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CreditPilot and Tata Communications enter a financial technology partnership

Posted On: 2019-09-17 13:27:20


Tata Communications, a leading global digital infrastructure provider, and CreditPilot, a financial technology company specializing in digital and mobile financial services, transactional and payment infrastructure, have come together to offer mobile and digital financial services solutions to mobile operators.

Under the terms of a joint Engagement Agreement (EA), Tata Communications and CreditPilot will form a joint task force to assess the integration of the provision of financial services with the Tata Communications MOVE™ - Mobile Virtual Network Operator Enabler (MVNE) platform. CreditPilot will provide consultancy services necessary to ensure continued regulatory compliance of financial products created as a result of the engagement. The EA also lays down a foundation for the two companies to engage in joint marketing and sales activities.

CreditPilot already leverages the MOVE - SIM CONNECT™ offering to provide global mobile connectivity to their enterprise users, enabling seamless mobility and access to voice and data services to users on the move.

According to Mastercard research, 15 countries account for over 60% of the global unbanked population. 607 million people in these countries have a mobile phone, but do not have a bank account yet. Through this engagement, CreditPilot and Tata Communications aim to facilitate the proliferation of financial services to prepaid mobile users through MNOs and MVNOs. The association will enable development in areas with high percentage of unbanked population and high volume of mobile phone usage penetration, through easy to use banking and digital financial services.

The EA encompasses two principal classes of mobile and digital financial services: first, ValueAdded Services intended for the subscribers of mobile network operators (MNOs) or mobile virtual network operators ( MVNOs); and second, financial services for MNOs' internal use.

As a result of the engagement, MNOs and MVNOs can benefit from the essential financial and banking tools for everyday digital business: multi-method omni-channel payment acquiring, digital goods marketplace engine, treasury and FX, settlement and clearing operations.

MNOs and MVNOs will be able to offer regulated financial services including national P2P money transfers between mobile subscribers, international money remittance, access to mobile commerce, wallets and payment cards, micro-insurance, etc. Services will be accessible on any handset via USSD, messaging, chatbots, web and mobile apps. Multiple payment methods such as prepaid airtime, direct carrier billing, payment cards, bank accounts and e-wallets will be supported to enable fast service uptake.

Commenting on the engagement, Tim Sherwood, Vice President, Global Mobility and IoT Services, Tata Communications, said, "With more than 1.7 billion people around the world still without access to electronic payments, banking, and other financial services, mobile service providers are uniquely positioned to enable financial transactions through mobile and digital channels and accelerate financial inclusivity. We've had a successful partnership with Credit Pilot, providing them seamless global connectivity through our global mobile access and relationships with over 640 mobile operators. We look forward to extending our association and working together to give our mobile service provider customers the right set of tools to open new revenue streams and streamline their internal financial processes."

Felix Polianski, Vice President for Mobile and Digital Financial Services at CreditPilot, added: "Mobile financial services are mobile network operators' way to future-proof their business, ensure revenue growth and customer retention. At the same time, mobile financial services bring about the true equality of financial services access for all people, regardless of their location and income. This shared vision of the future of both finance and telecommunications is the cornerstone of our partnership with Tata Communications".

Shares of TATA COMMUNICATIONS LTD. was last trading in BSE at Rs.428.1 as compared to the previous close of Rs. 427.4. The total number of shares traded during the day was 29544 in over 1051 trades.

The stock hit an intraday high of Rs. 430.95 and intraday low of 424.15. The net turnover during the day was Rs. 12647220.


Source: Equity Bulls

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