Mindgate dis­plays Pay­ments prow­ess at SI­BOS 2019

Banking Frontiers - - India @ Sibos -

As a part of the SI­BOS Story, Bank­ing Fron­tiers met up with sev­eral Tech­nol­ogy ser­vices providers and bankers who had put up stands at the well rep­re­sented and beau­ti­fully laid out ex­hi­bi­tion, which hosted about 300 plus ex­hibitors from var­i­ous parts of the world. Th­ese were ef­fec­tively grouped into Star­tups, Banks, Tech­nol­ogy Ser­vice Providers, PSPs and many more.

Mindgate So­lu­tions Pvt. Ltd, the lead­ing dig­i­tal pay­ments player from In­dia, made its SI­BOS de­but with the Lon­don event held in Septem­ber 2019. Armed with a strate­gic in­vest­ment and part­ner­ship with ACI World­wide, the global pay­ments leader, Mindgate saw a won­der­ful trac­tion at the event. With re­puted cus­tomer names like The State Bank of In­dia, where it achieved a thresh­old scal­a­bil­ity and se­cu­rity of han­dling trans­ac­tions i n ex­cess of 30 mil­lion per day, the com­pany gen­er­ated a high level of in­ter­est amongst the vis­i­tors from both Banks as well as the part­ner ecosys­tem. Mindgate dis­played some in­no­va­tive and highly rel­e­vant so­lu­tions for the global pay­ment busi­ness. Some of the key tech­nolo­gies dis­played by the com­pany at SI­BOS in­clude:

Real Time Pay­ments: Real t i me Pay­ments is trans­form­ing the ecosys­tem of fi­nan­cial trans­ac­tions glob­ally. With a proven track record of pro­cess­ing over 65% of real time pay­ment vol­ume in In­dia, the team dis­played the com­plete suite of Real Time Pay­ments Plat­form for banks to plug into their ecosys­tem. On dis­play was a quick in­te­gra­tion API stack for mer­chants and cor­po­rates, ready to de­ploy PSP ap­pli­ca­tion for con­sumers, easy on board­ing of mer­chants and mer­chant life­cy­cle man­age­ment, near real time rec­on­cil­i­a­tion and set­tle­ment, and hooks to mon­i­tor risk lev­els and fraud de­tec­tion in the dy­namic world of real time pay­ments.

Dig­i­tal Trans­ac­tion Bank­ing: The next gen­er­a­tion dig­i­tal trans­ac­tion bank­ing plat­form (DigiTB) de­signed to ren­der seam­less and se­cure bank­ing ex­pe­ri­ence for man­ag­ing pay­ments, col­lec­tions and liq­uid­ity man­age­ment. A fully in­te­grated Cash Man­age­ment So­lu­tion and the Vir­tual Ac­count (VA) fea­ture that fa­cil­i­tates pay­ments and col­lec­tions through a sin­gle ac­count us­ing POBO/COBO at­tracted a lot of at­ten­tion at the event. Bill Pay, Pay­ment Gate­way and Pre­paid were some of the other key tech­nolo­gies dis­played at the event.

Ac­cord­ing to Ge­orge Sam, one of the founders of Mindgate, Open Bank­ing, In-house Bank­ing, Dig­i­tal Trans­ac­tion Bank­ing and Real Time Pay­ments gen­er­ated the high­est level of in­ter­est at SI­BOS. In the back­ground of re­cent wave of instant pay­ments across the US and to an ex­tent in Europe, the com­pany sees a great de­mand for Dig­i­tal Trans­ac­tion Bank­ing and Real time Pay­ments. Thanks to UPI, the In­dian ser­vice providers like Mindgate have pi­o­neered high level of ef­fi­ciency and ca­pa­bil­i­ties in this area.

Ac­cord­ing to Mindgate, its tie-ups with lead­ing banks in In­dia has helped the com­pany to achieve enor­mous scale due t o t he sig­nif­i­cant growth i n UPI vol­umes and this has given its cus­tomers a con­fi­dence in their ro­bust ar­chi­tec­ture in Real time pay­ments. I n the Mid­dle East mar­ket, the com­pany has sig­nif­i­cant in­roads i n trans­ac­tion bank­ing with i ts dig­i­tal col­lec­tions and dig­i­tal pay­ments so­lu­tion of­fer­ings, which i s one of the most strate­gic in­vest­ment ar­eas for banks glob­ally. This as­pect is also high­lighted in sev­eral SI­BOS ses­sions.The Col­lab­o­ra­tive work with mar­ket in­fra­struc­ture play­ers and pro­ces­sors in mul­ti­ple ge­ogra­phies is help­ing the com­pany to pi­o­neer i ts in­no­va­tions with global banks.

In terms of its fu­ture busi­ness strate­gies in In­dia and glob­ally, the com­pany said that it had busi­ness al­ready in ex­cess of 90% from banks. There­fore, it will con­tinue to fo­cus on banks in In­dia and glob­ally in the above-men­tioned ar­eas. How­ever there are sev­eral in­ter­est­ing dis­cus­sions on B2C space and that could be an ad­di­tional fo­cus go­ing for­ward ac­cord­ing to Ge­orge Sam. With the strate­gic sup­port of ACI World­wide, Mindgate plans to make stronger foray into the US and Europe where ACI World­wide has a very strong pres­ence and there is clearly a strong busi­ness case to go to­gether and ser­vice its cus­tomers bet­ter.

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