Fino Payments Bank Upgrades Core Banking System to Finacle for Future Growth
Fino Payments Bank migrates its core banking system to Finacle
Business Standard
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Fino Payments Bank has migrated its Core Banking System to Finacle, a move aimed at enhancing its digital infrastructure as it transitions to a Small Finance Bank. This strategic investment of over ₹200 crore (approximately $24 million USD) is expected to facilitate efficient growth and accelerate product launches.
- 01Fino Payments Bank migrated its Core Banking System to Finacle.
- 02The migration is part of its transition to a Small Finance Bank.
- 03The investment in the upgrade is over ₹200 crore (approximately $24 million USD).
- 04The transition was completed on schedule despite its complexity.
- 05The new system will enhance product launch efficiency and support growth.
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Fino Payments Bank has successfully transitioned its Core Banking System (CBS) to Finacle, marking a significant step in its digital transformation. This upgrade is part of the Bank's strategy to evolve into a Small Finance Bank (SFB) and represents a substantial investment of over ₹200 crore (approximately $24 million USD). The migration was executed through a phased approach, ensuring system stability and data integrity, despite a temporary moderation in business volumes during the fourth quarter of FY26. Ketan Merchant, Interim CEO, emphasized that the new modular architecture will enable efficient growth across various banking services, including liabilities, lending, and payments, and will significantly speed up product launches, reinforcing the Bank's readiness for its SFB journey.
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This migration will likely enhance the banking experience for customers by enabling quicker product launches and improved services as Fino Payments Bank transitions to a Small Finance Bank.
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