CCAvenue strengthens network with Bassein Catholic Co-op Bank collaboration

Infibeam Avenues Limited, a leading financial technology company listed on both the Bombay Stock Exchange and the National Stock Exchange, has expanded the reach of its flagship payment gateway, CCAvenue. In a move set to benefit its vast merchant base, CCAvenue is now integrated with the net banking services of Bassein Catholic Co-operative Bank (BCCB). The partnership aims to streamline digital payments, offering customers and merchants a seamless transaction experience.

Broadening Payment Horizons for Merchants

The integration introduces BCCB’s internet banking capabilities into the CCAvenue network, enabling millions of registered merchants to access a broader customer base. This collaboration is expected to enhance business growth by leveraging CCAvenue’s comprehensive payment solutions. Merchants powered by CCAvenue can now facilitate direct debits for BCCB customers, simplifying transactions across hundreds of e-commerce platforms.

Mr. T. Nandakumar Menon, Senior Vice President for Alliances and Operations at Infibeam Avenues Limited, emphasized the strategic value of this partnership. He noted that the inclusion of BCCB’s net banking feature aligns with the company’s mission to offer innovative and secure payment solutions, further enriching the digital ecosystem for both businesses and consumers.

A Major Leap in Payment Network Expansion

CCAvenue has cemented its reputation as a versatile payment platform, catering to a wide array of industries such as retail, real estate, telecommunications, and healthcare. With the largest direct debit engine in the country, CCAvenue currently processes net banking transactions for approximately 60 leading banks in India. The addition of BCCB, which boasts a robust network of 63 branches in Maharashtra, is a significant step in its mission to make digital payments more accessible and inclusive.

The Legacy of Bassein Catholic Co-operative Bank

Founded in 1918 as a credit co-operative society, BCCB has evolved into one of Maharashtra’s premier urban co-operative banks. Achieving scheduled bank status in 1990, the institution has consistently demonstrated its commitment to technological advancement, including the implementation of core banking systems across all its branches in 2010. Recognized for its investment initiatives, BCCB has won several prestigious awards, solidifying its position as a trusted banking institution.

About CCAvenue and Infibeam Avenues

CCAvenue is a PCI DSS 3.2.1-compliant payments platform that offers merchants a diverse range of payment options, including credit and debit cards, UPI, mobile wallets, and net banking. The platform processes payments in 27 international currencies, making it a global player in digital payment solutions.

Infibeam Avenues Limited, the parent company of CCAvenue, is a pioneer in fintech, providing digital payment solutions and enterprise software platforms to businesses and governments worldwide. The company’s vast operations span India, the UAE, Saudi Arabia, Australia, and the United States, with additional partnerships in Oman. In FY24, the company processed transactions worth ₹7.0 trillion (approximately $86 billion), underscoring its impact on the digital payments landscape.

The Road Ahead

The alliance between CCAvenue and BCCB signifies a shared commitment to fostering financial inclusion through technology. By enabling efficient, secure, and scalable payment solutions, this partnership is set to empower businesses and consumers alike, driving the adoption of digital payment systems in India and beyond.