The city-headquartered Vysya Bank Ltd and Satyam Infoway Ltd yesterday signed a memorandum of understanding for an alliance to enable payments over the Internet, initially for business to business, and later for business to consumer transactions.
Speaking at a press conference to announce the signing of the agreement, K R Ramamoorthy, chairman, Vysya Bank, said that the association with Satyam Infoway would also enable exchange of commercial documents through FEDI (electronic document exchange (financial)). Speaking on the occasion R Ramraj, chief executive officer, Satyam Infoway, said that Satyam would aid Vysya technically and help the bank build an interactive website.
The agreement provides for a strategic alliance in the area of payment gateways for B2C e-commerce and will additionally provide electronic data interchange technologies to the bank and its clients and also customise the solutions for B2B operations.
The interactive website will offer information on the bank and information on non-resident Indian facilities.
