StarFIPS - Financial Inclusion Processing System / Agency Banking
Financial Inclusion has emerged as a tool for the social-economic development of the society. The basket of financial services under Financial Inclusion will create an opportunity to capture the under-served market, fulfilling corporate social responsibility thereby driving the economic growth of the country.
The Business Correspondent (BC) model (sometimes known as 'banking correspondent') is a conventional solution that delivers financial services to the under-served population through a human banking agent supported by technology. As a solution for doorstep banking, this model has evolved over a period of time and has been implemented successfully by various developing countries including Brazil, India and Bangladesh. Several MFIs, SHGs, public/private sector/ rural banks follow this model whose promise is to deliver financial services to the geographically divided population tapping local resources. Their objectives are to reduce cost, provide ease-of-use and to drive 'small ticket', high-volume transactions.
StarFIPS is an innovative solution to facilitate banks and MFIs address a large section of the financially under-served population by taking the banking service to doorsteps of customers. It has been employed in the BC model to aid the financial inclusion process for the Hand Held Devices. It supports both Online and Offline transactions with PIN and Biometric Authentication.