NPCI, IIT Kanpur ink pact for digital payment solutions

Hyderabad: The Indian Institute of Technology (IIT), Kanpur and National Payments Corporation of India (NPCI) have signed a Memorandum of Understanding (MoU) for sharing knowledge on innovative ideas and to collaborate on the development of indigenous digital payments solutions. The collaboration will also help in the augmentation of cybersecurity controls for NPCI and its subsidiaries' products and services.

The MoU will precipitate a wide array of collaborative efforts between NPCI and IIT Kanpur. It will enable the constitution of better and more secure digital payment products and services oriented towards national interest and upliftment.

Prof. Abhay Karandikar, Director, IIT Kanpur said: "This collaboration with NCPI further strengthens our goal to achieve a holistic cyber secure ecosystem for our country. This association will not only converge the best of both the institutions in developing a robust digital payments system, but will also pave the way for multi-disciplinary research and opportunities." Antony Prakash, Chief Information Security Officer (CISO), NPCI said: "The association provides NPCI and IIT-K an excellent opportunity to develop advanced technical solutions that will provide customers with best-in-class, convenient, and safer payments experience."

With this collaboration, eminent faculty members from the institute will conduct deep informative sessions and deliver lectures for NPCI personnel on Cybersecurity and the new trends in artificial intelligence (AI), machine learning (ML), security product roadmaps, and distributed ledger technologies (DLT).