Mindgate Analytics
Digitalization of Payments in The Insurance Sector - What It Means for You. The ripples of technology have touched every other industry or rather human lives on a whole.
For those insurers ready to seize the moment, digitalization offers an enormous opportunity. The companies that stand to benefit the most are those who are eager to explore the facets of digital payment to reorganize all their operations, from underwriting to customer service and claims management. The impact on both revenues and costs can be huge, enough to gain an edge over your rivals by becoming more effective and efficient. Innovating for A Fast and Secure Future of Payments. The payments industry has been one of the most active areas of innovation in the banking industry.
Fintech Firms and payment solutions company are fast transforming the P2P(person to person) and B2B(business to business) payments sector. Cash & cheques, which were the norms back in the day, are now giving way to contactless and chip-based payments. There was a time when consumers were starved of options. Consumer expectations are drastically different now with the need for easy and instant payments. The Role of Digital Payment Gateway Wallets in Digitizing India.
The e-commerce and online purchase industries have only seen better days since the emergence of digital payment modes.
Add to it the demonetization drive by the sarkar leading to the mushrooming of the digital payment platforms like Net Banking, Magnetic stripes, UPI, QR codes and payment wallet. What’s A Mobile Wallet? A mobile wallet is a type of virtual wallet service that can be used to pay and receive money digitally via a mobile app. It is one of the most preferred modes of digital payment in the retail sector, akin to the role of a payment gateway in the e-commerce industry. The mobile wallet stores your bank account or debit/credit card details in an encoded format to allow secure payments. How This Works For The Wallet Users. The Role of Digital Payment Gateway Wallets in Digitizing India. The Future of Real Time Payments in India. The recent times have witnessed an exponential rise in the globalization of businesses.
As such, the demand for easier and faster payment solutions has catapulted. It is estimated that India alone would have yearly digital transactions worth $1 trillion by 2025. India’s smartphone usability will double by 2022 and reach up to 600 million. Mindgate’s Virtual Account Management Solution. The global digital payment revolution has offered fertile conditions for improving efficiency and refining cash management operations for corporates to take advantage.
Virtual accounts offer a particularly compelling option. Mindgate’s Virtual Accounts solution coupled with its payment on behalf of (POBO) and collection on behalf of (COBO) offerings which see a central account issue and receive payments for multiple subsidiary accounts is built with this intent in mind. This in-house banking structure enable corporates to channel payments and/or collections through a single legal entity, which allows to rationalize their accounts and simplify cash management structures by eliminating physical and notional concentration Features Include: The Evolving Needs of Merchant Management System. Digital disruption has changed the way businesses are executed these days.
With multifarious payment options, there is a need to think and redesign the ways merchants are handled by competitive banks. Being able to accept payments through myriad channels from your customers is one of the most important elements of accelerating your business. Payment regulators are constantly trying to devise ways to fortify the payment process and make it safe and secure. In any online transaction, there are at least 4 parties involved viz: The Merchant: One who accepts the online payments via credit/debit card or other payment methods such as e-wallets, UPI, net banking, etc.
Rationalizing Payment & Collections Using POBO COBO Models. Transaction banking refers to the movement of money from one place to another.
It is the area of banking that addresses the operational needs and day-to-day transactions of business, corporate and institutional customers. Thus, payments and collections form an integral part of transactional banking. In today’s modern world, all major corporations have their business operations spanning across different parts of the globe, transacting using multiple currencies and accounts. In order to operate as a legal entity in any particular country, they need to open bank accounts in that country, based on their relationship with different global banks.
In such cases, it is quite difficult for the global finance controller to oversee their consolidated liquidity and manage them based on their requirements. How Exactly Does POBO COBO Work? Mindgate Solutions Private Limited. Rationalizing Payment & Collections Using POBO COBO Models. Adopting Digital in Transaction Banking. The growing demand for transaction banking stems from the fact that corporate houses today seek a smarter and efficient cash management system for smooth business operations.
An increasingly competitive landscape has posed critical challenges to the organizations in terms of managing multiple banking relations, performing bank account management and handling complicated account structures. ‘Digital Transaction Banking‘ with its latest liquidity management tools and innovative strategies offer optimal solutions to those seeking end-to-end cash management for efficiently handling their pools of liquidity and optimizing their working capital, dispersed across domains and regions. Rationalizing Payment & Collections Using POBO COBO Models. Growth of Cashless & Real-time Payments (UPI) in India.
