IndusInd Bank bags global 'Celent Model Bank' Award for its Enterprise Payments Hub (EPH) initiative
MUMBAI, India, April 18, 2022 /PRNewswire/ — IndusInd Bank today announced that it has been awarded the global ‘Celent Model Bank’ award under the category – ‘Payments System Transformation’ for building a best-in-class Enterprise Payments Hub (EPH). The award acknowledges the Bank’s outstanding journey in creating a cloud-based central payments hub that is capable of seamlessly processing high transaction loads originating across all forms of payment instructions, and across all originating client touchpoints.
The ‘Celent Model Bank’ is awarded for best practices of technology usage in different areas that are critical to success in banking, and is the main award that a financial institution can receive from Celent – a leading research and advisory firm focused on technology for financial institutions, globally. With this, IndusInd Bank has joined ranks with a few other banks globally, who have been conferred with this award.
Speaking about the award, Mr. Biswabrata Chakravorty, Head – Information Technology, IndusInd Bank said, “We are honoured to have been recognized for our efforts at the prestigious Celent Model Bank awards. IndusInd Bank’s vision to transform into a state-of-the-art Digital Bank hinges on providing the best-in-class banking services, backed by innovative usage of technology. The award is a testament to our constant endeavour at undertaking initiatives that simplify processes, minimise turnaround times, and eventually create an agile financial ecosystem, that provides customers with a seamless banking experience across touchpoints.”
About the EPH programme:
Under the Enterprise Payments Hub initiative, IndusInd Bank has successfully designed a solution that will cut down on transaction cost, minimize system outages, and improve operation as well as customer experience, across all transaction points. It is developed on a micro services stack with each payment having its pod based architecture. This allows payments to auto scale independently depending on the transaction peak. It also features capabilities like warehousing of transactions including replay, centralised limit management and reconciliation controls.
About IndusInd Bank:
IndusInd Bank, which commenced operations in 1994, caters to the needs of both consumer and corporate customers its technology platform supports multi-channel delivery capabilities. As on December 31, 2021, IndusInd Bank has 2,103 Branches/Banking Outlets and 2,861 ATMs spread across 769 geographical locations of the country. The Bank also has representative offices in London, Dubai and Abu Dhabi. The Bank believes in driving its business through technology. It enjoys clearing bank status for both major stock exchanges – BSE and NSE – and major commodity exchanges in the country, including MCX, NCDEX and NMCE. IndusInd Bank was included in the NIFTY 50 benchmark index on April 1, 2013.
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