SBM Bank India & PayNearby tied knots to offer "Open Banking" to the masses   



The new era banking has been initialised by SBM Bank (India) with a fintech startup company PayNearby to build an 'open banking' network towards delivering basic banking solutions as well as advanced financial services to the customers. Both firms signed a Memorandum of Understanding towards delivering basic banking solutions as well as advanced financial services, to their customers.

The partnership would enable the Bank to offer complete suite of digital and assisted banking solutions through PayNearby’s exhaustive network of micro-enterprise and retail touch points. Besides a win-win for the partners; the alliance will not only empower the under banked and unbanked segments; but also enable the micro-enterprise and retail touch points to earn better returns on their investments. The deployment of the banking module will be done in a phased manner and will work seamlessly with the existing platforms at PayNearby outlets and touchpoints.

Both companies are focused to build open modular architecture-led platforms, that can support plug and play APIs, ensuring highly customized environments which can expand using respective partnership approach.
Sidharth Rath, MD & CEO, SBM Bank (India)
Commenting on the partnership, Sidharth Rath, MD & CEO, SBM Bank (India), said, “Our partnership with Nearby Technologies is built on a commitment to facilitate financial empowerment among underbanked and unbanked segments.  Together, we will not only make secured, digital and assisted banking accessible to these entities but also add value in their economic growth.”  

PayNearby is the largest agent banking platform from Nearby Technologies – built to educate, engage and push wide range of fintech services, including basic banking facilities like account opening to more advance options like the latest ecommerce experience, the latest payment technology, including UPI, P2P payments and many more. The technology platform connects consumers via local retailers and micro enterprises.

Anand Kumar Bajaj, MD & CEO, PayNearby


Commenting on this, Anand Kumar Bajaj, MD & CEO, PayNearby remarked, “We will have more than 20 lakh new age retail partners on ground, who will be sourced in a phased manner. From 9 Crore customers to 50 Crore beneficiaries, we believe through our distribution strength and the banking solutions from SBM Bank, we can together realize the dream of bridging the digital gap and making essential services available for all.”

PayNearby, powered by SBM Bank (India) will offer all the banking solutions - ranging from account opening, banking transactions, final product sales, AEPS. Also, all payment transactions and relationship management can be executed at the outlets using the digital app or through assisted banking feature.