Summary

This American MNC is a leader in global payments – connecting billions of consumers, merchants, small businesses, banks, and enterprises. The company has a large payment network that issues cards to institutions. The financial company tied up with Fulcrum Digital to build an efficient payment process that augmented the user experience for transacting parties.

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.

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 customized 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.

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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To help your organization create customer-centric digital solutions, drop your details below and our experts will get back to you ASAP.

For more information or any questions, write to us at

marketing@fulcrumdigital.com

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