Mindgate displays Payments prowess at SIBOS 2019
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.