Revolutionizing Payments CX for Global Financial Organization

QUICK STATS

Industry

Financial Services

Services

Payments Platform Development

Company Size

$10-20bn

Domain Area

QUICK STATS

Industry

Financial Services

Company Size

$10-20bn

Services

Payments Platform Development

Domain Area

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 the 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.

coworkers working as a team

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 a customised clearing layer to enable bill payment type transactions between two/more financial institutions
  • Enabled a multi-layer settlement layer which supports both ‘Batch’ & ‘Online’ mode of settlement on a real-time clearing basis
  • Trackers: Health trackers for a member to keep track of various habits and clinical markers
  • Calculators: BMI, healthy weight, calories and sugars intake
coworkers working as a team
financial expert analyzing results
financial expert analyzing results

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 automate 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.