Jana Small Finance Bank, Dvara Money partner for Digital Finance

Jana Small Finance Bank Limited (Jana SFB) and Dvara Money (DM), a technology-driven financial solutions platform, have announced a strategic partnership to facilitate digital banking services for their customers. The collaboration will combine DM’s Spark Money platform with the technological capabilities of Jana SFB, enabling UPI functionalities and Video KYC (VKYC) for customers. The partnership aims to provide solutions that customers want at their time, their way and at their location.

Spark Money platform

Spark Money is a digital banking platform that offers customers a range of financial products and services, such as savings accounts, loans, insurance, investments and payments. Spark Money aims to provide personalized and efficient banking solutions for the Bharat segment, catering to the needs of low-income households and micro-enterprises. Spark Money also offers financial literacy and advisory services to help customers make informed financial decisions.

UPI integration

The partnership will leverage the third-party application provider (TPAP) capabilities of Jana SFB to integrate a full-stack UPI solution into the Spark Money platform. This will allow customers to connect their savings accounts for digital payments and enable UPI functionalities such as Aadhaar OTP-based onboarding and credit on UPI. This will facilitate seamless digital transactions for customers and enhance their user experience. UPI is a fast, secure and convenient payment system that allows customers to transfer money using a virtual payment address (VPA) or a QR code.

Video KYC

The partnership will also incorporate Video KYC (VKYC) into the Spark Money platform, which will simplify the savings account opening process for customers. VKYC is a do-it-yourself verification process that allows customers to complete their KYC remotely using their smartphone or computer. VKYC will reduce the time and cost of onboarding customers and increase their convenience and accessibility. VKYC is compliant with the RBI guidelines and ensures data security and privacy of customers.

Conclusion

The collaboration of Jana SFB and Dvara Money is set to develop the digital banking landscape in Bharat, enhancing user experiences through the Spark Money platform. The partnership will offer customers a full-stack UPI solution and a VKYC facility, which will enable them to access digital banking services with ease and security. The partnership will also help in promoting financial inclusion and empowerment of the underserved segments of the society.

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