Author: prime

• Cashfree Payments’ UPI Switch is a game-changer as it allows businesses to accept UPI payments at a very large scale of upto 12000 transactions per second without experiencing failures or customer issues even during days of sale or events like IPL
• It also allows merchants to access new UPI versions and features as they are launched along with better fraud prevention capabilities
• The UPI Switch enables seamless communication between core banking systems and NPCI’s UPI systems to streamline UPI transactions and is integral to deliver high success rates

Bengaluru, October 15, 2024: Cashfree Payments, India’s leading payments and API banking company announced that its UPI(Acquiring) Switch has received certification from the NPCI and has started processing transactions. The UPI Switch is a software that enables communication between core banking systems and NPCI’s UPI systems to process UPI transactions and is integral to deliver high success rates and reliable processing.

The UPI Switch from Cashfree Payments is a gamechanger as it can allow businesses to accept UPI payments at a very large scale of 12000 transactions per second without experiencing payment failures or customer issues, even during days of peak traffic for events like Big Billion days, IPL etc.  In addition to reporting upto 5% higher success rates, the UPI Switch offers businesses much more control and visibility over UPI payment acceptance through faster onboarding, immediate access to new UPI features, instant refunds, easier payment retries for customers,  better visibility of reasons of payment failures, better fraud prevention, control over the narration in the account statement and quicker transaction completion.  UPI Switch is built in partnership with NSDL as the sponsor bank.

Commenting on the launch Akash Sinha, CEO & Co-founder, Cashfree Payments said, “Our advanced UPI Switch significantly elevates Cashfree Payments’ payment processing value proposition. This solution transforms the UPI payment experience with faster onboarding, customizable account statements, improved payment retries, instant refunds, immediate access to new UPI features, and enhanced visibility of payment failure reasons. Positioned as a leader in India’s digital payments landscape, Cashfree Payments’ deep ecosystem understanding empowers businesses to thrive as India’s digital economy evolves.”

Built in-house by Cashfree Payments’ sharpest engineering talent, UPI Switch minimises businesses’ losses due to fraud by detecting patterns through trained machine learning models and rejecting risky transactions, particularly those involving QR codes.

The UPI Switch excels in error handling and reduces customer queries by more than 70% by showing accurate reasons for payment failure, making retries intuitive, supporting instant refunds and by proactively reversing invalid transactions, such as payments made to expired QR codes. Supporting various UPI flows like UPI Credit, UPI PPI, UPI Collect, Intent (Push), Dynamic QR codes, UPI Auto Pay, and OTM (One-Time Mandate) on Payee PSP, it ensures businesses’ flexibility and efficiency in payment processing. The UPI Switch also enables quick adoption of new NPCI features, as they are launched.

As UPI evolves, this switch will be pivotal to drive faster innovation and cutting-edge solutions for businesses and customers.

Cashfree Payments is a leading RBI-licensed payment aggregator and a payment service provider in India processing transactions worth USD 80+ billion annually and is a trusted choice for over 6,00,000 businesses for digital payment solutions. Since receiving the PA license in December 2023, the company has onboarded thousands of large, medium and small scale merchants helping them seamlessly transact and grow. It recently became the first entity to receive the payment aggregator license for cross border payments. The company has been at the forefront of redefining the way businesses approach digital payments, verification and payouts through its wide range of tech-first offerings. Over the last few months it has introduced industry-first products like FlowWise, KYC Link, Risk Shield and more. Outside of India, Cashfree Payments is expanding its presence in the UAE region through its acquired partner, Telr.

The parties have signed a memorandum of understanding (MOU) to create an ‘Ansys – PSG-STEP Simulation Center of Excellence’ to support early-stage technology ventures

Key Highlights

• As Technology Partner, Ansys to empower PSG-STEP with simulation tools to foster development of expertise for technology innovation
• PSG-STEP Incubatees to benefit from Ansys’ industry-leading simulation software and support

Coimbatore, October 15, 2024 — PSG Science & Technology Entrepreneurial Park (PSG-STEP), a leading technology incubator supported by the Department of Science & Technology, Government of India, has signed a Memorandum of Understanding (MoU) with Ansys Software Private Limited, a global leader in engineering simulation software, to empower incubatees with startup aspirations by providing advanced simulation solutions in India. This tactical collaboration will also mark the ‘Ansys Simulation Center of Excellence’ set-up at PSG-STEP, providing early-stage technology ventures and MSMEs access to advanced simulation tools and other resources.

