Infosys Finacle partners with ToneTag

NEW DELHI: Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys , today 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 latter’s sound wave technology to enable proximity payments and interactions.

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.

ToneTag is one of the companies that was 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.

“In the emerging NFC-based payments ecosystems driven by Apple and Samsung, banks are being relegated as the back-end payment utility provider. The sound wave based proximity payments solution by ToneTag offers a significant opportunity for banks to gain control of the last mile payment experience, without making substantial capital investments. We are glad to bring this promising startup to our client ecosystem," said Sanat Rao, Chief Business Officer, Infosys Finacle.
“Customer experience, security and interoperability will continue to be key for financial service applications. ToneTag brings all of these to the forefront and integration with Infosys Finacle will place our innovation into the hands of more than 800 million consumers across 94 countries," said  Kumar Abhishek, Founder, ToneTag.