Tamilnad Mercantile Bank ties up with Wegofin to boost digital banking for businesses

Chennai, Oct 3 (PTI) Private sector Tamilnad Mercantile Bank (TMB) on Friday announced a strategic partnership with Wegofin Digital Solutions Pvt Ltd to enhance its digital banking and financial services for businesses across India.

Wegofin Digital Solutions is a next-generation financial technology platform provider offering integrated solutions for banking, payments, accounting, and compliance. Under the tie-up, Wegofin will serve as a Technology Service Provider for TMB, a press release from the bank said.

The collaboration marks a significant milestone in the digital transformation journey of the Tuticorin-based bank, introducing the 'Banking-as-a-Payment Aggregator' (BAPA) model to empower micro, small and medium enterprises, startups, and large enterprises with advanced financial solutions.

Commenting on the partnership, TMB Managing Director and CEO Salee S Nair 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, we are strengthening our ability to serve businesses of all sizes with innovative, secure and scalable financial solutions." Through this collaboration, TMB will enhance its role as a trusted banking partner while enabling seamless UPI merchant acquiring, automated payouts, fraud risk management, and compliance-driven financial operations, the bank said.

TMB will leverage Wegofin’s Reserve Bank of India-compliant Software-as-a-Service platforms to onboard merchants, automate bulk disbursements, and streamline UPI transactions with real-time settlement and reconciliation.

Wegofin Founder and CEO Prabhu Kumar said, "We are delighted to collaborate with TMB, a trusted and legacy name in the Indian banking system, to advance financial inclusion and digital adoption. This partnership is a leap forward in building smarter, compliance-focused financial ecosystems that empower enterprises." The bank noted that Wegofin’s tools — with an industry-leading fraud detection accuracy rate of 83.21 per cent and sub-minute flagging — will enhance security, compliance, and operational resilience.

The partnership is expected to boost growth in Current Accounts and Savings Accounts (CASA) and unlock new non-interest income streams for TMB, the release added. PTI VIJ SSK VIJ SSK ROH