Mike Yeager, Area Vice President, India and Japan at Ansys said, “Ansys is committed to working with the ecosystem to develop expertise that will accelerate the Make in India vision. Through our software tools and expertise, we have helped startups, technology ventures, and organizations of all sizes globally to progress from ideation to a market-ready product.  Our collaboration with PSG-STEP will further support the next generation of innovators in India to help them bring their ideas to the market faster and at a reduced cost.”

Murali Pullela, Director of Sales at Ansys said about the MoU, “This collaboration with PSG-STEP marks an important milestone for making advanced simulation technology accessible to incubatees. The Ansys Simulation Center of Excellence at PSG-STEP will drive innovation and cultivate a culture of engineering excellence. This partnership will empower budding entrepreneurs to accelerate product development, reduce costs, and bring groundbreaking solutions to market faster. Ultimately, it will bolster India’s growing technology ecosystem.”

For more than 50 years, Ansys engineering simulation software has enabled innovators across industries to push boundaries using the predictive power of simulation. Ansys software tools enable engineers, entrepreneurs, researchers, and academics to address complex engineering challenges cost-effectively. The software tools have been used across industries, including automotive, aerospace, healthcare, high tech, defense, and more.

Dr. K Prakasan, Principal, PSG College of Technology & Vice Chairman, PSG -STEP, said about the MoU, “This collaboration with Ansys is a game-changer for incubatees and MSMEs that are incubated at PSG-STEP. By providing access to this cutting-edge simulation technology, PSG-STEP can foster a new wave of innovation that will fast-track the growth of the entire entrepreneurial ecosystem. This partnership will play a key role in creating a thriving ecosystem of innovators and technology ventures.”

PSG-STEP has been a hub for fostering technology-based enterprises in domains such as software, electronic products, hi-tech mechanical products, eco-friendly textiles, biotechnology, and nanotechnology. Through its partnership with Ansys, PSG-STEP will now provide an enhanced ecosystem for innovation and entrepreneurship, helping startups accelerate engineering projects. The newly established Ansys Simulation Center of Excellence at PSG-STEP will extend the benefits of this program to a wider group, providing expertise and ready knowledge for startups and MSMEs in the region.

Carefully selected PSG-STEP Incubatees, which are early-stage technology-based ventures within the PSG-STEP ecosystem, will receive comprehensive support, including mentorship, access to state-of-the-art infrastructure, and networking opportunities to accelerate their growth as a part of this partnership with Ansys. As integral members of the PSG-STEP community, the Incubatees will benefit from close collaboration with the incubation center, fostering innovation and entrepreneurial excellence.

• Strengthens Commitment to “Make in India” with Over €42 Million Investment
• New Plant Inauguration is Part of the Company’s 175th Anniversary Celebrations

Morinda, Punjab – 15th October 2024: Germany-based global technology conglomerate, Freudenberg Group, has officially inaugurated two advanced manufacturing facilities in Morinda, covering a total built-up area of 40,700 sq. m. These state-of-the-art plants are operated by Freudenberg-NOK India Pvt. Ltd. (FNI) and Vibracoustic India. The strategic move consolidates the company’s operations from its existing plants in Basma and Mohali, aimed at enhancing production efficiency and supporting Freudenberg’s long-term growth plans in India.

Freudenberg’s investment of over €42 million in the Morinda facility marks the company’s largest financial commitment in India to date. The new plants are equipped to serve both domestic and international markets, reinforcing Freudenberg’s dedication to India’s “Make in India” initiative. The facilities will cater to key sectors such as automotive and industrial manufacturing, ensuring the company remains competitive by optimizing material flows and leveraging modernized equipment.

