Blog Category: Expert Blogs

Introduction of UPI in 2016 and the succeeding UPI 2.0 in 2018, turned out to be a game-changer for the payment landscape in India, taking the country a step closer to a cashless economy. An end-to-end digital transacting platform, UPI has revolutionized the payment structure by bringing multiple banking features, seamless fund routing & merchant… Continue reading Growth of Cashless & Real-time Payments (UPI) in India

Transaction banking refers to the movement of money from one place to another. It is the area of banking that addresses the operational needs and day-to-day transactions of business, corporate and institutional customers. Thus, payments and collections form an integral part of transactional banking. In today’s modern world, all major corporations have their business operations… Continue reading Rationalizing Payment & Collections Using POBO COBO Models

The growing demand for transaction banking stems from the fact that corporate houses today seek a smarter and efficient cash management system for smooth business operations. An increasingly competitive landscape has posed critical challenges to the organizations in terms of managing multiple banking relations, performing bank account management and handling complicated account structures. ‘Digital Transaction… Continue reading Adopting Digital in Transaction Banking

In today’s age of digitalization, the once-popular modes of cash & cheques are slowly ceasing to remain the primary instruments that businesses in India use for their transactions. Till now, cash management has been a cumbersome activity which required a representative of the organization to physically transport the cash and cheques to the banks, join… Continue reading Cash Management – A Journey From The Traditional To The Smart Digital!

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… Continue reading Redefining the Framework of Real-time Payments in India

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,… Continue reading Virtual Accounts: How They Actually Work

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… Continue reading Virtual Accounts: Enhancing Collections and Payments

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… Continue reading Request to Pay: The New Innovation in Collections

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… Continue reading The Role of Payment Wallets In Digitizing India

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… Continue reading Mindgate’s Virtual Account Management Solution