Payments

The payments industry is facing a fundamental restructuring. It is "high noon" for the industry as customers and regulators begin pressuring financial institutions to offer more convenient services at lower prices. Whether the issue is domestic or cross-border transactions, traditional wire transfers or new-card costs, the payments business sits at a critical juncture.

Non-cash transactions are on the rise. Considering that between 60 and 80 percent of payments in India are still made in cash, further growth seems likely. Significant challenges lie ahead, however, as new competitors enter the market, particularly in mobile and e-commerce, and as it becomes necessary to standardize cross-border transactions.

The playing field is changing. Traditional bank-driven payment systems will face fierce competition as consumers expect convenience, including ease of use, confidentiality and the bundling of payments with other services. Some telecom operators are meeting these needs through person-to-person payment systems, while others are offering contactless payments via cell phones.

The convergence of different payment methods will shift volumes toward lower-margin products, changing the industry's revenue stream. Cost reduction through scale and IT-driven automation will improve efficiency. Competition with new entrants, particularly in mobile and e-commerce, will eat into current leaders' profits. Co-innovation in payment services will allow companies to connect with customers individually and deliver exactly what they want.

Clover can not only help in setting up and supporting the RTGS and NEFT platforms but also help in implementing the IVRS and moblie payment platform. Clovers Service offerings include:

• Setup, migrate, upgrade and test the primary and DR environment for NEFT, RTGS platform,
• Implement Online Payment gateway (Ecommerce payments), IVRS payments and mobile payments
• Provide ongoing support for the above platforms, by carrying out the following activities:
  • BOD / EOD activities for payment and clearing systems, Startup / Shutdown process for primary and secondary servers
  • Monitoring and trouble-shooting IBM WebSphere MQ receiver and sender channels
    
  • Daily Database backup and weekly archive log backup
  • Daily log backup of the App server
  • Monitoring the transaction interface and coordinating with RBI, CCIL and IDRBT
  • Query the database for failed/pending transactions
  • Run Patches / updates given by RBI, CCIL and IDRBT
  • IFSC updates
  • Security cards installations
  • Certificates updates
  • Backup and synchronization process between PI and Middleware
  • Network uptime monitoring and coordinating with the MPLS service provider
  • Monitoring and troubleshooting payments and clearing applications