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 […]
Virtual Accounts: How They Actually Work
Businesses and organizations who operate a large number of bank accounts in some cases, in the thousands often experience difficulties in tracking and reconciling their payments and collections. There is also a significant cost in opening, maintaining and closing these accounts, with firms having limited control over this process, which can take months. Virtual accounts, […]
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. Here are a few insights into the benefits of […]
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. Request to Pay is intended to improve the control and transparency of bill payments. RtP is not a […]
The Role of Payment 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 […]
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 […]
Key Benefits Of Implementing A Merchant Management System
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 […]
Corporate Payments And Collections, The Paradigm Shift
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 […]
India’s UPI: Transforming Banking and payments landscape
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 […]
Why Should Banks Go For An Integrated Payments Hub
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 […]
