An agreement was formed by the National Payments Corporation of India (NPCI) and the Indian Institute of Technology (IIT), Kanpur, to share information about novel concepts and to work together on the creation of domestic digital payment systems.
“The collaboration will also aid in the improvement of cybersecurity safeguards for the goods and services provided by NPCI and its subsidiaries. The MoU will spur NPCI and IIT Kanpur to work together on a variety of projects, according to the institute.
With the help of this partnership, distinguished faculty members from the institute will conduct in-depth educational sessions and give lectures to NPCI staff on cybersecurity and the most recent developments in Artificial Intelligence (AI), Machine Learning (ML), Security Product Roadmaps, and Distributed ledger technologies (DLT). On the other hand, NPCI would give IIT Kanpur students internship opportunities, giving them the essential experience of working on real NPCI projects.
The IIT Kanpur scholars’ “domain-centric knowledge and skills would enable NPCI in swiftly executing the ever-evolving requirements of consumer-oriented solutions,” the statement read. “IIT Kanpur has been at the vanguard when it comes to developing secure and cutting-edge solutions to digital transaction and data storage,” said Abhay Karandikar, director of IIT Kanpur. The institute is home to the C3i Hub, which is primarily focused on creating cyber physical systems and cybersecurity solutions. Our mission to create a comprehensive cyber secure environment for our nation is further strengthened by this partnership with NPCI. In addition to combining the strengths of the two institutions to create a strong digital payment system, this relationship will open up chances for multidisciplinary research.
“At NPCI, we are committed to building a robust digital payments infrastructure and are continually generating innovative services for a frictionless payments system,” stated Antony Prakash, CISO of NPCI. The partnership offers NPCI and IIT-K a fantastic chance to create cutting-edge technology solutions that will give clients the best-in-class, practical, and secure payment experiences. We think it will pave the way for the creation of a more sophisticated digital payments ecosystem, which would further reduce any potential system bottlenecks.
Sandeep K. Shukla, a professor at the IIT Kanpur Department of Computer Science & Engineering and a co-project director of the institute’s C3iHub, said, “IIT Kanpur has long been paving the way for important research and development in the fields of cyber security and digital data privacy. IIT Kanpur has created and carried out a number of blockchain-based and other cyber security efforts in recent years. However, a lot of them include multiple disciplines, and today, such partnerships are absolutely essential. This partnership with NPCI is on the same track and will guarantee the creation of a more secure and comprehensive ecosystem for cooperative research projects and digital payments.
