Revolutionizing Payments CX for Global Financial Organization
QUICK STATS
Industry
Financial Services
Services
Payments Platform Development
Company Size
$10-20bn
Domain Area
Faster Payments
QUICK STATS
Industry
Financial Services
Company Size
$10-20bn
Services
Payments Platform Development
Domain Area
Faster Payments
Business Challenge
This corporation wanted to create a rich UX by introducing a concept that makes paying bills through online and mobile banking seamless, fast, error-free, and easy for banks, billers, and consumers.
Fulcrum Digital proposed a solution; which is a layer between banks and billers. This solution would facilitate payments and messages through the bank’s online and mobile banking apps.
Solution
- Fulcrum partnered with the switch-enabler to provide end-to-end engineering support that ensured a rich user-experience
- A message layer in the switch was developed to enable exchanging of messages related to bill presentment between two/more financial institutions
- Provided a solution by building customized a clearing layer to enable bill payment type transactions between two/more financial institutions
- Enabled a multi-layer settlement layer that supports both ‘Batch’ & ‘Online’ modes of settlement on a real-time clearing basis
Benefits
Core functionalities created: payment message validation/conversation, reconciliation, settlement, fraud management, and analytics
More features built for users to view bills, make real-time payments, link billers, set reminders, etc.
Provision created for the biller to receive guaranteed funds instantly without risk of non-sufficient funds or chargebacks
Real-time posting and automated reconciliation features enabled better transparency and removal of process bottlenecks
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Drop us your details and one of the Fulcrum team will reach out within one working day.
Let's Talk
Drop us your details and one of the Fulcrum team will reach out within one working day.