It was until very recently, that handling payments was exclusively handled by financial institutions such as banks. Today, that no longer remains the case. Payment management is one of the areas which the proliferation of technology has had the greatest impact on. The Unified Payments Interface (UPI) created by the National Payments Corporation of India has enabled even road-side hawkerslargest…
The Clearing House, recently launched Real Time Payments in the USA. The banking community has been bullish about the new development. Last month, US Bank Corp and BNY Mellon performed a limited demonstration of RTP capability by transferring money across accounts within a matter of a second. PNC Bank has just announced the launch of Real Time Payment services. Three…
There is a crucial need for widespread Fintech adoption. Payments have increasingly gone digital in recent years in order to address the burgeoning need for a seamless customer experience. Fintech companies have taken advantage of the strong banking and payments infrastructure in India to introduce a plethora of innovative products and services. Banks have increasingly adopted these new age solutions…
The concept of open banking has been around for at least 5 years now. Alright, but what is Open Banking? Simply put, it is a practice by which third party service providers are given secure expressly permissioned access to customer’s banking and financial data such as bank statement for the last few months, deposit details, credit facilities availed and repayment…
Digitalization of payments has emerged as a transformative force for small and medium entrepreneurs in India. In 2016, India launched its Unified Payment Interface which allowed seamless instantaneous money transfers across banks on its network. Savvy banking institutions developed their own Apps on the UPI infrastructure to improve their customer reach and experience. So, for the first time in India…