1. Modes of channel
  2. Collection & Payment resolution

Modes of channel

  • Branch: These square measure regular branches of the banks wherever a client will get in and find their transactions done by the officers. The officers use a laptop because the front that is connected to the bank’s CBS servers via private/public cloud.
  • Internet: this is often the net web site of the bank that is accessible to its customers. The transactions square measure secured by employing a login name and Arcanum that is merely best-known to the bank client. These transactions square measure any secured by victimization OTP that could be a 2-step authentication method and sent to the user’s registered mobile phone range.
  • Host to Host: this is often a system wherever 2 banks communicate between themselves for doing varied client transactions by having dedicated servers (Hosts) on either finish that square measure in exceedingly extremely secure surroundings and connected to every different employing a extremely secure WAN. 
  • ATM: These square measure machines that square measure omnipresent and supply for money dispensing, money deposit and different transactions.
  • Cash Dispenser: These square measure machines that square measure used for money dispensing solely and connected to bank branches. The tellers do the dealings and provides a token to the shoppers. the shoppers take the token and place it within the automated teller machine to withdraw cash.
  • Hand Held Devices: These square measure devices carried by agents of the banks from one place to a different for doing transactions in remote areas. The devices square measure loaded each morning with the client knowledge and agent records the assorted transactions within the machine throughout the day. 
  • Kiosks: These square measure complete machines which permit the client to interact on their accounts with the banks while not the requirement of the bank officer. The transactions square measure secured employing a client login and arcanum that square measure solely best-known to the client.
  • SMS: this is often the medium employed by SMS banking and IMPS by the banks to simply accept the dealings requests of the client and for causing them confirmation for such transactions additionally as for informing the shoppers for vital forthcoming events like loan reimbursement dates etc.
  • IVR: this is often a medium employed by banks to permits customers to decision into the bank systems wherever their actions square measure driven by AN interactive voice. On getting into the correct sequence at the side of the account range and TPIN the system responds with the knowledge. The client will access a personality’s officer by getting into a prespecified range at the correct time.

Collection & Payment resolution

  • Web based interface & Customizable Menus: An online based interface is provided to permit banks to customise the gathering and payment resolution as per their wants and their parameters.
  • Integration with CBS, ERP and different Back workplace Services: The answer takes client requests in varied formats over completely different channels and posts them to the rear workplace services like CBS, ERP et cetera.
  • Customer Master Maintenance: The system encompasses a single client master wherever the client details like mobile phone range and login names square measure hold on. This encompasses a net primarily based interface that the bank will use to access this. The IPIN and TPIN will be written on special letter paper that prevents anyone to check an equivalent unless the perforation is compromised.
  • Reports & Queries: varied reports and queries square measure offered to observe the system.
  • Transaction Tracking: All transactions created via this method will be caterpillar-tracked simply victimization the online primarily based screens given the system.
  • Alerts & Notices: The system permits email and SMS primarily based alerts and notices which may be preconfigured.
  • E-Payments Electronic payments to varied vendors will be created victimization this method. Vendors will be registered and therefore the unfinished bills for varied customers will be uploaded employing a net enabled interface.
  • Routing & Fees: The routing of assorted services like RTGS will be designed and various fee that the banks need to charge to the sponsored bank and therefore the finish customers will be designed. an equivalent is mechanically subtracted from the client payments.
  • Workflows: Various workflows like CREATE-VERIFY-ENABLE square measure offered within the system to permit the banks to figure as per their procedures.
  • Exception Handling: correct exception handling in varied things is taking care of and fittingly handled.
  • Reconciliation: Reconciliation between varied banks concerned within the transactions is completed mechanically and reports square measure offered to indicate an equivalent.
  • Message Validation: All messages square measure valid for syntax and linguistics checking. Duplicate message handling is completed fittingly. Mandate Management: Client mandates square measure maintained and every request is valid against it.
  • Message Standards: System uses commonplace message formats like ISO 8583, SWIFT and financial organization mandated formats like ECS.
  • Enrichment & Repair: Messages that square measure incomplete square measure repaired victimization commonplace algorithms if they will be repaired before rejecting them.
  • Audit Trail: An audit path of various transactions is maintained.
  • Authorization Matrix: The bank officers square measure approved to perform varied functions victimization roles and rights matrix that is maintained by the bank admin.
  • Security & Encryption: the complete system uses security and coding system victimization trade commonplace algorithms like RSA, 3DES and MD5 besides MACID primarily based access to the system.

About the Author

BankReed Admin

Banking Professional with 16 Years of Experience. The idea to start this Blogging Site is to Create Awareness about the Banking and Financial Services.

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