Mumbai, January 19, 2017 : There were concerns raised by a UPI member bank in the media recently over the security of the application and customer data confidentiality with regards to our partner Phonepe, offering UPI services.
YES BANK has not received any such query or information from NPCI.
YES BANK would like to confirm that:
- The PhonePe application has complied with all the prerequisites as mandated by the network association.
- The process laid out by NPCI involves detailed certification, vulnerability assessment, penetration testing, application security, 3rd party security audits and a host of other procedural guidelines, all of which have been complied with.
- In fact, all member banks who are offering the UPI services have undergone exactly the same process and were allowed to go live only after complying with the same process. This service has been live since August 2016.
YES BANK is a firm supporter of NPCI's UPI platform and believes that interoperability by all member banks will ensure that the full benefits of UPI can be availed by all the customers. This will further accelerate the journey to a "less-cash" economy.
About YES BANK
YES BANK, India’s fourth largest private sector Bank with a pan India presence across all 29 states and 7 Union Territories of India, headquartered in the Lower Parel Innovation District (LPID) of Mumbai, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and its Top Management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the future businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.
YES BANK has a knowledge driven approach to banking, and offers a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “BUILDING THE FINEST QUALITY LARGE BANK OF THE WORLD IN INDIA”.
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