NPCI Forms Unit to Advance AI and Blockchain Technology
POWER & RENEWABLE ENERGY

NPCI Forms Unit to Advance AI and Blockchain Technology

The National Payments Corporation of India (NPCI) has established NPCI Tech Solutions (NTSL), a wholly owned technology subsidiary that will serve as its technology and innovation arm. The payments organisation said the new unit would work on artificial intelligence, blockchain, digital financial infrastructure and global capability centre services.

NPCI operates India’s retail payments and settlement systems, including the Unified Payments Interface (UPI). The organisation said NTSL would help it develop capabilities beyond its core payments mandate while supporting technology requirements for several digital public infrastructure programmes in India.

Vishal Kanvaty, NPCI’s chief technology officer, has been appointed managing director and chief executive officer of NTSL. Kanvaty has been associated with NPCI for nearly a decade and will lead the subsidiary as it builds its technology and innovation capabilities.

NPCI said developments in artificial intelligence and other emerging technologies were creating new opportunities across digital infrastructure and financial services. The new subsidiary will therefore focus on advanced technology research and applications that can support the wider financial ecosystem, in addition to NPCI’s existing payment operations.

NTSL is NPCI’s fourth wholly owned subsidiary. The other subsidiaries are NPCI International Payments, NPCI Bharat BillPay and NPCI BHIM Services. The creation of the technology arm comes as India continues to expand the use of digital public infrastructure and strengthen research and development in artificial intelligence across banking and financial services.

The National Payments Corporation of India (NPCI) has established NPCI Tech Solutions (NTSL), a wholly owned technology subsidiary that will serve as its technology and innovation arm. The payments organisation said the new unit would work on artificial intelligence, blockchain, digital financial infrastructure and global capability centre services. NPCI operates India’s retail payments and settlement systems, including the Unified Payments Interface (UPI). The organisation said NTSL would help it develop capabilities beyond its core payments mandate while supporting technology requirements for several digital public infrastructure programmes in India. Vishal Kanvaty, NPCI’s chief technology officer, has been appointed managing director and chief executive officer of NTSL. Kanvaty has been associated with NPCI for nearly a decade and will lead the subsidiary as it builds its technology and innovation capabilities. NPCI said developments in artificial intelligence and other emerging technologies were creating new opportunities across digital infrastructure and financial services. The new subsidiary will therefore focus on advanced technology research and applications that can support the wider financial ecosystem, in addition to NPCI’s existing payment operations. NTSL is NPCI’s fourth wholly owned subsidiary. The other subsidiaries are NPCI International Payments, NPCI Bharat BillPay and NPCI BHIM Services. The creation of the technology arm comes as India continues to expand the use of digital public infrastructure and strengthen research and development in artificial intelligence across banking and financial services.

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