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
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
Additional earning resources
Acquisition of new customers
Opportunity to upsell specific services to newly acquired customers
Transactions in assistance mode
Easy and convenient depositing
Financial services for the unbanked
Increased revenue from additional walk-ins
High-grade secure transactions
Additional business offerings
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.
DigiPay’s agent banking solution comes with all the major regulatory compliances like GDPR and PCI-DSS.
DigiPay enables you to manage hierarchy, commission structures, and reconciliation of the agent network.
DigiPay’s agent banking solution is easily adaptable to the functionalities of the central banking system.
DigiPay’s agent banking solution comes with multiple use cases like KYC, cash withdrawal/deposit, loan, insurance, etc.
DigiPay’s agent banking solution employs advanced security parameters like 3DES security, SHA1, and bcrypt hashing.
The NFC integrated Digipay solution offers a highly secured communication protocol that facilitates contactless
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.
1 Gets authorized as a banking agent
In the first stage, the retailer gets authorized as a banking agent by his respective banking service provider.
2 Creates mWallet
After authorizing, the banking service provider creates a mWallet for the banking agent where he deposits a prepaid balance.
3 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.
4 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.
5 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.
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
Secure platform for un-banked
NPCI’s payment structures
Long distance remittances
Mini statements and balance checks
Supports multiple services
What can you achieve with Digipay?
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.
With agency banking, the banks can extend their services over a large geographical areas without investing on new bank branches.
In agency banking, all transactions take place in real-time. This saves customer’s time as transaction completion in bank takes a long time.
Apart from reducing cash transactions, agency banking also provides customers with bank pin and magnetic chip card which ensures top-notch security.
Agency banking is compatible for voucher-less prepaid top-up, merchant services, account balance queries, and loan repayments.
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.
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.