– AI-backed software system that handles both online & offline transactions
– A product that will promote cash-lite economy in the Indian business ecosystem
Mumbai, 15 Jan 2020: Fintech giant Lyra Network India has introduced ‘Payment SWITCH’, a solution to facilitate real-time payment processing. The one-of-its-kind technology launched by Lyra Network, which is hailed as the leader in payment processing domain by market observers works on AI-backed software system that assists in communication between various providers and performs payment & settlement process smoothly for both online & offline transactions.
Lyra Payment SWITCH is a rule-based authorization and switching solution which dynamically routes payment transactions between multiple acquirers and Payment Service Providers in the most efficient way possible. The technology is compliant with RBI’s regulation on storage of sensitive card information.
A market leader in the digital payment domain, Lyra Network offers several payment services with advanced solutions to the large financial organizations, banks, facilitators and e-commerce platforms alike. The company has committed itself to the vision of “Cash-Lite Economy” set by the Reserve Bank of India with respect to digital payments in the Indian business ecosystem.
Feeling optimistic on the launch of Lyra Payment SWITCH, Mr. Rajesh Desai, CEO & Director, Lyra Network India, said, "Digital payments are no longer limited to credit and debit cards. In view of the expanding horizons of digital payments, we launched Payment SWTICH to ensure that payment transactions between different payment providers would be quick and easy. The platform will be immensely useful for large transactional organizations like banks and help flagship schemes like Digital India.”
Notably, India has reached from very little to 800 million digital transactions per month in three years after demonetization. A KPMG report released this year revealed India's growing love for fintech stating that digital payments are growing in India at 12.7% compound annual growth rate.
“SWITCH is developed keeping India’s transition to a cashless economy in mind. Lyra's Payment SWITCH provides a quick and uninterrupted flow of transactions. It will also resolve the security & connectivity issues in the digital payment ecosystem and will prove as a useful tool for Digital India & expansion of digital transactions in Rural India” added Mr. Desai.
Lyra’s Payment SWITCH is PCI-DSS 3.2 compliant and certified with card schemes like VISA, MASTERCARD and NPCI. Among other highlights, Lyra Payment SWITCH offers BIN sponsorship, in-house hosting, modular architecture, platform to connect to PSTN, Applications, 3G, 4G, and IP devices, and much more.