Banking & FinanceCurrent Affairs

NPCI launched the Vajra Platform for a fast and secure platform

The National Payments Corporation of India (NPCI) launched the Vajra Platform to make payments fast and secure. The platform is based on blockchain technology. Aim: The main objective of the Vajra Platform is to provide automated clearing and settlement of payments and drastically reduce the need for manual reconciliation.  Features: Vajra Platform uses distributed ledger technology (DLT) . The platform uses a permissions model in order to ensure that only approved parties are a part of the network . Payment companies can apply and register to be a part of the network . After getting the approval, the companies can deploy the platform using an application programming interface (API) that will be provided by NPCI. Benefits: The benefits of the Vajra Platform: Near real-time clearing and settlement of transactions . Minimal reconciliation of transactions . Improved security and reduced operational and financial risks . Legitimate audit trail as DLT is incorruptible . Vajra Platform will  be used for Aadhaar authentication by the Unique Identification Authority of India (UIDAI)

Content Protection by

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button

Adblock Detected