RBI_IDRBT Payment System Innovation Contest
Payments and B2B flows continue to be a hotbed of activity in the FinTech space globally. Likewise in India, the regulators are closely watching this space to identify early solutions that will benefit the economy. To encourage innovations in India in the area of Payments and Settlements the Reserve Bank of India had announced the first “Payment System Innovation Awards” in December 2015. The contest was sponsored by RBI and conducted by the Institute for Development and Research in Banking Technology (IDRBT) with a broad focus on: Customer Convenience; Acceptance & Electronic Payments and Emerging Technologies.
The contest saw an overwhelming response with 115 entries from India and abroad including – Banks and FIs, Software Companies, System and Integration players, Fintech start-ups and Universities. Post a detailed screening, 26 entries were shortlisted and have been covered in the RBI publication on the event. Eventually, 12 finalists were shortlisted to make presentations to the RBI Committee in June 2016 at Hyderabad.
It gives us great pleasure to share that recognizing its unique play in the B2B Financing & Payments space, Vayana was invited as a finalist to present its Invoice2Payment (I2P) solution for B2B payables.
It’s heartening to note that in a “Payments System” focussed contest Vayana’s presentation was very well received and acknowledged by the eminent jury as a solution needed to address the needs of the MSME Suppliers in the country today.
The positive response received towards Vayana’s services is a great motivator and recognition of our relentless pursuit of solutions and services to enable one-click access to finance for the smallest of MSMEs. Vayana’s I2P is empowering early payments for B2B Suppliers covering manufacturers to the smallest of Logistics, Security or Catering service providers. Our Network today spans over 135 cities in India and we endeavour to make it accessible to MSMEs in the remotest parts of the country.