The Reserve Bank of India introduced BBPS in order to enable the entire payments ecosystem to standardise and spread the power of Bill Payments via a single and easy-to-use platform known as GIRO-based (General Interbank Recurring Order) payment system.
RBI has given approvals to various banks and non-banking institutions to operate and appoint agent institutions to run BBPS. The agents talk to the BBPOU system and then settle the end biller's payment via the BBPCU. The billing transaction needs to be sent securely between systems. These transactions need to be communicated securely and to ensure integrity. All the transactional messages between BBPOUs and BBPCU must be digitally signed.
Organisation certified BBPOUs and BBPCU need to store private keys used for digital signing in HSMs. The Thales nShield XC Connect HSM is stable to take a significant number of hits on this huge BBPS ecosystem. Thales HSMs are the most reliable in the market, safeguarding the organisation's private keys and providing the best performance in digital signing and key storage.