State Bank of India selects Yalamanchili payment processing platform

Source: Yalamanchili

State Bank of India has chosen global payments solutions provider, Yalamanchili, to provide the payment processing platform behind its recently launched State Bank Xpress Money Card, which enables customers to accept instant money transfers from the UAE directly onto the card.

The Xpress Money Card is a prepaid Visa card co-branded between State Bank of India and the UAE Exchange and provides a convenient and cost effective facility for customers from the UAE to remit funds to India. The UAE Exchange branch remits funds in INR directly to the beneficiary Xpress Money card in India. The State Bank Xpress Money Card can be loaded with up to Rs. 50,000 and can be used to withdraw cash from any Visa friendly ATM worldwide, as well as for point of sale and e-commerce transactions at any merchant that accepts Visa.

State Bank of India has integrated Yalamanchili's payment processing platform into its existing infrastructure, enabling it to create and manage the product directly. Yalamanchili has also provided a next generation backend portal to State Bank of India which gives direct access to, and control over, product configuration down to individual card parameters in a controlled environment.

Ramkumar Sekar, President South East Asia & India Sub-Continent, comments: "We have worked closely with State Bank of India for many years to provide the payment processing capability the bank needed to launch and administer its new card products. We're delighted that our next generation payments platform has played such a big role in enabling this innovative new product to be delivered quickly and effectively to the market."

Yalamanchili's payments processing solutions are in worldwide use across a wide range of sectors, including retail, banking, transit, corporate, telecom, government and healthcare, bringing scalability, flexibility and support to emerging payments. 

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