Private lender SBM Bank (India) has partnered with fintech startup PayNearby to offer Open Banking solutions to their respective customers.
The partnership would enable SMB Bank to offer a complete suite of digital and assisted banking solutions through PayNearby’s network of micro-enterprise and retail touchpoints.
Some of the solutions that would be provided through this partnership include account opening, banking transactions, final product sales and AEPS (Aadhar Enabled Payment System). Also, all payment transactions and relationship management can be executed at the outlets using the digital app or through assisted banking features.
Both the companies are focused to build open modular architecture-led platforms, that can support plug and play APIs, ensuring customized environments that can expand through a partnership approach.
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