AccessPay has opened a sales office in Kolkata, India, in response to what it calls the “enormous potential for growth” within the Indian financial services sector.
The payment automation and business intelligence services provider, formed in 2012 with the aim of streamlining the sending and receiving of payments, says that its expansion comes at a time when the Indian banking system is going through transformative changes.
The Reserve Bank of India (RBI) is “opening up opportunities for agile and pared-down payment banks to challenge the old oligopoly of India’s big banks,” the company adds. “With these new challengers looking to expose the market to the entire Indian population, the potential growth prospects for anyone entering the regions finance industry are vast.
“With Indian corporates looking to reduce costs and non-banks looking to improve service quality to end-users, the potential for a more cost effective and immediate payment service will be of great interest.”
Shabs Moiyed, chief technology officer at AccessPay, will lead the expansion of services from the Kolkata office. He commented: “We are very excited about the potential opportunities the Indian market will offer us, particularly around our ability to offer real-time payment solutions for non-banks looking to enter the market.”
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