Fiorano Software has announced that Federal Bank has deployed Fiorano ESB to support India’s national ID-based welfare disbursement system (Aadhaar Payment Bridge System, APBS). Federal Bank will be one of the first few “sponsor” banks in India to attain this capability.
P. Chidambaram, the Finance Minister of India, noted in a recent interview that the government spends “thousands and thousands of crores of rupees” (1 crore rupees = 10,000,000 rupees) on pension and various subsidies and he said, “We are going to launch the ambitious program of paying direct cash subsidies to people through the Aadhaar system in 51 districts across 15 states by 2013.”
K P Sunny, IT Head at Federal Bank said, “This is a huge opportunity for Banks to gain new customers and have access to large deposits. It can be a major competitive differentiator for a new customer’s decision on where to bank.”
Federal Bank was able to implement the system with Fiorano’s Enterprise Service Bus (ESB) which seamlessly integrates applications with the bank’s core banking framework, Finacle from Infosys. Fiorano ESB securely settles transactions in real-time in specified messaging format including managing returns and mismatches and routing of funds. Fiorano’s code-free integration approach dramatically reduces implementation time enabling Federal bank to bring new capabilities to market faster.
