Overview
Digital banking is the new normal. Digitally-empowered consumers, shaped by their experiences with new age companies want it all. They are looking for relevant, convenient, and frictionless experiences - combining the latest in digital banking with human interaction. To improve engagement and wallet share, banks need to leverage the mobile channel to deliver services beyond routine transactions and create new sources of engagement and value.
Deployed by 20+ banks globally, FSS Mobile Pay a white-labeled mobile banking solution, is designed to deliver engaging digital experiences that consumers expect today.
Beyond standard banking services, FSS Mobile Pay offers an expansive range of added value services that users can interact with utilizing chat, messaging, or natural language interfaces. Further, the underlying mobile application development platform allows banks to anticipate and rapidly launch new services in line with evolving market demand. A set of built-in ready adapters to core banking host, Interchanges, CRM, and aggregators and merchants accelerates go-live time for new services.
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FSS MobilePay – Banking, Payments and Beyond
Banking
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Manage Accounts
View balance, mini statement, generate MMID, view nominee, mPassbook
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Fund Transfer
Transfer to self, cardless fund transfer, P2P, mobile to mobile, fund transfer to other bank via NEFT, cross-border money transfers in partnership with a globally leading blockchain service provider
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Card Controls
Freeze and unfreeze cards
Payments
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Bill Payments
Quick bill pay, support for recurring bill payments, Chat pay
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Book Tickets
Book bus, airlines and movie tickets
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Mobile Payments
Scan QR Code, NFC, mobile to mobile transfer using sound based AQR technology
Service Requests
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Deposits
View balance and mini statement, view nominee, sweep-in, sweep-out
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Pension Funds
View fund balance and statement
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Packing Credit
View packing credit balance
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Demat Services
View demat account balance, CML statement, holding and billing statement
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Loan Services
View loan balance, mini statement, loan statement mail
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Card Services
Hotlist cards, generate/Reset debit card PIN, view credit card balance, transact with credit card
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Cheque Services
Stop and revoke cheque
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Analytics
Last 30 days transaction status, set transaction limit for banking and payment transactions
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Personalization
Set language preference, enable/disable modules, visualize spend patterns, calculate instalments for loan products, compute taxes
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Personal Financial Management
Set spend limit per transaction
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Conversational Banking
Chatbots, ticket booking, mobile recharge, bill payments, movie tickets
Supports Voice-activated banking and payments
FSS MobilePay enables banks to deliver personalized services to their customers through voice as well as text-based natural language interfaces powered by AI, improving response times.
The solution can integrate with AI agents and is compatible with all major voice-payment services such as Siri, Alexa and Google Assistant.
Users need to pre-register for voice banking to be able to transfer money, pay bills, access their bank accounts and spending history.
Accelerates Merchant
On-boarding
FSS MobilePay’s on-boarding module enables merchants to quickly integrate their online and offline channels. An intuitive self-service portal allows banks to capture merchant data - account details, VPAs and register them efficiently via the bulk upload feature that creates new merchants accounts speeding up the merchant profiling process. Any additions or changes to the merchant account can be made via the portal easily to suit specific requirements of the merchant.
The solution interfaces with FSS Merchant for a more complete merchant KYC , merchant management, risk analysis and due diligence.
Simplifies Digital shopping
FSS MobilePay supports integration with mCommerce merchants offering customers to make quick payments at any channel.
In-App shopping
FSS MobilePay enables customers to make payments without leaving the affiliate merchant’s app. Payments collected at the front end are securely sent to the CBS for authorization.
Integrated shopping carts
The mobile banking solution can integrate with the merchant’s shopping cart enabling customers to use FSS Mobile Pay as one of the payment options during checkout at the merchant’s online store.
Shopping assistants
Users can instruct a chatbot to order a product and initiate a payment to the merchant via voice as well as text interfaces.
Simplified mobile payments
Users can make a quick payment via the app, in-stores using NFC, QR codes and virtual payment addresses.
Prevents Fraud
Velocity and limit checks
FSS MobilePay has the provision for setting limits for each users/group. The limits include per day limit, per week limit, per month limit, minimum / maximum amount per transaction.
Detect frequent geo-location change
The solution triggers a fraud notification in case a transaction has originated from an unusual geo-location so customers can take an immediate action.
Transaction thresholds
FSS Mobile Pay allows banks to automatically alert the customer whenever transactions exceeding a certain threshold are performed on the account. Any unusual account activities are also confirmed through SMS notifications so customers can take an immediate action.
Merchant limits
The solution allows banks to set limits on merchant transactions based on a merchant risk score. As a merchant scales up his business, his limits can be increased.
Negative list
Banks can add users’ mobile number , customer IDs and other parameters to a negative list so transactions originating from these suspicious profiles can be automatically blocked.
Supports Extensive Reporting capabilities
FSS mobilePay’s dynamic report configuration allows banks to generate reports, based on a range of parameters – transaction type, category, customer type.
Reports available to bank’s users are:
- Transaction Summary
- Active Users
- App downloads and usage
- Feedback/Complaint status
- IMPS transactions
- Branch wise/Region wise summary
- Transaction by non-registered customers
- Audit Reports
Improves Decisioning with Analytics
FSS MobilePay’s advanced analytic capabilities helps banks identify patterns from customer data, usage trends, transaction and conversational data to build detailed customer profiles for gaining deeper insights into
- Customer attrition and retention projection
- Transaction fraud analysis
- Service delivery optimization
Enhanced Security
FSS Mobile Pay addresses all aspects of digital banking security at the application and transaction layers asuring a safe banking environment for customers.
- Support DES/3DES/PKI for encryption of sensitive information
- Device fingerprinting to map the device with the application enabling an additional layer of authentication
- DUKPT (Derived Unique Key per transaction) for transactions ensuring complete confidentiality of customer data
- Secure account authentication and secure login
- mPIN verification through HSM
- A comprehensive audit trail
- Encryption of all customer information within the application using modern SSL
- Mobile hot listing and de-hot listing
- Compliance with industry standard OWASP policies
Benefits to Bank
