Simplified branchless banking services
Agency banking is a win-win situation for both banks and customers as it allows the banks to cut their costs and customers to avail banking services in a simplified manner.
- Empowering people with financial inclusion.
- Parallel economic development
- Social stability
- Overcoming poverty
Components of the agency banking ecosystem
Agency banking consists of many participants that are involved in achieving a common goal. Below mentioned are all the participants that are a part of the agency banking ecosystem.
Regulatory compliance
DigiPay’s agent banking solution comes with all the major regulatory compliances like GDPR and PCI-DSS.
Agent network
DigiPay enables you to manage hierarchy, commission structures, and reconciliation of the agent network.
Adaptation
DigiPay’s agent banking solution is easily adaptable to the functionalities of the central banking system.
Use cases
DigiPay’s agent banking solution comes with multiple use cases like KYC, cash withdrawal/deposit, loan, insurance, etc.
Security
DigiPay’s agent banking solution employs advanced security parameters like 3DES security, SHA1, and bcrypt hashing.
Customer acquisition
The NFC integrated Digipay solution offers a highly secured communication protocol that facilitates contactless
DigiPay’s agent banking solution empowers its various participants
Agency banking consists of many participants that are involved in achieving a common goal. Below mentioned are all the participants that are empowered by DigiPay’ agent banking solution.
Financial Services Provider
The agency service provider performs various functions such as operating service, cash handling, license & regulatory compliance for services, and marketing branding. DigiPay offers financial service providers with:
- Additional earning resources
- Acquisition of new customers
- Opportunity to upsell specific services to newly acquired customers
Customer
The customer is the one who gets the benefits of agency banking. Generally, the customer is an individual who doesn’t have a bank account but has access to mobile services. With DigiPay’s agent banking, the customer receives benefits like:
- Transactions in assistance mode
- Easy and convenient depositing
- Financial services for the unbanked
Banking agents
Banking agents are simply the retailers that are authorized by the respective banks and financial institutions to perform a variety of banking functions like cash deposit/withdrawal, and many others. DigiPay offers them with:
- Increased revenue from additional walk-ins
- High-grade secure transactions
- Additional business offerings
How does it work?
To understand the process of agency banking, we must try to understand its different participants viz. banking agent, banking service provider, and customers and the interaction among them. Below we have mentioned the entire process of agency banking in a step-by-step manner.
Gets authorized as a banking agent
In the first stage, the retailer gets authorized as a banking agent by his respective banking service provider.
Creates mWallet
After authorizing, the banking service provider creates a mWallet for the banking agent where he deposits a prepaid balance.
Customer creates their bank account
Now, for customers to create their bank account, all they need to do is to simply visit the nearest banking agent with a valid ID.
Deposit money
Customers can deposit money by paying cash to banking agent. The agent then transfers the same amount from his mWallet to customer’s account.
Withdraw money
Customers use USSD menu on their phones to transfer money to the agent. The agent then pays the same amount to the customer in cash.
User-friendly application
The banking agent seamlessly performs all the mentioned banking functions via a user-friendly application on mobile phone.
Use cases of agency banking
With agency banking in place, customers can access numerous banking services at supermarkets, retail outlets, and many other places. Customers no longer need to go through bank’s complicated procedures. Few of the agency banking services are mentioned below.
Customer On-boarding
Deposit and Withdrawal
Loan Application
Loan Disbursement
Saving Products
Merchant Payments
Insurance
Remittance
Top-Up & Bill payments
Enterprise payments
Inter - banking transfers
Government Subsidies
Critical features of
Digipay’s agency
banking
Digipay has an agency banking module that provides branchless banking services. It comes with a number of advanced features. Few of them are mentioned here.
Reach to retail outlets
With Digipay’s agency banking, you can reach out to all the retail outlets by making major banking services available there.
Secure platform for un-banked
Digipay’s agency banking provides a great opportunity to for all those who don’t have a bank account to save their money in a secure way.
NPCI’s payment structures
Digipay’s agency banking has interfacing with NPCI’s various payment structures like AEPS, ABPS, and IMPS.
Long distance remittances
Digipay’s agency banking also allows its user to send money through long distance remittances quickly and securely.
Mini statements and balance checks
Digipay’s agency banking makes it easy for users to check their balance with services like balance checks and mini statements.
Money transfers
Users can perform functions like cash-in and cash-out. They can also transfer money to unregistered and registered accounts.
Loan repayment
Digipay’s agency banking allows its users to repay their loans by using funds which are present in the micro banking accounts.
Supports multiple services
Digipay’s agency banking supports various services like payments interfaces on wireless devices, biometric, PIN base, and card base.
What can you achieve with Agency Banking?
With Digipay’s agency banking module, you can gain a plethora of benefits. Few of them are mentioned here below.
Low operational cost
Banks can cut their operational costs as agency banking allows them to outsource all the banking services via banking agents.
Wider reach
With agency banking, the banks can extend their services over a large geographical areas without investing on new bank branches.
Real-time transactions
In agency banking, all transactions take place in real-time. This saves customer’s time as transaction completion in bank takes a long time.
Top-notch security
Apart from reducing cash transactions, agency banking also provides customers with bank pin and magnetic chip card which ensures top-notch security.
Transaction compatibility
Agency banking is compatible for voucher-less prepaid top-up, merchant services, account balance queries, and loan repayments.
Simple platform
Agency banking provides customers a simpler platform where they can access all the banking services such as money deposit, withdrawal, fund transfer, etc.
DigiPay’s success over the years
Over the years, DigiPay has successfully delivered several customized and top-notch digital wallet solutions for its clients. You can get a glimpse of a few of those works here.
DigiPay helps its client to become a leading FinTech firm in the Philippines
We recently helped one of our clients which is a FinTech start-up company that was established in early 2019 in BGC, Taguig. They wanted to start their business in e-money, electronic payment, financial services, and all other related businesses.
DigiPay creates a user-friendly e-wallet for our client in South Africa
DigiPay helped its client based in South Africa to come up with their own digital payment application. In recent years, the mobile payment industry in South Africa has boomed.
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