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National Payments Corporation of India (NPCI) on Wednesday announced the signing of a multi-year memorandum of understanding (MoU) with the Indian Institute of Science (IISc), Bangalore, for conducting joint research on blockchain and artificial intelligence (AI) technology.
The partnership will also propel further innovation through the establishment of the "NPCI-IISc Centre of Excellence (CoE) for Deep Tech Research and Development".
"This latest development marks an important step towards achieving that goal, and we take immense pride in collaborating with IISc," Vishal Kanvaty, CTO, NPCI, said in a statement.
"As our nation progresses towards digital sustainability, we recognise the significant potential for research in deep technologies such as blockchain and AI to further enhance the payment landscape," he added.
The partnership will also focus on scalable blockchain platforms and multi-modal analytics over fintech data. Faculty members from five departments at IISc will work with NPCI researchers on practical challenges related to these areas.
"This partnership will not only foster cutting-edge research and the development of models and software prototypes but also nurture professional development through workshops and training programmes," said Navakanta Bhat, Dean, Division of Interdisciplinary Sciences, IISc.
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NPCI's collaboration with IISc is aimed at solving complex technological and engineering problem statements in the areas of scalability, privacy-preserving designs, neural networks, graph AI, large language models (LLM), etc.
Tech Fini partners with NPCI
In another development, Mumbai's Fintech startup, Tech Fini, announced that it has joined hands with NPCI to offer UPI 2.0 acquiring and issuing switch solutions to its merchants.
The announcement comes at a time when the Fintech startup bagged UPI 2.0 Issuer & Acquirer, PCI DSS, and ISO/IEC certifications from NPCI.
Atish Shelar, chief operating officer of Tech Fini, said, "We are glad to have been certified by NPCI to enable UPI to acquire and issue switch solutions and to offer credit lines on UPI to our merchants. This validation reaffirms our objective to equip our clients with a safe, flexible, and reliable digital payment environment and foster a financially inclusive economy. We will continue to build such innovative solutions and work in tandem with other stakeholders to create infrastructure that can be customised and scaled."
