ThreatMetrix®, The Digital Identity Company® and RS Software (India) Ltd., the leader in building digital payments infrastructure, today announced a new partnership to accelerate the adoption of secure digital payments in India.
The two organizations offer a powerhouse of solutions that span online payments and digital identity. Working together, they will provide a frictionless and secure customer experience, while accelerating revenue for merchants. This partnership will focus on the India market, along with select global opportunities, to deliver holistic risk and fraud management with persona identification and advanced device fingerprinting.
The India market alone is estimated to see more than 20 billion online payment transactions during the next 12 months, and this partnership brings world-class capabilities to secure these growing transactions. The objective is to create robust, secure next-generation merchant-acquiring and payment platforms for Digital India.
The joint solution provides a scalable, adaptive and cost-effective solution, with insights built from the Unified Payments Interface (UPI) and the Bharat Bill Payment System (BBPS), as well as from the ThreatMetrix Digital Identity Network®, which analyzes transactions from 1.4 billion anonymized users worldwide.
“With digital transactions soaring in India, the opportunity is huge. Banks are rolling up their sleeves to streamline their fragmented merchant acquiring business for Digital India and are adopting state-of-the-art technologies to facilitate this change,” said Pascal Podvin, SVP of Field Operations for ThreatMetrix. “We are proud to be partnering with RS Software, which is at the forefront of this digital transformation in India.”
Mr. Raj Jain, CMD, RS Software commented, “Besides the major payment networks, there are globally over 50 in-country payment networks, including in India NPCI, and these are the primary beneficiaries of this partnership. With banks and payment service providers in India pushing for acceptance and issuing infrastructure, this partnership will offer, for the first time in India, solutions that are stable and secure, built by payment specialists who have experience with payments globally for 25 years.”
With its mobile-first and API-driven approach, the combined solution can be plugged in seamlessly to enable secure payments, less chargebacks and more confidence among consumers and merchants.
“RS Software has the know-how of the Indian market and insights from building the digital backbone of India – UPI and BBPS. The ThreatMetrix global network analyzes 2 billion payment transactions, account creations and logins per month from across 185 countries,” Mr. Podvin added. “The Indian expertise, combined with our global reach, provides a unique proposition to counter global threats and provide a dynamic solution to secure payments.”
Mr. Raj Jain added, “We are very excited about this partnership and we are committed to help achieve the vision of Prime Minister Modi for Digital India. The focus is on the SSII factor – stable, secure, inclusive and intelligent. We will educate our customers through joint events and digital reach. We plan to take these solutions to our existing customer base, the major banks in India and non-banks that are fast becoming a part of the payments ecosystem.”
“At RS Software, we believe that the banks are also looking to bring more governance, security and transparency into their existing merchant-acquiring business, and their commitment to security is high. Our state-of-the-art digital merchant acquiring platform Payabbhi is globally benchmarked to the best suite of technologies, and even further enhanced by integration with world-class intelligence from ThreatMetrix.”
Mr. Jain concluded, “The strategic goal is to help merchants, large and small, to benefit from accelerated adoption of digital payments, and grow their business. The retail industry in India is estimated to reach US$1 trillion by 2020, and this partnership will power the digital commerce that will transform India.”