Download - Finacle digital commerce solution
ACCELERATE
INNOVATION.
Power growth through digital money.
Finacle Digital Commerce Solution
www.infosys.com/ nacle
Universal Banking Solution | Systems Integration | Consulting | Business Process Outsourcing
02 Finacle
Digital money
for tomorrow's
customers
T
he banking and commerce world today is being driven by paper and plastic-based transaction instruments such as
cash, debit/credit cards and checks. The average consumer's wallet contains at least five different transaction instruments,
often incompatible with the other. What has also been seen is the
growing penetration of digital channels such as mobile and the
Internet. As a case in point, in 2011, the global penetration of
mobile phones was 73%, while that of bank accounts was only
32%. Given the ubiquity and reach of digital channels, it seems
logical for banking and commerce providers to use these
channels to reach more customers and grow revenues. The question is how?
What financial services, telecom and retail sectors need is
a digital solution that brings together multiple transaction
instruments, accessible anytime anywhere on the consumer's
preferred channel. The solution should also enable these
providers to reach consumers in remote areas cost effectively.
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Finacle digital commerce
Finacle digital commerce solution leverages the
power of digital money to unlock new revenue
streams, extend distribution reach and foster
customer loyalty for financial institutions, telecom
service providers and retailers. The solution powers
revenue growth by enabling service providers to
facilitate payments and money transfer facilities
such as funds transfer, bill and merchant payments,
peer to peer (P2P) payments including cash-in and
cash-out facility through remote and contactless
(NFC driven) modes. Its ability to onboard and
manage agents using digital channels provides a
cost effective way to reach out to remote customer
segments. Additionally, it fosters customer loyalty
by delivering cashless convenience to consumers
through digital wallets supported across multiple
channels such as mobile, Internet, ATM, and kiosk.
Powering growth and reach through digital money
Deliver 24x7 services on the
customer's preferred channel
Consumers of tomorrow prefer to access services
on multiple channels, be it the Internet at home or
office, the ATM or kiosk at a mall or a mobile device
on-the-go. Finacle empowers your institution to
roll out payment and money transfer services
simultaneously on both assisted and self-service
channels, serving the needs of customers on their
channel of preference.
Scale up with flexibility
Built on a flexible platform, the solution utilizes
Service-Oriented Architecture (SOA) to ensure
scalability while meeting your growth objectives
within time-to-market constraints. A robust host
integration layer ensures easy integration with
diverse host systems.
Reach and empower customers
with instant convenience
The digital channel also reaches where the traditional
brick and mortar delivery channel cannot. This paves
the way to acquire and engage customers, deliver to
them commerce and banking services and expand
your user base.
Get ubiquitous access
The solution supports multiple:
• Devices such as basic phone, smartphone, tablets laptop/desktop, ATM and HHT
• Platforms including J2ME, Google's Android, Apple's iOS, RIM Blackberry and Microsoft Windows
• Access modes such as SMS, USSD, STK, IVR, downloadable application, mobile browser and Internet browser
04 Finacle
Functional architecture
Devices
Basic Phone Smartphone Tablet Desktop/Laptop HHT ATM
Finacle
Surround
Solutions
Finanz Tools
SM
S
USS
D
ST
K
IV
R
Platforms Access Modes
App
Mobile Browser
Web Browser
Alliances
Payment Networks
Utility and Billers
mConnect UI Rendering Engine Alerts Water Electricity
Services Layer
Analyz
Onboarding
Assisted and Self Enrollment
Payments
Bill Payment Merchant
Payment
MoneyTransfer
Funds Transfer Peer to Peer Including Cash-in and Cash-out
Marketing
Loyalty Points Rewards
Right Sell
VAS
Ticketing Prepaid Top-Up
Alerts
Multi-Channel Personalized Alerts
VAS Aggregator
Security
Advizor Wallet Management
Agency Management
Merchant Management
Fees and Commissions
Transaction Management
General Ledger
Host Integration Layer
Multi Hosts
Banks Telco Retailer
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Key modules
Customer on-boarding
Finacle digital commerce solution enables
customers to be on-boarded via both self-service
and assisted modes through single or bulk
registration whilst adhering to KYC, de-duplication
and blacklist checks.
Funding and withdrawal
Finacle digital commerce supports diverse and
flexible funding and withdrawal options for digital wallet such as:
• Cash deposit and withdrawal at an agent location
• Linking any of the existing bank accounts, credit
• Peer to Peer (P2P) payments including cash-in and cash-out facilities within closed and open loop
• Value added services such as movie/theater ticket, bus/airline ticket, prepaid top-up, charity donation
• Right sell including loyalty points, rewards and redemptions
• Personalized alerts
Wallet management
Enables end-to-end wallet management for both
prepaid and postpaid wallets such as:
• Provisioning of different wallet types:
or debit card
• Cash withdrawal at ATM
Payments and money transfers
The solution supports a wide variety of payment
options in both remote and contactless modes (NFC, QR code, RFID) such as:
Consumer or corporate wallet
Closed loop wallets
Add-on wallets
Sub-wallets
Wallets for specific purposes such as gift
cards, loyalty points and white labeled wallets
• Balance inquiry and mini-statement
• Funds transfer
• Bill presentment and payment
• Utility payments
• Merchant payments for merchant initiated or customer initiated payments
• Personal financial management
• Setting up of limits including balance and transactions limits
Agency management
The solution enables financial institutions, telecom
providers and retailers to roll out digital wallet services through an agency by:
• Defining agencies and agent hierarchy
06 Finacle
• Enabling limits, including cash holding limits and transaction limits
• Provisioning administrative functions such as
enabling/disabling agents
Merchant management
Enables support for different types of merchants
including:
• Onboarding of physical merchants such Over The Counter (OTC) and modern merchants i.e.
