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 […]
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 […]
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.
