Bridging Bharat Digitally
FSS eFinclusiv accelerates digital financial innovation to expand the reach and the scope of financial services to the underbanked.
The platform helps bank to profitably achieve demand and supply side efficiencies of scale. Banks can achieve critical demand-side efficiencies by delivering doorstep banking services using a network of correspondents. Agents enroll unbanked customers and offer them a full services portfolio including account opening, credit, savings, insurance and merchant payments.
The Indian financial services landscape is changing rapidly, riding on the back of a favorable regulatory environment, investments in the India Stack infrastructure and wide penetration of mobile telephony services. Together these trends have improved financial services access and helped a large segment of entry-level customer enter the financial mainstream.
With 800M people having bank accounts, driving services adoption and deepening financial inclusion is a high priority for banks.
eFinclusiv helps banks build an expansive merchant network. With FSS eFinclusiv banks can target previously under-penetrated micro-merchant segments, with an efficient technology and commercial framework, easing the way for rapid onboarding and expansion of new acceptance points.
FSS eFinclusiv Open API Services Hub enables banks to expose APIs to a host of partners to develop innovative financial services including micro-loans, micro-pensions, security and micro-insurance. Banks benefit as it embeds their position within the value chain to build upon the traditional customer-bank relationship and maintain their share of the market.
eFinclusiv As-a-Service Accelerates Innovation
FSS offers a turnkey managed service solution which includes:
- eFinclusiv Software-As -a-Service: Offers banks the flexibility to select service components and tailor services in line with business needs
- eFinclusiv Marketplace: FSS eFinclusiv marketplace brings together terminal vendors, corporate business correspondents, and technology partners for added value services under a single umbrella
- eFinclusiv Backend Services FSS eFinclusiv manages the complete lifecycle of the merchant as well as reconciles and settles transactions
Open APIs Build Pathways to Scale
FSS eFinclusiv partner APIs allows banks to enhance their service offerings, improve partner and customer engagement, and build new sources of value.
Presence-less Layer – Authentication APIs
- Demographic Authentication
- Aadhaar Authentication
Paperless Layer – Onboarding APIs
- Save /Fetch to Digilocker
- Aadhaar Seeding
Cashless Layer – Transaction APIs
- Cash Deposit
- Cash Withdrawal
- Fund Transfer
Cashless Layer -- Account Related APIs
- Balance Enquiry
- Mini Statement
- Beneficiary Account Validation
- Cash Deposit Advise
- Green PIN
- Change PIN
Creates Demand and Supply Side Economies of Scale
FSS eFinclusiv, addresses issuer and acquirer-side challenges to further adoption of digital payments. FSS AEPS, a doorstep banking solution, allows banks to leverage banking correspondents and overcome cost-barriers associated with last mile financial services delivery.
FSS AadhaarPay enables financial institutions to build a universal transaction acceptance network. The service converts the mobile into a POS device and enables a large majority of micro-merchants to accept payments using inexpensive Aadhaar-enabled payment rails.
Simplified Merchant and Customer Onboarding
FSS eFinclusiv leverages the India Stack eKYC and eSign APIs for remote customer on-boarding, enabling financial service providers to realize significant cost and productivity-related efficiencies.
Extensive Business Dashboards
Extensive business dashboard allows financial institutions agents and merchants to track measure and take necessary steps to fine-tune business and service performance.
Customizable Implementation Models
FSS eFinclusiv provides an option to offload transactions from the Switch, saving costs of opening and maintaining entry level, no-frills accounts. For card-based transaction eFinclusiv interfaces with the bank’s CMS host to authorize PIN transactions. For Aadhaar-based transaction (with biometric authentication), the system integrates with the Bank’s Core Banking host.
Manages Risk and Security
FSS eFinclusiv provides a secure transacting environment, essential to win trust of first-time users of financial services. Built-in security features include:
- Configurable volume, velocity thresholds to contain fraud
- Device fingerprinting for securing frontend applications
- Two-factor authentication for Aadhaar-based transactions
- Compliance with UIDAI standards
- Compliance with OWASP Policies and PCI-DSS standards
- Assures data security by auto-locking micro-ATMs when idle
- Open APIs enable banks to build extend services chain and rapidly deploy innovative revenue generating payment services such as savings, payments, credit and insurance
- Converts an untapped section of consumers to transact digitally, thereby creating a demand for digital payments
- Simplifies onboarding process with eKYC and optimizes margins
- Saves interchange costs by routing payments transactions over the Aadhaar network rather than conventional payment rails
- FSS eFinclusiv As-a-Service improves ability to innovate in untested markets with protracted time to revenue cycles
Operational Peace of Mind
- FSS assumes complete responsibility for business and technical operations, freeing managerial bandwidth for strategic activities
- Improves viability of operations for agents via commissions and fees and ability to upsell and cross-sell products
- Aids business performance via individual and aggregate reports on key performance indicators
- Simplifies set-up and on-boarding process by leveraging eKYC and eSign related KPIs
Accessible and Convenient Financial Tools
- Equips customers with access to a range of financial tools, enabling previously unbanked and underbanked customers to avail a range of services – financial loans, micro-insurance, pensions and savings schemes
- Provides consumers the convenience and choice to transact using a range of instruments- Aadhaar Number, Debit and Prepaid cards
Simplifies Digital Payment Acceptance
- Zero Capex as uses existing mobile phone rather than conventional POS infrastructure
- Saves transaction processing costs as routing transactions over networks is less expensive
- Prevents fund lock-in with immediate settlement and crediting of merchant accounts