Dvara Money and Jana Small Finance Bank partner to facilitate digital banking with Spark Money

Technology-driven financial solutions platform Dvara Money (DM) has announced a strategic partnership with Jana Small Finance Bank Limited (Jana SFB). It stated that the collaboration is set to combine DM's Spark Money platform with the technological capabilities of Jana SFB. 

Third Party Application Providers (TPAP) capabilities is a significant element of this partnership, it stated. TPAP will enable the integration of a full-stack UPI solution into the Spark Money platform. This integration will allow customers to connect their savings accounts for payments, facilitating seamless digital transactions. The solution will also enable to offer UPI functionalities like Aadhar OTP-based onboarding and credit on UPI to Dvara’s existing offerings. 

Pramod Ghorpade, Co-Founder, MD & CEO, of Dvara Money, said, "Our alliance with Jana Small Finance Bank marks a key moment in enhancing the digital banking experience for our Bharat segment. With the Spark Money platform already servicing over 250,000 customers and more than 200 MSMEs, this partnership will allow us to offer an even more personalized and efficient banking experience, tailored to meet the varied needs of our customers and provide solutions which customers want at their time, their way, and at their location". 

With this collaboration, DM will use the technological capabilities of Jana SFB to simplify the savings account opening process. The incorporation of Video KYC (VKYC) into the Spark Money platform will add do-it-yourself capabilities to the already active assisted onboarding onto the platform. This will add to the geographies and the user base that the Spark Money platform can serve. 

Ashish Gopal Saxena, Chief Information and Digital Officer at Jana Small Finance Bank, added, "We are excited to partner with Dvara Money, as our joint efforts will focus on making banking more accessible and user-centric. Technology integration is a key component in ensuring a smooth, efficient banking experience for our customers."