Infosys core banking solution Finacle (part of EdgeVerve Systems, a wholly owned subsidiary of Infosys) has partnered with two Bangalore based startups to offer FinTech solutions.Infosys Finacle announced its partnership with, a FinTech start-up that offers chat based commerce solutions.With this partnership, Finacle solution suite will be available with Niki.ais chat-based virtual assistant Niki. This offering will enable banks to offer its customers a virtual banking assistant for shopping products and services.

Infosys Finacle also announced a partnership with ToneTag, a provider of near-field communications, payments and location-based services using sound waves. Through this partnership, Finacle and ToneTag will offer a joint solution that will leverage the latters sound wave technology to enable proximity payments and interactions.

Both Niki and ToneTagwas recognized in the recently concluded chapter of Finacle FinTech Connect, an initiative that builds on ongoing alliances and the Infosys Innovation Fund program to identify promising new FinTechs.

Niki is an AI powered Chat Platform for Commerce providing 20+ services through 60+ brands. This Omni-channel platform (Web, Android, iOS, Facebook Messenger) provides a unique opportunity to engage the Banks Users digitally while also offering a lucrative monetizing opportunity.

ToneTag is a sound based proximity communication provider that enables contactless proximity communication,payments, location-based services and customer engagement services among a multitude of other solutions.

Infosys Finacle Selects to Offer Chat Based Commerce to Banking Customers

The joint solution from Finacle and will provide a smart-purchasing chatbot by leveraging natural language processing and machine learning to converse with customers and perform online transactions. The bot will comprehend natural speech text in the context of the customer and will deliver personalized suggestions. The solution will provide banks an opportunity to initiate two-way automated intelligent conversations with customers.

Highlights of the partnership

  • The joint solution will enable banking customers to initiate conversations on the banks online and mobile applications and complete transactions without leaving the chat interface
  • The e-commerce services enabled include booking for movies, buses, taxis and hotels, as well as, paying utility and phone bills. As of now services from 25 merchants such as Uber, Ola, BookMyShow, redBus, Cleartrip, Housejoy etc. are pre-integrated with the chat bot
  • The entire deployment can be completed in a very short span of time using an easy to plug-in Software Development Kit (SDK)


Started in 2015, and backed by of Mr. Ratan Tata, Unilazer Ventures and SAP.iO, envisions to provide one shop for everything commerce. Niki is an AI bot which converses to help you shop for products and services and makes the whole journey from discovery to transaction fast, convenient and extremely simple. As they claim, apart from making the booking experience for movie tickets, buses, hotels etc. better, the aim is to make even the routine tasks like paying utility bills, phone bills, recharges more fun and easier. To the businesses, it provides a plug and play technology that can be easily integrated everywhere including operating systems, on messaging platforms messenger, and on the brands applications (app and web).

With a 35% month-on-month revenue growth, the company has 50+ partners on board, with many more in the pipeline. On the customer front, the company has more than 400,000 customers using Niki. The company plans to integrate many more services on its platform so that for most of the needs that a consumer may have, Niki is the first thing that strikes his mind. Speech recognition, which is in the making, will provide users the ability to simply speak to Niki and get tasks done on the go. It will soon be available on more platforms like iOS and messaging platforms like Slack. In short, the companys vision is to be ubiquitous – Everywhere and for everything commerce.

Infosys Finacle Partners with ToneTag to Offer Sound-Based Contactless Payments Solution

Leveraging this joint solution, banks will now enable their consumers to authenticate themselves and transact at bank branches, ATMs and retail outlets, in a highly secure, fast and seamless manner. Consumers can make payments with a tap of their phone, which will expedite the checkout process at merchant location, and improve the overall shopping experience. Delivered through Finacle digital banking solutions such as Finacle Mobile Banking and Finacle Digital Wallet, the solution will be available on all kinds of mobile devices, including feature phones.

Highlights of the partnership

  • With this solution, banks will be able to offer contactless payments on traditional Point-of-Sale machines without adding any new hardware device
  • The solution will empower consumers across segments to enjoy tap and go experience at the merchant location. At the time of payment, the sound based technology will enable exchange of essential information for payment processing such as merchant id, device id, transaction reference number and amount, between the Point-of-Sale machines and consumers phone. Basis this information, consumers can approve the transaction on their phone, without sharing the card or account information with the merchant. The unique aspect of this solution is that unlike NFC-based proximity payments, which require expensive handsets and new-age point-of-sale-machines, the sound based contactless payments can be offered on all smart phones and feature phones
  • The contactless technology from ToneTag, combined with biometrics authentication capabilities of Finacle solutions such as fingerprint or facial recognition, will enable consumers to have a completely frictionless experience while shopping
  • Based on the industry recognized EMVCo technical standard (which facilitates worldwide interoperability and acceptance of secure payments), the solution allows bank customers to make contactless payments using their digital wallets, linked credit/debit cards, or through direct debits from their accounts
  • The solution offers advanced security through three layers of encryption, along with tokenization, Host Card Emulation and White Box Cryptography to enable secure and convenient payments

About ToneTag:

ToneTag allows easy, frictionless & secureproximity payments using soundwaves(Tone) or NFC (Tag)and enables contactless experience on any device.ToneTag is a product first company driven to realize mobile payments and revolutionize the payment ecosystem. They believe mobile payments need to be easier, more secure and accessible than traditional payment methods and work to bridge the last mile in payments. ToneTag technology uses sound waves toenable contactless, offline, proximity payments on any device. ToneTag is transforming the way offline payments are going to take place in the near future.

About Infosys Finacle:

Infosys Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries and serves over 848 million customers estimated to be nearly 16.5 percent of the worlds adult banked population.

Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Isl?mic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.


Primary Source: Infosys Press Release