Increase the efficiency of your financial accounting with Mindgate's Reconciliation Platform which is designed specifically to simplify the reconciliation and settlement process.:
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. This modernization of payment industry, named as the Digital Revolution, is currently undergoing an infrastructural rebuild. Digital Payment. Digital payments in India has tripled to 7% of GDP from 2.5% three years ago, tie success can be partly attributed to the UPI-based payments system which provides a robust platform for electronic transactions and creating an ecosystem around it.
This new payment infrastructure deserves credit for the expanding mobile payments applications built around it that enable free and instant transfers between users' bank accounts, including the government-sponsored BHIM and Google's Tez. The Immediate Payment System (IMPS) has provided a similar service since 2010, though transfers involve a fee. Mobile wallets (considered prepaid instruments under law) represent the third major rail for mobile payments. Altogether, the infrastructure is connected to and interoperable with 800 million bank accounts, indicating the potential for further growth. UPI Payment. 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%. Payments and Collections. 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. 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. Each acquiring that the banks enable as service offerings to its merchants require the banks to onboard and integrate the merchant for enabling the same. This also brings about an overhead for merchants to manage such integrations and banks to manage merchant settlements and payouts. Our PGA platform addresses these challenges in a holistic approach. Payment Wallet. Corporate Internet Banking. Unified Payment Interface. Merchant Acquisition. Banks and financial institutions today have access to a multitude of solutions for managing the merchant acquisition ecosystem.
Each acquiring that the banks enable as service offerings to its merchants require the banks to onboard and integrate the merchant for enabling the same. This also brings about an overhead for merchants to manage such integration and banks to manage merchant settlements and payouts. To help banks adapt and prosper in this multi-channel world, merchant management solutions are a great option. Through the use of a merchant management system, merchant acquirers can enroll merchants, manage fees, track terminal inventory, assess risks and generate merchant statements quickly and easily. It seems strange, then, that acquirers aren’t jumping at the opportunity to put merchant management systems in place. Multiple acquiring interfaces such as Mobile, Web, Kiosk, POS, PC-POS, API’s, & H2H.Access to multiple transaction channels viz.
Payment Solution Provider. Pobo Cobo. Merchant Management. Real Time Payments. Real-Time Payments (RTP) is the new global buzzword in payments ecosystem today, being driven by end-customers requirement for speed, convenience and security.
RTP is being or already has been implemented in more than 20 countries and are being adorned by customers everywhere. America has been the latest nation to join the bandwagon with its Clearing House recently announcing the launch of its RTP system. Banks will have to be fully cognizant with the new system to keep themselves ahead in terms of competition, technology and customer delight. They have to now enable themselves with a large portfolio of real time payment solutions. Reconciliation Solution. 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. Payments and Collections. Corporate Internet Banking Payments and Collections Solution Provider. Corporate Internet Banking Payments and Collections Solution Provider. Payment Wallet. Payment Gateway. Digital Payment. UPI Payment. Corporate Internet Banking. Unified Payment Interface. Merchant Acquisition. Payment Solution Provider. Pobo Cobo. Merchant Management.
Real Time Payments. Reconciliation Solution. Payments and Collections. Mindgate Solutions Private Limited. Unified Payment Interface Solution Provider - Mindgate. Unified Payment Interface Solution Provider - Mindgate. Unified Payment Interface Solution Provider - Mindgate. Mindgate Solutions Private Limited. Real Time Payments (RTP): Transforming the US Payments Landscape. Mindgate Solutions Private Limited. Corporate Internet Banking Payments and Collections Solution Provider.
Mindgate Solutions Private Limited. Mindgate Solutions Private Limited. Mindgate Solutions Private Limited. Mindgate Solutions Private Limited. Key Benefits Of Implementing A Merchant Management Acquisition Solution Provider. Key Benefits Of Implementing A Merchant Management Acquisition Solution Provider. Mindgate Solutions Private Limited. Unified Payment Interface Solution Provider - Mindgate. How Mindgate Is Powering India’s Digital Payment Engine.
Corporate Internet Banking Payments and Collections Solution Provider. Payments and Collections. To address this need, Mindgate proposed a payments app dedicated solely for the bank’s merchants, using which they could share the bills and payment details via QR code and collect payments from their customers using their countries respective real-time payment systems.
The app is supported by a browser-based portal which allows merchant organizations to create and maintain their own respective hierarchies of users for their retail stores. Using the mobile application, the store staff can generate a QR code which contains the bill amount and payment details for the end-customer. By scanning the QR code in their RTP based apps, the end-customers can easily and securely pay their respective bills without the hassle of standing in the long queens on the billing counters adding significantly to their shopping experience in the store. Merchant Acquisition Solution Provider. Merchant Acquisition Solution Provider. Payment Hub. Payments and Collections 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 Why H2H is required. Reconciliation Platform. Mindgate Solutions Private Limited.