The banking industry has been one of the most eager adopters of technology, and also one which has perhaps managed to derive the maximum benefits out of the same. Not only has technology aided in significantly streamlining banking operations, but it has also massively improved customer experience when it comes to availing the services of financial institutions. One such aspect…
In recent years, countries around the world have made significant efforts to upgrade financial transaction processes with a view to enable faster payments processing, real-time settlements and secure transactions. Real-time payments are steadily gaining popularity across the globe. Several countries like the United Kingdom, Denmark, Mexico, Chile and India, among others have real-time payment systems in place, that can transact…
A good number of businesses have recurring receivables. A products company earns annual maintenance, which as the name suggests, accrues each year. Lenders get their principal and interest paid in a fortnightly or monthly repayment cycle. Insurance companies receive their premiums monthly, quarterly, half-yearly or annually. Utility companies like electricity or internet service providers have monthly receivables, though the value…
Pickup your mobile phone and dial *99# . What you see next represents the ingenuity of the Indian payments industry. India is a nation where people at the extreme ends of the spectrum co-exist. The richest to the poorest. The highly tech savvy to the least technologically aware or inclined. Therefore, when we rollout a scheme, a solution or a…
If you have bought an insurance policy for yourself or your family, you need to make periodic payments to your insurer of what is called ‘premium’. Same is the case if you buy any goods such as heavy electronics appliances on an EMI basis. It would be highly inconvenient to have to manually keep a track of such different payment…