FIS Pay­mentsOne - The Frame­work for En­ter­prise and Re­tail Pay­ments Con­ver­gence

Banking Frontiers - - Road Map - Ma­hesh Ra­mamoor­thy SVP - De­liv­ery & Op­er­a­tions, Pay­ments for FIS In­ter­na­tional Mar­kets

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.

Ma­hesh Ra­mamoor­thy

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