Speaking at the inauguration, Dr. Mohsen Sohi, CEO of Freudenberg Group remarked, “Our investment in the new facilities in Morinda reflects Freudenberg’s strong commitment to the Indian market and the ‘Make in India’ vision. This expansion not only aligns with our global growth strategy but also boosts our ability to serve customers with greater efficiency, innovation, and quality. As we celebrate 175 years of Freudenberg’s legacy of excellence, we are proud to further strengthen our presence in India.”

Sustainability is a core focus of the new facilities. Energy-efficient machinery and eco-friendly practices, such as photovoltaic cells that supply 15% of the plant’s energy needs and water-recharging stations, have been incorporated to reduce the environmental footprint.

Mr. Sivasailam. G, Managing Director at Freudenberg Performance Materials India and Director & CEO of Freudenberg Regional Corporate Center India, added, “The inauguration of our new manufacturing plants in Morinda showcases our long-term commitment to sustainable growth in India. By bringing our operations together in this advanced facility, we aim to create new job opportunities and nurture local talent. This investment helps us better serve our customers across different industries, offering high-quality products and solutions made in India for both domestic and international markets.”

Freudenberg’s expansion in Morinda is set to generate significant job opportunities, with plans to grow the local workforce by 20%, adding approximately 200 new positions. The site will also serve as a global engineering hub, attracting top talent from regional universities, particularly around Chandigarh.

Freudenberg Group is celebrating 175 years of success, with 52,000 employees across about 60 countries and nearly €12 billion in sales, overcoming various crises, wars, and economic challenges. The company operates in around 40 different market segments. Over the past 175 years, Freudenberg has built a legacy of industrial growth, guided by its values and responsible practices.

The facility that marks a milestone in Ansys’ commitment to innovation was inaugurated by SAC-ISRO Scientists Shri. Neeraj Mathur and Shri. Ulkesh Desai

 Key Highlights

• With 1700 Cores and Growing GPU Capacity, DC-3 brings cutting-edge GPU technology and over 10,000 cores to accelerate engineering simulations
• New data center enhances computational power for critical R&D and technical simulations and will support Ansys’ strategic growth in India, enabling innovation across sectors like aerospace, automotive, and healthcare

Pune, October 9, 2024 — Leading engineering simulation software company, Ansys Software Private Limited today announced the inauguration of its newest high-performance computing (HPC) data center, DC-3 at its Pune office by Shri. Neeraj Mathur and Shri Ulkesh Desai, President and Vice President, Space Society of Mechanical Engineers (SSME), SAC-ISRO. This facility is set to further bolster Ansys’ computational capabilities, support cutting-edge technical simulations, and drive innovation, while also contributing to India’s technological growth and progress. Ansys Pune now operates three on-premises data centers, with DC-2 and DC-3 equipped with advanced HPC cluster facilities.

While inaugurating the facility, Shri. Neeraj Mathur, President, Space Society of Mechanical Engineers (SSME), SAC-ISRO, said, “HPC is at the core of present-day innovations, particularly in areas like aerospace and simulation-driven engineering. It is promising to see Ansys’ sustained investment in India’s HPC infrastructure, and it will  play an important role in empowering engineers and researchers of the country to solve today’s increasingly complex engineering challenges.. In addition, this will also enhance the country’s technological advancement.”

Shri Ulkesh Desai, Vice President, Space Society of Mechanical Engineers (SSME), SAC-ISRO, said, “Focused on GPU technology, DC-3is poised to push innovation while staying ahead of emerging technology trends. It will play a significant role in both driving groundbreaking innovation and aligning with today’s changing landscape of emerging technologies.. This launch by Ansys also emphasizes how the company is creating a platform for future exploration and discovery.

DC-3in addition to supporting Ansys’ R&D teams, also plays a key role in supporting the company’s capability to serve customers across sectors, including automotive, aerospace, and healthcare. With its on-premises HPC resources and complementary cloud computing options, Ansys Pune will continue to be a vital center for technological innovation that will contribute significantly to both Ansys’ global operations and India’s technological progress.

