Payments Code

New service provider

When a bank provides all the necessary financial services to its clients, the clients tend to stick to the bank and not look for alternative options. These financial services include payment services like mobile communication, housing and public utilities, taxes, and penalties. Therefore, in order to retain clients, the bank should offer its clients a wide range of payment services and the ability to pay through various remote channels such as Internet and mobile banking, teller desks, and ATMs.

To deliver high quality payments services banks should have a dedicated solution. In case the bank has not implemented such a solution, its clients can pay for less than 500 providers through remote channels.

Payments Code is a centralized payment acceptance solution that enables banks to offer a wide range of payment services through all channels. Based on our experience, banks that have implemented Payments Code can accept payments for 1,000 to 10,000 service providers, and even more.

With standard built-in tools and without incurring huge labor costs, banks can set up gateways to the largest payment billing aggregators and state services or accept payments through direct contracts. The ``off-the-box`` solution, Payments Code, allows banks to separate services by regions, calculate commissions online, input counter readings, and offers other features.

Reduce labor cost

Implementing a high-quality payment system with user-friendly interfaces is a significant challenge for banks due to the large costs involved. Without a dedicated solution, the returns on payment acceptance may be low, and the costs of implementing and supporting payment services may be high.

Payments Code is a solution that helps banks set up payment acceptance for a large network of service providers effectively and with low labor costs. The solution allows for the setting and management of service providers at each channel, centralized unloading of statements to the Core Banking System, and tools for quick payment services through teller desks, as well as the easy addition of new suppliers.

As a result, after implementing Payments Code, the costs for supporting payment services by bank employees can be reduced tenfold, while the amount of services available for clients increases.

Agent network

The bank expends its geography by utilizing agents, so they offer its services quickly and without extra-costs. Cooperation bank and agents is particular and should be supported by a dedicated solution for more efficient. Payments Code helps the bank to organize payments acceptance via agent network.

Banks usually have two reasons for developing agent networks:

1. Deposit bank product is relevant for a retail bank servicing a large amount of individuals. Agents like payment billing aggregators, communication shops network, and other banks — accept payments to the bank. Online control payments details and checking payments status reduce claims activities in the bank.

2. Payments acceptance as a separate business segment. If the bank has many direct contracts with service providers it might increase amount of payments and commission incomes via agent networks. At that case the bank develops payments acceptance as a separate business segments.

With Payments Code the bank implements any business-module in cooperation with agents. The solution support communication with agent networks and sub-agent operations, account maintenance and handling. Agents have an access to web-application to manage own agent networks and additional software for teller desk, self-service kiosks and smart-phones. All cooperation between the bank and the agents is fully automatic. Payments Code helps to decrease labor costs drastically during cooperation with agents and to improve communication quality.

Increase fee revenues

Payments acceptance is profitable due-to fees. Instead of interest income fee revenues do not depend on market conditions and have not risks. Commission income is positive financial factor and stabilizes income structure.

Fee revenues depends on amount of commission To set commission amount flexibly the bank should have a dedicated solution. In the absence of the technical capability, the bank usually can’t manage commission amount and loses profit.

Payments Code helps to set up different types of parameters for fees. For example, a branch or banking service channel, service provider, payment amount, time. Commission may be simple (percentage or fixed sum) and complicated ones (calculated with the formula). All fees calculate online.

With such technical tool, the bank may double fee revenues and more saving current amount of payments and customer loyalty.

Operate 24/7

Bank clients expect instant crediting of their accounts for services such as mobile communication, and make payments at all hours of the day. Therefore, a payments system that operates round-the-clock and has a minimum recovery time after a power failure is essential for banks.

The Payments Code provides a sustainable payment service that is available 24/7. Without a centralized payment system, achieving such stability is impossible. The Payments Code has developed mechanisms to ensure sustainability and to operate ``active-active`` across multiple locations. The solution tools are family-scalable and any tool failure should not result in paralysis. Furthermore, the solution includes mechanisms for routing payments via an alternative channel if the primary one is unavailable.

Recurrent Payments

Modern remote banking services often offer recurring payment services to their customers, and there are different ways for banks to deliver such services. However, we recommend implementing these services via a single payment system as it reduces integration costs and simplifies service management.

Payments Code offers recurring payments as an off-the-shelf solution, available in all banking channels. This includes scheduled payments, payments triggered by events (such as a payment for mobile service when reaching a minimum threshold balance), and payments triggered by debt occurrence.

While the bank can implement a recurring payment service as a stand-alone system, the features of Payments Code admirably encompass the architecture required for this service. The main utilities are included in the out-of-the-box solution. This provides additional benefits and seamless integration.

Payments Security

Cyber security is a critical factor in the payments system. Payments Code is a reliable solution for ensuring payments security, and it is essential for banks and financial institutions to prioritize its implementation to protect their customers' information and funds from cyber threats.

Payments Code provides a comprehensive set of tools and protocols to ensure secure transactions and prevent fraud. These tools include secure storage of keys, strong password policies, audit trails for employee activity, and other safety requirements that comply with information security standards.

In addition, the Payments Code includes an anti-fraud service that uses white and blacklists, analyzes payment details, and identifies non-standard transactions to detect and prevent fraud. This built-in feature is often sufficient for banks during the implementation of Payments Code, but the solution also provides a standard API for integration with a separate anti-fraud system if necessary.