large supermarket chains as well as remote
merchants such as utility companies and billers
• Complete support for payment processing,
settlement, reconciliations and reversals
Fees and commission management
Fee, charges, commission and taxes can be defined
on per-transaction basis for issuers, billers, payment gateways and customers. Features include:
• Slab definition based on the transaction category and amount
It supports:
• Rule definition to identify the part-trans applicable for the transaction
• Reconciliation and balance sheet reporting including rich repository of MIS reports
General Ledger (GL) The accounts module in Finacle digital commerce solution enables definition and maintenance of a
chart of accounts required for posting the
transactions. It also has a comprehensive reporting
facility to generate inputs required for GL system
interface, along with a reconciliation module for
maintenance of transactions.
Reporting
Reporting is achieved using the Jasper reporting tool that enables:
• Report creation using simple GUI-based tools and an administrator interface
• Generation of periodic reports delivered through e-mail
• Maintenance of chart of accounts for P&L • Ad-hoc reporting through Web-based
reporting, based on charges, commission and taxes
Transaction management
A comprehensive double entry accounting system
with facilities to define transaction rules applicable
for each transaction lies at the heart of the solution.
applications
Administration
The solution's administrative module enables the issuer to effectively service and monitor
transactions conducted by customers. It provides, among other facilities:
Finacle 07
• Support for customer on-boarding data entry, approvals of customer, merchants and agents, updating actor status
• Post transactions (such as reversals, bonus
payouts and other stand-alone financial service provider initiated transactions)
• Monitor entry level and periodic transaction
limits for various customer categories and transaction types
• Subscription to periodic reports, views into
customer transaction details, audit trail enquiries and limit enquiries are also supported
Host integration layer
The solution can interface with any existing back-
end host system using a robust host integration
layer which enables Finacle digital commerce to
work seamlessly with Finacle or non-Finacle back- end systems.
Security
Finacle digital commerce has a layered security approach which makes the experience safe and
secure.
• Transmission security is enforced through mutual authentication and SSL
• Application level challenges are addressed by
One Time Password (OTP), restricted access,
step-up authentication, non-repudiation,
replay attacks , limits framework and session
management
• Data level security is achieved through the
industry standard AES encryption
• Two step approval for defined administrative
activities
08 Finacle
Business benefits
Enhance customer loyalty
The ability to access multiple payment instruments
using digital wallets enabled on cashless, electronic
channels brings about transactional flexibility
and convenience. Digital wallets created using
the Finacle digital commerce solution eliminate
the need for multiple instruments and ensure
faster payments/checkout at POS locations. The
convenience delivered by wallets linked to financial
instruments ensures greater customer satisfaction
and loyalty.
Unlock new revenue streams
Finacle enables financial institutions and telecom
providers to deliver cashless commerce and value
added services that open up new revenue streams.
Retailers, on the other hand, can deploy the solution
to deliver services on alternate channels, and
deliver coupons, right-sell offers and discounts to
their consumers. augmenting revenue and repeat
purchases. The solution allows service providers to
build, deploy and launch offerings within shorter
times-to-market.
Extend the delivery channel cost
effectively
With the agency services module in Finacle digital
commerce, financial institutions can onboard and
manage non-banking correspondents and agents.
Telcos can achieve greater market penetration and
expand their distribution network by enabling
agency-based commerce. For retailers, the digital
channel is an extended channel that enables
instant monetization, higher conversion ratios and a
single instrument of convenience. The resulting
extended channel cost effectively serves customers
from the urban to under-banked.
Finacle 09
Finacle helps build tomorrow's bank
Finacle from Infosys partners with banks, the world over, to accelerate innovation and unlock the value levers of their business. Leveraging digital
money to power business growth and extend distribution reach has never
been easier.
Bring customers to tomorrow's bank with Finacle digital commerce solution.
10 Finacle
Finacle 11
About Finacle
Finacle from Infosys partners with banks to transform process, product and customer experience, arming them with 'accelerated innovation' that
is key to building tomorrow's bank.
For more information, contact [email protected]
www.infosys.com/ nacle
© 2012 Infosys Limited, Bangalore, India, Infosys believes the information in this publication is accurate as of its publication date; such information is subject to change without notice. Infosys
acknowledges the proprietary rights of the trademarks and product names of other companies mentioned in this document.