billpayment_recharges

Payments and Collections

Banks Traditionally focused on Deposits and Lending as their key business. Bill and other payment transactions by customers was largely accomplished in cash or cheques. Increasingly customers want banks to take care of various digital payment transactions that they conduct seamlessly into their commonly used devices(smarphones, computers) and integrated into their daily lives. While these payments are not a large source of income, they bring a huge customer engagement value. The Novopay Payments module supports various payment protocols such as IMPS, NEFT, RTGS, UPI and Wallets. This module supports predefined beneficiaries, personal beneficiaries and favourites.

Binoculars icon
Beneficiary/Debtor Management
Users can add beneficiaries and debtors as payment templates with associated financial address (such as UPI VPA, Bank account details, Mobile number etc) and save them with nicknames for ease of use.
Binoculars icon
Bulk Payments and Collections
Businesses can manage their vendor payments, refunds, salary payments , bsuiness receivables etc. by uploading bulk payments / collection files. An uploaded file can be approved by a checker in part or full and as per the payment authorisation matrix maintained in the system.
Layouts icon
Payments & Collections Transactions
Users can make payment using several protocols such as IMPS, UPI, NEFT, RTGS & Wallet payments. All payment lifecycle events such as initiation, status inquiry, refunds and reversals are supported. Users can also request for payments by sending payment link for making a payment to a UPI VPA, to a virtual account number (by IMPS/NEFT) or an wallet to wallet transfer. One such specialised usecase for requesting payments in splitting a bill amongst group of contacts. Users can query past payments and collections and status of requests, send reminders for pending collections by SMS/E-mail/In-app channels. Payment framework allows us rapidly extend the Novopay sysyem to support new payment & collection modes with ease by adding protocol specific adapters.
Binoculars icon
Standing Instructions
Businesses can register collection mandates in the application. Basis approved mandates, collections can be scheduled as standing instructions for future dates. Such instruction can be one-time or a recurring schedule with start date, end date and frequency. Similarl;y, Payments can be scheduled as standing instructions for future dates. Such instruction can be one-time or a recurring schedule with start date, end date and frequency.
Icon