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 the Bharat segment. The collaboration will leverage DM’s Spark Money platform and Jana SFB’s technological capabilities to offer improved user experiences and UPI functionalities.
Spark Money platform
Spark Money is a platform that enables customers to access a range of financial products and services, such as savings accounts, insurance, loans, investments, and payments. The platform aims to empower customers with financial literacy, convenience, and choice.
According to Pramod Ghorpade, Co-Founder, MD & CEO of Dvara Money, “Our alliance with Jana Small Finance Bank marks a pivotal moment in enhancing the digital banking experience for our Bharat segment. With the Spark Money platform already servicing over 250,000 customers and more than 200 MSMEs, this partnership will allow us to offer an even more personalised and efficient banking experience, tailored to meet the varied needs of our customers.”
The Spark Money platform also provides customers with features such as goal-based savings, automated budgeting, gamified nudges, and personalised recommendations. The platform uses artificial intelligence and machine learning to analyse customer behaviour and preferences and offer customised solutions.
UPI integration
The partnership will also enable the integration of a full-stack UPI solution into the Spark Money platform, using the third-party application provider (TPAP) capabilities of Jana SFB. 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.
Ajay Kanwal, MD & CEO of Jana Small Finance Bank, said, “We are delighted to partner with Dvara Money to offer digital banking solutions to the underserved segments of the society. Through this partnership, we aim to provide our customers with a seamless and secure UPI experience, along with access to a range of financial products and services on the Spark Money platform.”
The UPI integration will also enable customers to make instant and cashless transactions across various platforms and merchants. Customers can also avail benefits such as cashbacks, rewards, discounts, and offers through the UPI solution.
Video KYC
The partnership will also simplify the savings account opening process by incorporating video KYC (VKYC) into the Spark Money platform. This will allow customers to complete their KYC verification through a video call, without the need for physical documents or visits.
The VKYC feature will add do-it-yourself capabilities to the already active assisted onboarding onto the platform. This will help in reaching out to more customers in remote areas and enhancing their financial inclusion.
Sandeep Arora, Chief Digital Officer of Jana Small Finance Bank, said, “We are excited to collaborate with Dvara Money to leverage our VKYC solution for their Spark Money platform. This will enable customers to open savings accounts with Jana SFB in a matter of minutes, without any hassle or paperwork. This will also help us in expanding our customer base and offering them a superior digital banking experience.”
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