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Case Study
Federal bank works to transform payments in India
Federal Bank of India has undertaken two distinct but related projects to improve access to banking services across the country, and to support the move away from cash towards greater use of electronic payment methods.
Access is everything
The first project supports the Indian government’s plans to expand financial inclusion among unbanked populations. The Federal Bank has partnered with the newly established Unique Identification Authority of India (UIDAI), ACI Worldwide and MasterCard to process transactions using an individual’s unique, 12-digit identifying number plus biometric data for authentication.
The scheme is expected to change the payments landscape in India, and enables Federal Bank to extend its banking services to a large segment of population who have been unbanked to date thanks to a lack of access to bank branches and formal education. Moreover, the project opens up a number of opportunities for dual-factor authentication as a means to counter rising fraud levels.
Real time P2P payments move India forward
The second development is a new Visa Personal Payments service that allows Federal Bank Visa Debit cardholders to receive remittance payments in near real-time. The service is highly adaptable across branch, website, ATM/Kiosk and mobile channels, and is expected to drive a new generation of personal payment services on Visa cards, including mobile money transfers, cross-border remittances, electronic bill payments, and prepaid reloads.
The Visa Personal Payments service is also available for cross-border remittances, allowing the bank’s Visa debit cardholders to receive online credits directly in to the account linked with the card. By using a ‘push’ mechanism rather than a ‘pull’ mechanism, funds can be made available in near real time. The new scheme enhances the service for the Federal Bank’s domestic cardholders and its significant and strategically important Non-Resident Indian (NRI) customer base, and has created a fast, efficient and convenient service for both sender and beneficiary.