Importance of Automated Reconciliation System For Corporate Collections
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 […]
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 […]
What Are Corporate Bulk Payments And How H2H (Host To Host) Systems Work
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 […]
Real time benefits of real time payment
Real-time payments have seen a steady worldwide growth in the past few years. Growing consumer demand for 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 […]
The Future of Real Time Payments in India
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.
Real Time Payments (RTP): Transforming the US Payments Landscape
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.
How Mindgate Is Powering India’s Digital Payment Engine
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.
