iServeU & Central Bank of India Deal

New Delhi, Aug 6 (PTI) iServeU, a banking infrastructure provider, on Wednesday said it has secured a five-year contract worth over USD 10 million (about Rs 86 crore) with the Central Bank of India.

As part of the agreement, iServeU will power the bank's merchant acquiring operations end-to-end, the company said in a statement.


This includes deploying and managing UPI-enabled soundboxes across the country, along with delivering a comprehensive technology stack that features a merchant app with advanced UPI capabilities, a powerful soundbox platform, a back-office portal, and full-scale merchant support, including seamless migration from the previous service provider, it said.

The contract, which also includes an option for extension, secures predictable recurring revenues for iServeU and comprises the annual supply of over 60,000 soundboxes, it said.

In addition, iServeU will serve the bank's subsidiaries, sponsored Regional Rural Banks (RRBs), and any future merged entities - enabling long-term scalability.