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Chennai Fintech startup to power North East Small Finance Bank

BNE News Desk


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Guwahati: North East Small Finance Bank, a subsidiary of North East Microfinance, has successfully migrated its Core Banking Systems (CBS) to a fintech startup called M2P based in Chennai.

This migration allows the bank to transition from traditional banking solutions to M2P's Turing CBS, providing them with a range of digital components and back-office platforms.

The digital components offered by M2P include a CBS, a payments hub encompassing services like Debit Card Management System, Unified Payments Interface (UPI), IMPS (Immediate Payment Service), and other related modules.

Additionally, the bank will benefit from back-office platforms, such as treasury systems, Digital Identity, a centralised KYC processing system, and systems for monitoring compliance with Anti-Money Laundering controls, among others.

Both North East Small Finance Bank and M2P have expressed satisfaction with the migration process. They mentioned that the journey, from receiving data from the legacy system to completing User Acceptance Testing and finally going live, was accomplished in less than three months.

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BNE News Desk