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Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys has announced a partnership with ToneTag, a provider of near-field communications, payments and location-based services using sound waves. Through this partnership, Finacle and ToneTag will offer a joint solution that will leverage the latter’s sound wave technology to enable proximity payments and interactions.

Leveraging this joint solution, banks will now enable their consumers to authenticate themselves and transact at bank branches, ATMs and retail outlets, in a highly secure, fast and seamless manner. Consumers can make payments with a tap of their phone, which will expedite the checkout process at the merchant location, and improve the overall shopping experience. Delivered through Finacle digital banking solutions such as Finacle Mobile Banking and Finacle Digital Wallet, the solution will be available for all kinds of mobile devices, including feature phones.

ToneTag is one of the companies that was recognized in the recently concluded chapter of Finacle FinTech Connect, an initiative that builds on ongoing alliances and the Infosys Innovation Fund program to identify promising new FinTechs.

Highlights

· With this solution, banks will be able to offer contactless payments on traditional Point-of-Sale machines without adding any new hardware device

· The solution will empower consumers across segments to enjoy tap and go experience at the merchant location. At the time of payment, the sound based technology will enable the exchange of essential information for payment processing such as merchant id, device id, transaction reference number, and amount, between the Point-of-Sale machines and consumers’ phone. Basis this information, consumers can approve the transaction on their phone, without sharing the card or account information with the merchant. The unique aspect of this solution is that unlike NFC-based proximity payments, which require expensive handsets and new-age point-of-sale-machines, the sound based contactless payments can be offered on all smartphones and feature phones

· The contactless technology from ToneTag, combined with biometrics authentication capabilities of Finacle solutions such as fingerprint or facial recognition, will enable consumers to have a completely frictionless experience while shopping

·  Based on the industry recognized EMVCo technical standard (which facilitates worldwide interoperability and acceptance of secure payments), the solution allows bank customers to make contactless payments using their digital wallets, linked credit/debit cards, or through direct debits from their accounts  

· The solution offers advanced security through three layers of encryption, along with tokenization, Host Card Emulation, and White Box Cryptography to enable secure and convenient payments

Sanat Rao, Chief Business Officer, Infosys Finacle says, “In the emerging NFC-based payments ecosystems driven by Apple and Samsung, banks are being relegated as the back-end payment utility provider. The sound wave based proximity payments solution by ToneTag offers a significant opportunity for banks to gain control of the last mile payment experience, without making substantial capital investments. We are glad to bring this promising startup to our client ecosystem.”

Kumar Abhishek, Founder, ToneTag says, “Customer experience, security, and interoperability will continue to be key for financial service applications. ToneTag brings all of these to the forefront and integration with Infosys Finacle will place our innovation into the hands of more than 800 million consumers across 94 countries.”