Revolutionizing Payments CX for Global Financial Organization

May 17, 2022
Elementor Layout, Finance, Mobile Apps, Platform Engineering, Quality Engineering, System Integrations

Industry

Financial Services

Company Size

$10-20bn

Technologies

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

Revolutionizing Payments CX for Global Financial Organization

Business Challenge

Solution

Benefits

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