#paymentmodernization

Introduction: The Rise of GIFT City

India has long been recognized as a hub for IT services and back-office operations. But, with Gujarat International Finance Tec-City (GIFT City), India is signaling a bold ambition: to become a leader in international finance.

GIFT City is India’s first International Financial Services Centre (IFSC). It offers a tax-friendly regime, world-class infrastructure, and a progressive regulatory environment to attract global banks, insurers, capital market participants, and fintech innovators. Positioned strategically between Asian and Western markets, it aspires to compete with established hubs like Singapore, Dubai, and London.

The goal is clear to build a global financial hub on Indian soil that can serve domestic needs while also facilitating international trade and investment.

Why GIFT City Matters Now

The timing of GIFT City’s rise could not be more critical. Global finance is undergoing a significant shift: capital flows are becoming increasingly digital, cross-border transactions are accelerating, and financial institutions are under pressure to reduce costs while complying with stringent regulations.

For financial institutions, being present in GIFT City is not optional; it’s becoming a competitive necessity. Here’s why:

Gateway to Global Capital: IFSC entities at GIFT City can raise funds in foreign currency, access global investors, and provide international financial products from within India. This levels the playing field with foreign hubs and helps Indian institutions retain value onshore.

Regulatory Innovation: The International Financial Services Centres Authority (IFSCA) has rolled out frameworks aligned with global norms, including ISO 20022 messaging standards, a licensing regime for digital banks, and fintech sandboxes to encourage experimentation. This gives participants both stability and flexibility.

The Challenge

The bank had observed multiple functional and performance issues with their payment services across various channels. To ensure that their payment processes be safe and efficient, the bank needed a thorough evaluation of the same.

The Solutions

Yethi formulated a comprehensive test coverage plan, prepared test designs and executed the integrated test designs across the following payment channels in order to verify the key processes, end-to-end.

The Approach

Yethi developed test designs for payments initiated from Core Banking System, Internet Banking, Mobile Banking, UPI, ATM, POS and API (Application Programming Interface).

Then, Yethi executed the test cases through Test Condition matrix covering all possible scenarios, using Tenjin, Yethi’s robotic test engine.