Tamilnad Mercantile Bank (TMB) has entered into a strategic partnership with Wegofin Digital Solutions Pvt. Ltd. to strengthen its digital banking offerings and expand financial services for enterprises across India.
The collaboration introduces the Banking-as-a-Payment Aggregator (BAPA) model, aimed at empowering MSMEs, startups, and large enterprises with innovative and compliance-driven solutions.
As part of the alliance, Wegofin will serve as TMB’s Technology Service Provider, bringing in its next-generation fintech expertise in integrated banking, payments, accounting, and compliance. Through this tie-up, TMB will enhance its digital ecosystem with seamless UPI merchant acquiring, automated payouts, fraud risk management, and real-time financial operations.
The partnership will see the launch of RBI-compliant AcquireX and DisburseX platforms that will streamline merchant onboarding, bulk disbursements, and UPI transactions, ensuring faster settlements and reconciliations. Additionally, Wegofin’s AI-powered risk engine, with a fraud detection accuracy of 83.21 per cent and sub-minute flagging capability, will bolster TMB’s security and operational resilience.
Commenting on the collaboration, Salee S Nair, Managing Director and CEO of TMB, said, “This partnership with Wegofin marks a pivotal step in TMB’s journey of transformation in the digital space. By adopting the BAPA model, we are strengthening our ability to serve businesses of all sizes with innovative, secure, and scalable financial solutions.”
Prabhu Kumar, Founder and CEO of Wegofin, added, “We are delighted to collaborate with TMB, a trusted and legacy name in Indian banking, to advance financial inclusion and digital adoption. This partnership is a leap forward in building smarter, compliance-focused financial ecosystems that empower enterprises.”
With this move, TMB aims to boost CASA growth, open new non-interest income streams, and position itself as a future-ready bank supporting India’s growing digital economy.
Founded over a century ago, TMB today operates 594 branches and 12 regional offices across 17 states and four Union Territories, serving more than 5.3 million customers nationwide.
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