FIS PaymentsOne - The Framework for Enterprise and Retail Payments Convergence
Since our childhood, we have gone through an evolution of payments mechanisms. We started with cash, then cheques, then ECS and now digital. The progression has been because of our inherent need for convenience and simplicity. Today, Digital is available in multiple forms and is part of a larger payments ecosystem. The usage also varies, depending on the location - whether the transaction is happening in the city or the village. While we are all getting on the digital bandwagon, even today it’s truly about reach, acceptability and security rather than convenience.
Gen X are still using cash because it is secure and tactile. They are also aware and cognizant about frauds as they are reading it in the papers. However, they can easily believe fake news coming through social media as it comes from a trusted source. There is a need to be financially educated and knowledgeable of how to do transactions securely and confidently.
There is also need for a simplified interface and the UI being friendly enough to enable everyday use. Carrying out a transaction should be as simple as carrying out a conversation. The digital payments should be accepted in the smaller ecosystem such as a kirana store or the local tea shop. Comparing India to China, even the smallest vendor carries a QR code for enabling anyone to pay digitally.
FIS is known in the industry for its Banking and Payment capabilities, as we don’t do anything outside of enabling and managing financial transactions. We deliver all these capabilities using our own products and enable it at the customer site as a licensed product or provide a service to our customers by hosting it in shared premises. We run national level interchanges in about 16 countries and the volumes are managed at a massive scale.
There are significant amount of volumes that are growing to various front end channels - where businesses and front ends talk to each other using APIs. The functionality needs to be easy with ability to connect in real time and instantaneous to make it work. With all these technologies, it’s difficult to justify costs as there is a cost per channel and margins are getting eroded on all of them. On top of that, ensuring compliance and data security is getting challenging on a day by day basis.
Our customers expect the payments ecosystem to be secure, interoperable and flexible. Mobile wallets were not interoperable for some time now and we are seeing that becoming a reality. The RBI Vision 2020 document talks about coverage, convenience, cost, convergence and confidence. These are the pillars of a grand countrywide ecosystem, and we need to strengthen those pillars to strengthen the ecosystem.
We at FIS, created an entire ecosystem together and have launched it as PaymentsOne. PaymentsOne is the industry’s most comprehensive suite of solutions and services designed to deliver a progressive, agile, frictionless system across a unified platform - no matter your starting point. PaymentsOne offers the streamlined infrastructure that ensures adaptability to innovation, lowers total cost of ownership, and positions providers to embrace new opportunities and pre-empt the pressures of open banking, competition, decreasing revenues and rising regulatory burdens.
PaymentsOne comprises two components – Enterprise Payments and Retail Payments. The Enterprise side consists of B2B transactions, Bulk Payments, Corporate Payments, RTGS Payments, Faster Payments, and more importantly, the SWIFT gateway. On the retail side, we have ATM, POS, Mobile POS, E-Commerce, Mobile Gateway and Domestic Gateway. Bringing all that together is the Fraud and Risk Management, Merchant Ecosystem, Reconciliation, Settlements and Card Issuances platform and Interface to the banking system. The entire suite is available through API Channel enablement. We have all this built out together as an individual or all suite put out together. This can be offered to banks or any of the fintech companies. While FIS is not creating the front-end interface, we are bringing an excellent ecosystem in terms of enabling processor transaction quickly, consistently and securely to deliver business value.
In India, we have a variety of customers who are already using our retail payment service. We also have the Enterprise Payments Space integrated with the SWIFT services and the SWIFT ecosystem. PaymentsOne is the way forward as we have the entire product, framework, the solution and the processes and on top of that we will also ensure compliance for you.