Speaking about the inauguration, Mike Yeager, Area Vice President, India and Japan, Ansys, said, “The launch of DC-3 in Pune further highlights Ansys’ commitment to cultivating innovation through advanced, state-of-the-art technology. This expansion is not just about increasing computational power, but it is also about enabling Ansys’ teams and customers to push the boundaries of the possibilities in engineering simulation. We are also very excited to see how DC-3 will accelerate simulations, particularly with the integration of GPU technology, and empower our engineers to explore new frontiers in product development.”

Murali Pullela, Director of Sales, Ansys added, “Over the years, Ansys has always been dedicated to empowering our customers with cutting-edge simulation technology. The DC-3 launch in Pune will further this by leveraging the immense capabilities of GPU technology as it will enable faster, more accurate simulations. This launch highlights Ansys’ pledge to deliver the best-in-class solutions.”

Ansys’ newest data center, DC-3, enhances its HPC infrastructure, complementing the existing DC-2. DC-2, currently operating at full capacity with over 8000 cores and it will now be joined by DC-3, which is built to accommodate over 10,000 cores. An initial investment of approximately INR 20 crores has already been made to install 1700 cores. Forthcoming plans include expanding GPU capacity to support GPU simulations, aligning with Ansys’ strategic migration of Fluent, Ansys’ CFD software, to native GPU technology. The company has installed around 70 GPU cores to support GPU simulations and plans to expand this capacity in future phases.

Ansys, Inc., founded in 1970, is a global leader in engineering simulation software and has a significant presence in India, with its Pune office being a key R&D hub, seating over 500 employees from diverse backgrounds. The company has been pioneering the development and application of simulation methods for over 45 years, solving complex engineering challenges for clients across various industries. Ansys’ robust infrastructure and innovative solutions continue to support the growth and technological advancement of its customers in India and empower innovators to push boundaries with the predictive power of simulation. With a presence in over 50,000 customers across sectors, Ansys offers a comprehensive suite of simulation software for product design, testing, and operation.

• Projects a revenue increase to INR 900 crore by next financial year
• Aims production of 18,000 metric tons of aluminium annually

Delhi, Oct 3, 2024:  GenX PV India, a pioneer in split junction box manufacturing with integrated diodes, has announced plans to establish a fully integrated aluminium frame manufacturing facility in Raipur by early next year. The facility will produce 18,000 metric tons of aluminium annually, catering to Indian solar panel manufacturers and reducing reliance on imports from China. This facility will provide end-to-end solutions, including extrusion, anodising, and cutting, enhancing GenX PV’s ability to manufacture aluminium frames in-house.

The announcement came on the side-lines of its participation at the Renewable Energy India Expo 2024 (Oct 3-5, India Expo Center, Greater Noida, Hall 12, Booth No. R883). The Raipur facility, along with backward integration of the junction box, will help GENX PV solidify its position as a comprehensive provider of solar panel materials. The company aims to increase its Bangalore manufacturing capacity of junction boxes from 20 GW to 50 GW by FY25.

Additionally, GenX PV projects an impressive revenue jump from INR 200 crores in FY24 to INR 900 crores by FY25. The company remains committed to R&D, producing advanced, compact, and efficient solar solutions, ensuring top-notch quality through rigorous testing and innovative technology integration. The inclusion of bigger diodes, stringent quality checks, and adherence to V0 flammability standards further sets GenX PV apart in the solar industry.

Piyush Agarwal, Founder and Managing Director, GenX PV said, “With our fully integrated aluminium frame facility and backward integration into junction box manufacturing, GENX PV is not just expanding its capacity but redefining the end-to-end ecosystem for solar panels. Our innovative product portfolio, which includes advanced diodes and precision-engineered components, ensures we are meeting the demands of tomorrow’s solar energy landscape. By controlling every aspect from raw materials to finished products, we are delivering unmatched quality and efficiency to our customers.”

