India boosts core banking integration with Fiorano ESB
Fiorano Software, a leader in enterprise integration and messaging middleware solutions today announced that Federal Bank has deployed Fiorano ESB to support India's national ID-based welfare disbursement system (Aadhaar Payment Bridge System, APBS).
Currently, many of India's poorest citizens do not have ID cards, bank accounts or even addresses that they can use to obtain social services. The distribution of funds is wrought with inefficiencies, corruption and leakages. The APBS is a payment gateway platform created by the National Payments Corporation of India that will be used to electronically distribute funds to beneficiaries of social security pensions, employment guarantee program, public distribution system and other government programs.
Mr. P. Chidambaram, the Finance Minister of India, noted in a recent interview that the government spends "thousands and thousands of crores of rupees" (1 crore rupees = 10,000,000 rupees) on pension and various subsidies.
"We are going to launch the ambitious program of paying direct cash subsidies to people through the Aadhaar system in 51 districts across 15 states by 2013," he said.