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Fino Paytech has established a robust

Technology

Fino Paytech has established a robust, trusted, and secure branchless banking channel to assist clients who offer financial products and services to unbanked customers across geographies.

Innovative
solutions

Fino’s innovative solutions facilitated the distribution of financial services in remote locations that had setbacks like minimum connectivity and limited infrastructure. By leveraging these solutions, user entities were able to enroll customers in the field and issue smart cards as well, if required. The customer data collected during the enrolment process were required to be uploaded in the backend systems for data duplication checks, account opening and reporting purposes.

International Business

Customers could then transact in the field through multiple media such as ATM/Micro Deposit Machine, POS and/or mobile. These transactions could then be pushed to the backend core banking system, either in an online or offline mode, depending on the business requirements and available connectivity.

Backing these functions were various systems, which performed very different supporting, but nevertheless relevant roles. A Terminal Management System manages issuance, blocking, and application updating of POS devices; and a Card Management System manages issuance, hotlisting and re-issuance of cards.

All these systems were an outcome of Fino’s extensive field experience gained over the past years by serving in tough and remote locations. These systems provided services that were extremely relevant to entities operating in this sector.

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Remittance

Money Transfer made easier, faster, safer, and hassle-free

The increased migration of people to urban areas in search of livelihood creates the need for easy access to banking services, especially money transfer. According to some studies, the domestic remittance market is estimated at around Rs. 1.2 lakh crores, of which, only around 30% of domestic remittances are routed via formal channels. Majority of the migrant population uses expensive and unsecured informal channels for their money transfer activities.

Fino Paytech's innovative online payment solutions and extensive reach offers customers a safe, reliable and quick means to transfer money back home, while giving banks the opportunity to tap the huge 70% money transfer market that is currently served by informal players.

We provide a fast, reliable and convenient platform to transfer money domestically from the remitter to the beneficiary via Intra-bank (home bank), Inter-bank (NEFT), and the IMPS facility.

Salient Features

Customers can avoid the hassles of physically visiting banks, and transfer money as per their convenience

Customers get access to more affordable and cost-effective services compared to other available money transfer alternatives

Walk-in remittance facility is convenient for those who do not have a bank account

Customers have the option of opening a savings bank account with a biometric smart card

Customers can remit funds to a wide array of banks/locations across the country through real time remittance via intra-bank transfer and the IMPS facility

Customers' money is safe during transit, thanks to the highly secure process with multiple authentication levels

Location and time convenience lead to cost saving for customers as they remit from merchant points

Our remittance services are available at key corridors across the country and we are penetrating further in association with our partner banks.

We are keen to partner with stakeholders who are interested in providing remittance services across the country.

Going forward, we would also like to explore international remittances.