Recurring Payments System

Full feature range

Recurring Payments System service is an additional convenience for customers if they have many periodic payments. A customer may set a periodic payment once and then just keep receiving periodical notifications for the transactions, which are performed by the bank automatically. It is comfortable and ties the customer closely to the bank. Basic solution Recurring Payments System supports three types of periodic payments:

• Scheduled payments are executed once per period for a fixed sum.
• Event payments are executed upon the occurrence of a certain event for a fixed sum. For example, it can be a payment for mobile service when reaching a minimum threshold balance.
• Payment for debts are executed when the system founds customer’s debts, if the amount of payment does not exceed the limit specified by the customer.

Besides the three basic periodic payments, a bank may offer to customers additional services related to recurring payments within the solution scope. The detailed description of every type of periodic payments and specification are available upon request.

Reduce integration cost

Implementing the recurrent payment service in a bank is normally an effort-demanding task, as it always requires integration with many banking systems. These are the service channels, where customers will subscribe to auto payments; the recurrent payments templates storage; the system responsible for making payments; the gateways to service providers or payment aggregators.

Recurring Payments System uses standard Payments Code services and payment mechanisms. Payments Code solution is already integrated with the service channels via the standard protocols (1010Code Software V3). The solution includes built-in template service, tools for implementing the gateways to any service providers, user-friendly interfaces for easier customization and so on.

Supporting omnichannel cases

The recurring payments service is the most demanded remote banking systems: mobile and online banking. In our opinion, the auto payments service should be available for the bank’s customers everywhere.

After its implementation, Recurring Payments System is equally easy to integrate with all customer service channels. If the bank uses 1010Code frontal software (ATMs, terminals, cash desks, mobile and online banking), then the service is available as an “out of the box” solution. If the bank uses third-party frontal applications, we can provide a standardized protocol for integration. As a result, minimal rework is required for the fronts, and the omnichannel cases can be easily implemented.

ATM Web Code in integration with ADV Code solution can solve all above-mentioned issues:

• The ad content can vary: the solution can display static images, interactive web-scenarios or advertisements on the second screen.
• Advertising can be targeted by ATM location (up to a single device), a customer category, an amount of payments and other parameters.
• Ability to demonstrate personal offers on ATMs. Integration with the bank's CRM-system is necessary only if the personal offers are requested online. If the offers are pre-created, they need just to be uploaded to ADV Code storage. Pre-approved offer is linked to a unique customer’s ID and does not contain any personal customer’s data.

Service channels

Banks typically offer recurring payment services through remote systems such as mobile and online banking. However, it would be ideal if customers could access this service through other channels, such as ATMs or branch assistants. This would be particularly useful for customers who prefer offline service channels and do not use the remote recurring payments service.

Recurring Payments System is a multichannel solution that integrates seamlessly with any service channel, not just remote banking systems. If the bank uses front-end 1010Code Software solutions, the full range of features is available off-the-shelf. In cases where the bank uses a third-party app, Recurring Code offers a standard protocol for integration, resulting in minimal modifications required for the front-end app. Additionally, all basic business features are provided as Payment Code services.

More cases

In addition to the three types of recurring payments listed above, there are other cases that can be implemented. For instance, a customer makes a one-time payment for a service that requires periodic payments, such as cellular service, internet, or utility bills, but does not set up a recurring payment. After a certain period, say a month, the system can send a reminder to the customer to repeat the payment. The customer can then choose to repeat the payment, save the template and create a recurring payment, or opt-out of any further reminders for this payment. Implementing this feature does not irritate customers and can significantly increase the number of recurring payment users, by almost 10 times.

In this scenario, an implicit subscription to periodic payments is automatically set up, and it functions in the same way as scheduled payments. After a specific period, the customer receives a reminder to repeat the payment.

Flawless work of service

When implementing the recurring payments service, ensuring its reliability is crucial. The reliability of the payment system is vital to maintain customers' trust, as any errors or failed payments can cause them to lose confidence in the service. Based on our experience, the recurring payment services are usually implemented using remote banking systems or integration modules.

At the 1010Code Software system, we use standard payment mechanisms via Payments Code, which guarantees prompt and accurate payment delivery, supports transnational payments, performs necessary checks, and sends alerts as required. With this level of reliability, the recurring payment service works more consistently, even in non-standard situations.