Viyona Fintech India Pvt Ltd, a Hyderabad-based financial technology firm, has officially received certification from the National Payments Corporation of India (NPCI) for several key digital payment integrations. This certification covers services including Unified Payments Interface (UPI), Immediate Payment Service (IMPS), and Interoperable Mobile Banking (IBMB). The development marks a significant step in enhancing secure and interoperable financial infrastructure for banks, fintech firms, and merchants across the country.
What is Viyona Fintech’s NPCI Certification?
The certification granted by the National Payments Corporation of India (NPCI) authorizes Viyona Fintech to operate as a certified technology provider for some of India’s most critical retail payment systems. Founded in 2022 and headquartered in Hyderabad, Telangana, Viyona Fintech has established itself as a player in the digital financial infrastructure space. Under the leadership of its Founder and CEO, Ravindranath Yarlagadda, the company focuses on creating specialized solutions for agricultural finance, Farmer Producer Organizations (FPOs), and small businesses.
This technical certification validates that Viyona’s infrastructure meets the rigorous security and operational standards set by NPCI. It specifically covers four primary areas: UPI Acquirer, UPI Issuer, Immediate Payment Service (IMPS), and Interoperable Mobile Banking (IBMB). By securing these certifications, the company can now provide end-to-end payment orchestration, allowing banks and merchants to integrate these services directly through Viyona’s platform without relying on third-party aggregators.
Core Services: UPI, IMPS, and IBMB Explained
To understand the significance of this development, it is essential to look at the specific functions of the certified payment systems. These systems form the backbone of retail digital payments in India.
UPI Acquirer and Issuer Roles
The Unified Payments Interface (UPI) operates through two primary roles. As a UPI Acquirer, Viyona can onboard merchants and process payments initiated by customers at checkout points. As a UPI Issuer, the company can issue Virtual Payment Addresses (VPAs) or UPI handles to end-users, enabling them to link their bank accounts and make payments directly from their mobile applications.
IMPS and IBMB
The Immediate Payment Service (IMPS) is a real-time, inter-bank electronic funds transfer system that operates 24/7, including on Sundays and bank holidays. It was launched in 2010 to provide an instant alternative to NEFT and RTGS.
The Interoperable Mobile Banking (IBMB), also referred to as Banking Connect, is a newer initiative designed to solve the fragmentation in traditional net banking. Currently, net banking often requires individual agreements between banks and payment aggregators. IBMB creates a centralized switch that allows any bank to connect once and offer its mobile banking services to any merchant on the network, making net banking as seamless as UPI.
| Service | Primary Function | Key Benefit |
|---|---|---|
| UPI Acquirer | Merchant onboarding and QR processing | Enables businesses to accept digital payments |
| UPI Issuer | Issuing VPA handles to users | Allows customers to create and use UPI IDs |
| IMPS | Instant fund transfer | 24/7 real-time settlement between bank accounts |
| IBMB | Mobile banking interoperability | Standardizes net banking across different banks |
Significance for India’s Digital Payment Ecosystem
The certification of Viyona Fintech as a technology service provider has broad implications for financial inclusion in India. One of the primary challenges for small regional and cooperative banks is the high technical barrier to integrating with national payment networks like UPI and IMPS. By acting as a certified intermediary, Viyona enables these smaller financial institutions to offer modern digital banking services to their customers without needing to build expensive infrastructure from scratch.
This is particularly relevant for the agricultural sector and rural economies. Viyona Fintech’s focus on Farmer Producer Organizations (FPOs) and rural banking ensures that digital payment benefits reach the grassroots level. Direct integration with NPCI systems through a certified provider reduces the number of intermediaries in a transaction, leading to lower costs for merchants and higher success rates for consumers.
Furthermore, being part of the T-Hub ecosystem in Hyderabad, Viyona is positioned at the center of India’s fintech innovation hub. This proximity to other tech startups and financial institutions allows for better collaboration and the development of specialized financial products that cater to underserved markets. The certification essentially levels the playing field, allowing smaller players to compete with large private banks in terms of digital service delivery.
National Payments Corporation of India: The Nodal Body
The National Payments Corporation of India (NPCI) is the umbrella organization responsible for operating retail payments and settlement systems across the country. Established in 2008 as an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), NPCI was created under the provisions of the Payment and Settlement Systems Act, 2007. It is registered as a not-for-profit company under Section 8 of the Companies Act, 2013.
Headquartered in Mumbai, Maharashtra, NPCI has been instrumental in transforming India into a digital-first economy. It manages a wide array of payment products, including RuPay, UPI, BHIM, Immediate Payment Service (IMPS), and National Electronic Toll Collection (NETC), commonly known as FASTag. The organization is currently led by Ajay Kumar Choudhary, who serves as the Non-Executive Chairman, and Dilip Asbe, the Managing Director and CEO. By providing the underlying infrastructure for digital transactions, NPCI ensures that the Indian payment landscape remains secure, scalable, and highly interoperable.
Key Takeaways
- Viyona Fintech India Pvt Ltd, a Hyderabad-based company founded in 2022, has secured NPCI certification for major digital payment services.
- The certification covers UPI Acquirer, UPI Issuer, Immediate Payment Service (IMPS), and Interoperable Mobile Banking (IBMB).
- NPCI was established in 2008 as an initiative of the RBI and IBA to operate retail payment systems in India.
- Interoperable Mobile Banking (IBMB), also known as Banking Connect, provides a centralized switch to improve net banking interoperability.
- Immediate Payment Service (IMPS), launched in 2010, enables real-time, 24/7 funds transfer between bank accounts across India.
- The move is expected to boost financial inclusion by helping regional and cooperative banks integrate with national payment networks.