Mumbai, October 4, 2024 – Piramal Capital & Housing Finance Limited (Piramal Finance), a wholly-owned subsidiary of Piramal Enterprises Ltd (PEL), today announced the launch of the second phase of its campaign “Hum Kaagaz Se Zyada Neeyat Dekhte Hai”. This initiative aims to empower underserved customers in Bharat by providing access to formal credit. Building on insights from the initial campaign, the new campaign celebrates the entrepreneurial spirit of customers, showcasing Piramal Finance’s scaled model to bring credit to the unserved customers of Bharat.

Video Links:

• Rickshaw: https://youtu.be/yUGbVvs-cBk
• Sugarcane: https://youtu.be/ICcU_xtaCHs

The campaign features relatable stories of two unique individuals—a rickshaw driver and a sugarcane juice vendor—who embody the spirit of entrepreneurship, progress, good intent, and honesty. In the video, the rickshaw driver pauses his meter at a gas station to ensure his customer isn’t charged while waiting to refuel. At the same time, the sugarcane juice vendor chooses to serve a good quantity of juice without reducing it by putting ice, which reflects their intent of doing well and doing good. They highlight their challenges of being viewed as unserved, and this is where Piramal Finance steps in, empowering customers to approach them with confidence as long as they have a thriving business or employment and good intent.

With the tagline “Aaiye Baat Karte Hain,” the campaign invites underserved customers to connect with Piramal Finance and encourages them to explore their financial options without hesitation.  The ads will be available in Hindi, Gujarati, Marathi, Bengali, Tamil, Telugu, Malayalam, and Kannada.

Jairam Sridharan, Managing Director, Piramal Capital & Housing Finance Ltd., said, “The second phase of our campaign reinforces our unwavering commitment to serve the underserved and unserved segments, focusing on individuals who demonstrate clear intent and potential.

The response to our inaugural campaign was phenomenal, evident in our consistent growth. This new initiative takes our efforts a step further in the customer journey, addressing the unique challenges faced by those who perceive themselves as credit unworthy. We aim to change that narrative, reinforcing our role as an integral part of our customers’ journeys and their moments of connection with our brand. As we expand our products and solutions portfolio, branch network, and deepen our presence in non-metro markets, we remain focused on driving economic progress and unlocking value for our customers.”

Arvind Iyer, Head of Marketing, Piramal Capital & Housing Finance Ltd., said, “‘Aaiye Baat Karte Hain’ is an open gesture inviting customers advancing in their lives to discuss their financial aspirations with us. We aim to help them navigate their journey towards accessing financial resources. This new campaign represents the next phase in the evolution of Piramal Finance’s brand promise of ‘Hum Kaagaz Se Zyada Neeyat Dekhte Hai.’ We remain committed as a lender to creating a more inclusive financial ecosystem for underserved individuals across India. We aim to reassure potential customers that we assess their needs fairly and transparently, fostering relationships built on the foundation of trust and support.”

Kawal Shoor, Planner and Founding Partner of The Womb, said, “Achchi Neeyat was a clarion call we conceived for Piramal Finance last year. Early success and research showed that, in Piramal Finance, the underserved now saw someone who really was for them. Now was the time to extend a hand further and actively invite them in with ‘Aaiye Baat Karte Hain’. Market studies had shown that budget Bharat have been rebuffed for too long by the organised loans industry, and they’re used to hearing ‘no’ all too often. With ‘Aaiye Baat Karte Hain’ we want to make the ‘Neeyat’ proposition come alive even more compellingly, as also to make them feel valued, and included”.

The campaign will be promoted across TV, social media, digital news publishers, and the company’s digital assets and branches.

Piramal Finance has rapidly expanded its presence across India, operating with over 500 branches. With 80% of its business coming from metro-adjacent areas and Tier 2 and Tier 3 markets, the company serves over 1.3 million customers across 13,000 pin codes. Its multi-product retail lending platform includes home loans, small business loans, loans against property, used car loans, and unsecured loans. In June 2024, Piramal Finance surpassed the milestone of INR 50,000 crore in retail AUM. The company has also expanded its co-lending network, partnering with the likes of Digital India’s Common Service Centers and Central Bank of India. With an employee strength of 13,700+, the company is driven by a commitment to addressing the needs of underserved markets through both traditional and microfinance branches.