Introduction of UPI in 2016 and the succeeding UPI 2.0 in 2018, turned out to be a game-changer for the payment landscape in India, taking the country a step closer to a cashless economy.
An end-to-end digital transacting platform, UPI has revolutionized the payment structure by bringing multiple banking features, seamless fund routing & merchant payments under one umbrella. Facilitating instant payments, seamless and secure transaction experience, UPI is gaining momentum across the country. Having significantly impacted the other payment systems including card payments as well as net banking, the unified payment interface is likely to drive larger volumes of transactions in the future. Experts project that UPI could go as high as 60 billion annually by 2023, comprising half of India’s digital payment transactions[1] With nearly 143 banks sharing the interface, the UPI is reinforcing trust in digital transactions pan-India.
Growth of Cashless & Real-time Payments (UPI) in India. Bulk Payment Solution Provider. Businesses today are involved in financial transactions with a number of banks and financial institutions.
Corporate Treasury departments are faced with multiple responsibilities such as optimizing cash, maintaining liquidity, securing finance, controlling risk and even managing bank relationships. This requires communication in a host of different languages and protocols. Corporate Bulk Payments then is a bank system, that allows performing several transactions such as salary payment, dividends, and direct debits at one go. Complexities in Corporate to Bank Connectivity Every bank has their own set of standards and processes which need to be followed in order to establish a legit connection.
What is Host-to-Host Connectivity Host-to-host (H2H) is an automated solution for secure electronic data transfer between banks and their corporate clients. What H2H does. What Is A Payment Aggregator And Why Would You Need One. Payment aggregation, also known as merchant aggregation, is a business model in which a third-party payment provider is also known as the ‘payment aggregator’ signs up merchants directly under its own merchant identification number (MID) to process transactions through a single master account. For example, Google Pay, Amazon Pay, PayTM etc.
One merchant account is used to represent a number of merchants opposed to the traditional model which disburses a merchant account to each merchant. Merchants processing transactions under an aggregator are known as sub-merchants. In simple terms, a payment aggregator empowers merchants by providing them the means to accept credit card payments and online money transfers without an individual merchant account with a bank or financial services provider.
How an Online Transaction Takes Place? In an online transaction, there are typically 3 parties involved. Reconciliation Platform Solution Provider. Automating the reconciliation process of corporate accounts can boost the speed of one of the most time-consuming tasks in any finance and accounting department. Without a doubt, manual reconciliation is the least efficient process in a company. Still, many medium to large organizations manually reconcile thousands of accounts during the quarter-end or month-end. More than 6 in 10 companies rely on manual methods to determine whether adjustments are needed. This exposes the organization to missed or lost reconciliation’s, non reconciled accounts, and lack of justifiable data. Growth of Cashless & Real-time Payments (UPI) in India. Banks Go For An Integrated Real Time Payments Solutions. The payments landscape within banks is often-times complicated due to the many intertwined fragments such as payment type, currency, clearing mechanism etc. which comes as a part of the age old legacy systems.
In most cases, banks have to deal with multiple different currencies and instruments since they operate in geographies spread worldwide or are constantly acquiring other banks having their own CSM (Clearing and Settlement Mechanism) and payment infrastructure. Quite evidently then, such an amalgamation of architectures is rightly referred to as the spaghetti architecture! Common problems of the spaghetti architecture Of late, banks have been facing the complications that come up with the legacy system and are now increasingly shifting their gaze towards adopting an integrated payments hub. The problems frequently faced by banks are:
Unified Payment Interface Solution Provider - Mindgate. The digital payment landscape in India is undergoing a massive transformation. The past few years have seen a significant exodus to digital payments especially after the strong steps implemented by the government (read: demonetization) in favor of cashless economy. Add to this the ever increasing growth of smartphone users and the sprouting UPI and wallet mobile apps. To quote an instance, the UPI based digital payment app by the govt. of India called BHIM created a world record of sorts when it was downloaded 17 million times within two months of demonetization. Other channels such as IMPS witnessed a steep growth of 97%. India witnessed an overall digital monetary turnover of around Rs. 3,37,200 Crore in 2018 and is estimated to grow at a CAGR of 17.5%. Corporate Internet Banking Payments and Collections Solution Provider. For banks worldwide, payment and collection solution services are an increasingly important source of revenue and driver of loyalty among corporate customers.
