By The Hindu Bureau
Copyright thehindu
Tamilnad Mercantile Bank (TMB) has forged strategic partnership with Wegofin Digital Solutions Private Limited, a leading fintech innovator, to revolutionize its digital banking and financial services for businesses across India.
An official statement said this collaboration marks a significant milestone in TMB’s digital transformation, introducing Banking-as-a-Payment Aggregator (BAPA) to empower micro, small and medium enterprises, startups and enterprises with cutting-edge financial solutions.
Wegofin, a next-generation fintech platform offering integrated solutions for banking, payments, accounting, and compliance, will serve as a Technology Service Provider (TSP) for TMB. Through this partnership, TMB will strengthen its role as a trusted banking partner while enabling seamless UPI merchant acquiring, automated payouts, fraud risk management and compliance-driven financial operations.
TMB will leverage Wegofin’s RBI-compliant SaaS platforms to onboard merchants, automate bulk disbursements and streamline UPI transactions with real-time settlement and reconciliation. With an industry-leading fraud detection accuracy rate of 83.21% and sub-minute flagging, Wegofin’s tools will enhance TMB’s security, compliance, and operational resilience. This partnership will unlock new non-interest income streams for the bank, cementing TMB’s leadership in digital-first banking
Commenting on the partnership, Salee S Nair, Managing Director and Chief Executive Officer, TMB, said this partnership with Wegofin marks a pivotal step in TMB’s journey of transformation in the digital space. By embracing the Banking-as-a-Payment Aggregator (BAPA) model, TMB is strengthening its ability to serve businesses of all sizes with innovative, secure and scalable financial solutions.
“Our goal is to reimagine banking for the modern enterprise and extend the benefits of technology-driven financial services to every corner of India. This collaboration underscores TMB’s long-term commitment to combining traditional banking strengths with modern fintech innovations. By adopting the BAPA model, TMB is well-positioned to drive digital adoption, broaden financial access, and strengthen its role as a future-ready bank supporting India’s growing digital economy,” Mr. Nair said.
Founder and Chief Executive Officer, Wegofin, Prabhu Kumar, added that this partnership would advance financial inclusion and digital adoption.
“This partnership is a leap forward in building smarter, compliance-focused financial ecosystems that empower enterprises,” Mr. Prabhu noted.