Agency: The Womb

Production house: Nirvana Films

Director: Prakash Varma

Producer: Nandini Gowda

Executive Producer: Sneha Iype

• Nearly half of cybersecurity budgets still underfunded in spite of increased attacks.

Bangalore, India (3 October 2024)—Sixty-three percent of cybersecurity professionals in India say their role is more stressful now than it was five years ago, according to the newly released 2024 State of Cybersecurity survey report from ISACA, a global professional association advancing trust in technology.

The annual study, sponsored by Adobe, showcases the feedback of more than 1,800 cybersecurity professionals worldwide on topics related to the cybersecurity workforce and threat landscape. According to the data from 122 Indian cybersecurity professionals, the top reasons for this increased stress are:

• An increasingly complex threat landscape (87 percent)
• Insufficiently trained staff (54 percent)
• Worsening hiring/retention challenges (53 percent)
• Lack of prioritization of cybersecurity risks (44 percent).
• Low budget (40 percent)

Increasing Cybersecurity Attacks

In line with this sentiment around challenging threats, 29 percent of Indian respondents say their organizations are experiencing increased cybersecurity attacks. These top attack types include social engineering (16 percent), malware (12 percent), denial of service (11 percent) and zero-day exploit (11 percent).

On top of that, more than one-fourth (28 percent) of respondents from India expect a cyberattack on their organization in the next year, and more than half (57 percent) have a high degree of confidence in their team’s ability to detect and respond to cyber threats.

“Social engineering attacks, such as phishing, are a growing concern for organizations as human error remains a major factor in data breaches,” said Mike Mellor, VP of Cyber Operations at Adobe. “With the increasing frequency and sophistication of these attacks, it’s essential for organizations to adopt secure authentication methods to strengthen their defenses. Adobe believes that fostering a deep security culture among all employees through anti-phishing training, combined with stronger controls such as zero-trust networks protected by phishing-resistant authentication, are essential in safeguarding any organization.”

Resource Challenges

Despite an increasingly difficult threat landscape, the survey shows cybersecurity budgets and staffing are not keeping pace. Nearly half (47 percent) say that cyber budgets are underfunded, and 49 percent expect budgets will increase in the next year.

In terms of hiring, 46 percent of India-based organizations say their cybersecurity teams are understaffed, and respondents in India indicate that:

• 30 percent of organizations have no open positions.
• 48 percent of organizations have non-entry level cybersecurity positions open.
• 24 percent have entry-level positions open.

“Despite the increase in the awareness of cybersecurity threats, many organizations in India and even globally are still underfunding their cybersecurity budgets,” said RV Raghu, director, Versatilist Consulting India Pvt Ltd, and ISACA India Ambassador. “With 87% of Indian cybersecurity professionals identifying the complex threat landscape as a top stressor and 40% pointing to underfunded budgets, it is evident that organizations in India need to do more to support their cybersecurity teams. Hiring challenges combined with the increasing complexity of the attacks that we face today are putting a lot of pressure on cybersecurity teams. “It is time for organizations to rethink their approach, and focus on better resource allocation, enhanced training, and support systems to build resilient cybersecurity teams that are capable of withstanding future threats.”

Skills and Retention Trends

Employers in India seeking qualified candidates for open roles are prioritizing prior hands-on experience (84 percent) and credentials held (51 percent). Respondents from India indicate that the main skills gaps they see in cybersecurity professionals are cloud computing (48 percent) and security control implementation (40 percentage).

For the more than half of survey respondents in India (66 percent) that reported having difficulty retaining qualified cyber candidates, the main reasons for leaving included limited promotion and development opportunities (49 percent), poor financial incentives (42 percentage), high work stress levels (39 percent), lack of management support (39 percent), and limited remote work possibilities (39 percent).

“Employers should home in on the occupational stress their digital defenders are facing. This is an opportunity for employers to explore ways to support staff before burnout and attrition occur,” says Jon Brandt, ISACA Director, Professional Practices and Innovation. “Employees want to feel valued. As the leadership adage goes, take care of your people and they’ll take care of you.”