For corporate offices and SMEs, expectations around the efficiency and convenience of payments are growing really fast, especially after the advancement in the retail segment. For example, an online app makes it possible to complete the purchase of grocery items in a matter of a few minutes whereas it could take days, or even weeks, to complete the paperwork behind procuring menial stationery items for a corporate office. This gap has invited the need to restructure the corporate payment operations. The banks are now investing in newer payment technologies owing to the demand of evolution in the corporate payments landscape. Corporate Internet Banking. Mindgate Solutions Private Limited.
Mindgate Solutions Private Limited. Request to Pay: The New Innovation in Collections. Request to Pay (RtP) is a concept designed to give greater flexibility to consumers and businesses while making payments. It has also been quoted as being one of the key services that will be enabled through open banking. Cash Management - A Journey From The Traditional To The Smart Digital! Adopting Digital in Transaction Banking. Rationalizing Payment & Collections Using POBO COBO Models. Mindgate Solutions Private Limited. Real Time Payment Solutions. Request to Pay: The New Innovation in Collections. Virtual Accounts: Enhancing Collections and Payments. Today, an increasing number of organizations have begun to recognize the benefits of using a single account for channeling payments and / or collections using Virtual Accounts (VA).
Virtual account add value by streamlining, rationalizing and simplifying cash management structures and the accounts receivables reconciliation process. Mindgate Solutions Private Limited. Adopting Digital in Transaction Banking. Real Time Payment Solutions. Virtual Account Management. Virtual Account Management. Corporate Internet Banking.
Request to Pay: The New Innovation in Collections. The Role of Digital Payment Gateway Wallets in Digitizing India. Key Benefits Of Implementing A Merchant Management Acquisition Solution Provider. Redefining the Framework of Real-time Payments in India. The Payments landscape worldwide is undergoing a major upheaval with unprecedented players including Social Media Giants such as Facebook and newly emerging FinTech companies expanding into the digital payment-scape. Start-ups, which were once considered complementary, are also gearing up in the digital payments field, catering to the rapidly evolving customer demands triggered post the demonetization wave. Payment Gateway. Mobile Collect Platforms true potential can be unleashed in the digital commerce domain by bringing these ideation to the merchant and corporate ecosystem.
Banks today have multitude solutions for managing the merchant acquiring ecosystem. UPI/ E-Collect Corporate. Reconciliation Platform. Mindgate Solutions Private Limited. Mindgate Solutions Private Limited. Mindgate Solutions Private Limited. Mindgate Solutions Private Limited. Mindgate Solutions Private Limited. Mindgate Solutions Private Limited.
Unified Payment Interface Solution Provider - Mindgate. Payment Gateway. Reconciliation Platform Solution Provider. The Role of Digital Payment Gateway Wallets in Digitizing India. Government. Real Time Benefits Of Real Time Payment ! Real-time payments have seen a steady worldwide growth in the past few years. Growing consumer demandfor a speedy and convenient transaction has provided impetus to the popularity of RTP over traditional payment methods.With financial transactions now taking place with a single stroke on your mobile screens, It’s time the financial institutions took cognizance of the situation. This article explores the significance of real time payments for banks and other payment providers. What exactly is RTP or UPI?
Real-time payments are electronic payment solutions that are available 24/7/365. In India, UPI or Unified Payments Interface facilitated by NPCI, is the platform which provides real time payment solutions. Here’s how real-time payments score over traditional methods: Real Time Benefits Of Real Time Payment – mindgate. What are the Benefits of Automating a Payroll System? Real-time payments have seen a steady worldwide growth in the past few years.
Growing consumer demandfor a speedy and convenient transaction has provided impetus to the popularity of RTP over traditional payment methods.With financial transactions now taking place with a single stroke on your mobile screens, It’s time the financial institutions took cognizance of the situation. What are the Benefits of Automating a Payroll System? – mindgate. Managing the employees in a company, however big or small, can be quite challenging. There are many administrative tasks to perform fright from hiring to attendance to performance tracking.