairman and Executive Committee

07 September 2012 – Prepaid International Forum (PIF) today announced the appointment of Navtej Singh, Head of Direct Payment Products at HDFC Bank as Chairman of the forum’s India Chapter with immediate effect. Mr Singh succeeds Kusal Roy, Head of Cards & Personal Loans at ICICI Bank whose annual term has come to an end.

The appointment coincides with the election of a new executive committee which is formed of bank and non-bank representatives to address the evolving needs of PIF India member organisations and the anticipated growth in the diversity of the forum’s membership in India. Under the leadership of Navtej Singh, the newly formed committee will collectively oversee the direction and scope of the forum’s working groups focused on the legal framework for prepaid in India and business value creation. The five new Office Bearers represent Axis Bank, ICICI Bank, ItzCash, State Bank of India and Visa.

Commenting on the appointments, Robert Courtneidge, Chairman and Co-Founder of the Prepaid International Forum said, “I am delighted to formally welcome Navtej Singh as Chapter Chair and the new Executive Committee members as Co-Chairs of the forum’s working groups. Mr Singh brings a wealth of industry experience to the role and has played an important role in the development of PIF India as a founding member. The new appointments will allow PIF India to benefit from a range of industry perspectives and will ensure that the interests of members are fully represented as the Chapter grows. PIF India is poised to play an increasingly important role in helping to stimulate the growth of prepaid in India. PIF looks forward to supporting Mr Singh and his forum colleagues in the year ahead”.

Navtej Singh is Head of Direct Payment Products at HDFC Bank, India’s leading private sector bank. Navtej has over 15 years of experience in Retail Branch Banking, Wealth Management, Sales, Product Management, Distribution Channels and Payment Products. Navtej has been closely associated with the Indian Payments industry for the last 5 years also working with the RBI and NPCI as a part of working groups and cards steering committees. He has also served as the Chairperson for the Legal and Regulatory Working Group of PIF India Chapter last year. 

Launched in August 2009 under the patronage of one of the world’s largest companies for payment solutions, TSYS®, PIF India is composed of members both in India and those with an interest in India who are committed to promoting the relevance and benefits of prepaid as a payment solution for consumers, governments and corporates. The PIF India membership represents bank and non-bank issuers of prepaid products, card schemes and suppliers of services to the prepaid industry in India.

Amit Sethi, Managing Director, India and South East-Asia Region, TSYS and Co-Chair of PIF India said, “PIF India has become established as an effective industry body liaising with regulators, government departments and the media to promote the responsible growth of the industry. It is my pleasure to welcome Navtej Singh as PIF India Chairman and our new Executive Committee members to take the forum to the next level”.

PIF Summit 2012: Latest Speakers Announced

Prepaid International Forum (PIF) is pleased to announce the latest list of confirmed speakers for the PIF Summit 2012 which will be held at South Lodge Hotel in West Sussex on 26-27 September 2012.

Now in its sixth year the PIF Summit will bring together prepaid industry experts and pioneers to share knowledge, ideas and standards for prepaid. Through a series of highly interactive sessions the event will provide members and delegates with an insight to:

  • The implementation of prepaid programmes in selected markets around the world;
  • Key factors affecting the growth and financial performance of certain prepaid programmes with references to what has been successful, and what has failed;
  • Emerging trends and opportunities in key markets including India and the Middle East, and
  • Key emerging legal and regulatory developments for the prepaid industry featuring the perspective of regulators and practitioners

Speakers and panellists include:

  • Robert Courtneidge, Global Head of Cards & Payments, Locke Lord LLP & Chairman, Prepaid International Forum (PIF)
  • Mike Smith, Director, Raphaels Bank
  • Brian Garcia, Payment Services, Banking and Credit Team, Financial Services Group, HM Treasury
  • Paul Anning, Partner, Osborne Clarke
  • Mark Beresford, Director, Edgar, Dunn & Company
  • Leon Ho, Executive Director, Senior Product Manager, Prepaid Commercial Cards, J.P. Morgan
  • Michael Mueller, CEO, paysafecard group
  • Y.Ramakrishna, Founder & CEO, Yalamanchili
  • Virginia Ann Holman, Group Executive, Global Corporate Marketing & Communications, TSYS
  • Yvonne West, General Manager, Prepaid International Forum (PIF)
  • Peter Howitt, Director, Ramparts
  • Craig James, CEO, Neopay
  • Denisa Jindrichova, Lawyer, Czech National Bank
  • Malek Mroueh, Senior Director, Regional Business Development, Middle East, Africa and Pakistan Region, TSYS International
  • Judith Rinearson, Partner, Bryan Cave LLP
  • Peter Sidenius, Director, Edgar, Dunn & Company

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Headline Sponsor:

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Welcome Drinks Reception Sponsor:

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Refreshment Break Sponsor:

 

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For full programme information and to register please contact:

Diane Brocklebank
Head of Member Relations
Prepaid International Forum (PIF)

Telephone Enquiries: +44 (0) 7736 971986

 

 

Locke Lord’s Robert Courtneidge in Top Two of International Prepaid Top 10

(LONDON) June 12, 2012 – Locke Lord's Global Head of Cards and Payments Robert Courtneidge, who recently was named Chairman of the Prepaid International Forum (PIF), has made the top of the list for the 2012 Prepaid Power 10, and international group of key contributors to and leaders in the prepaid industry. Courtneidge was named runner-up to first place by a global advisory board and an international prepaid audience of more than 20,000 industry leaders, who selected the Top 10 from a list of nominees from around the world.

Courtneidge joined Locke Lord’s London team in February and is noted for his knowledge and experience in the e-money area. His clients are among the biggest financial institutions in the world, as well as several significant Internet merchants and social media businesses. He is a longtime and key contributor to the evolution of cross-industry guidelines and codes of practice and has been active for many years in PIF, a not-for-profit international trade organization that provides an industry voice for the prepaid sector and that he co-founded in 2007.

In 2011, Courtneidge became the first lawyer ever recognized as “Best Industry Contributor” by The Prepaid Awards, and his strong network of contacts throughout the prepaid industry – including regulators and industry bodies – is unparalleled. He advises on a wide variety of card schemes, from general purpose network branded prepaid cards, incentive card programs and gift card solutions to payroll and commercial card schemes, and has used his deep knowledge of the area to help financial regulators in Eastern Europe, Asia and Africa shape emerging prepaid regulations. He works closely with The Payments Council, HM Treasury and the Financial Services Authority.

Locke Lord LLP consistently ranks among American Lawyer's top 100 U.S. law firms. The Firm’s full range of practice and industry areas serve national and international clients from offices in Atlanta, Austin, Chicago, Dallas, Hong Kong, Houston, London, Los Angeles, New Orleans, New York, Sacramento, San Francisco and Washington, D.C. It has an excellent reputation in complex litigation, regulatory and transactional work, with its 650-plus lawyers building collaborative relationships and crafting creative solutions – all designed and executed to meet clients’ long-term strategic goals.

Courtneidge can be reached at +44 (0) 20 7861 9019 or rcourtneidge@lockelord.com