30th September 2023: Shinhan Bank, a leading South Korean Global Bank headquartered in Seoul, South Korea - Financial institution renowned for its commitment to innovation and customer satisfaction is delighted to announce its strategic partnership with Mumbai-based Maximus Infoware (India) Pvt. Ltd. This collaboration marks a significant step forward in enhancing the Bank's digital capabilities and for providing its customers a seamless and secure banking experience.

Shinhan Bank has selected Maximus to implement advanced solutions for debit card switching, IMPS (Immediate Payment Service) switching and end-to-end reconciliation, all delivered on a scalable and efficient Software as a Service (SAAS) model. This move underscores the bank's focus on being at the forefront of technology-driven financial services for its corporate as well as retail clientele.

Key partnership highlights:

· Debit Card and Digital Payment Rails: Debit card payment rails, IMPS payment rails and reconciliation apps hosted securely in Maximus' advanced private cloud infrastructure for ensuring high security and availability. Certification for IMPS and VISA services have been completed and the same will be offered on SaaS (Software as a Service) model.

· Automated Reconciliation Platform: Maximus would be streamlining the financial processing for Shinhan Bank, by automating transaction reconciliation and dispute management, thereby improving operational efficiency.

Shinhan Bank, in collaboration with Maximus, demonstrates its commitment to innovative financial services in the digital era. This partnership equips the bank to meet evolving customer needs effectively.

Mr. Kim Sung Su, Head of IT & Operations at Shinhan Bank, expressed confidence about the collaboration potential to enhance banking services through cutting-edge technology. Mr. V. Shankar, MD & CEO of Maximus, said they were delighted to support Shinhan Bank's vision.

Together, Shinhan Bank and Maximus aim to provide innovative, reliable and secure financial and payment solutions to keep pace with the changing demands of modern banking, promising improved banking experience and transaction efficiency for customers.

For more information about Shinhan Bank and its partnership with Maximus, please visit https://www.shinhanbankindia.com/

About Shinhan Bank: Shinhan Bank is a leading financial institution dedicated to providing a wide range of banking and financial services to customers around the world. With a strong commitment to innovation and customer satisfaction, the bank continuously strives to deliver cutting edge solutions to meet the evolving needs of its clientele.

About Maximus: Maximus is a global payment infrastructure company, offering Omni-channel solutions for the BFSI, fintech, transit, smart cities, and retail sectors. Its EFT Switching, Digital Payments, Reconciliation, Fraud Risk Management and Cash Management solutions use innovative technologies and are state-of-the-art. The payment rails of Maximus encompass RuPay, VISA and MasterCard networks, as well as UPI and other real-time payment systems.