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StarFIPS [Financial Inclusion Processing System]
Introduction
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 was an innovative solutions 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.
Architecture
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Technical Benefits
  • From the operating system front, by running on UNIX based servers, SFIPS provides high security and stability.
  • By having the SFIPS deployed over the EzKernel middleware in a ensures porting of EzKernel alone for platform related changes.
  • By choosing Message Queues, Shared Memory for implementing the inter process layer, SFIPS provides very fast, reliable data transfer across all the modules.
  • As all the core modules of SFIPS is implemented using operating system native language C/C++, the entire application will be very fast, since all the application will be directly using the operating system calls for necessary services.
  • From the operating system front, by running on UNIX based servers, SFIPS provides high security and stability.
  • Since all the static database information's are maintained in the shared memory, database access will be very minimal and thus improving the application performance.
  • Provides very high TPS [Throughput per Second] along with Load Balancing Ensures very high security by maintaining all the confidential data's in encrypted format.
  • Extensive debug levels [CRITICAL, ERROR, TXN, DUMP, NORMAL, TEST] are maintained for all the modules, for debugging any issues at run time.
  • System logs can be enabled at any time for tracking operating system related errors.
  • Highly parameterized native support for TCP/IP & Serial communication for communicating with HHT's.
Business Benefits
  • EFT switch interface provided by the SFIPS ensures that the Financial Inclusion customer can use their cards in other delivery channels like ATM, Kiosk, and POS which are connected to the EFT switch, thus providing additional service to the rural customers.
  • Provides a generic ISO8583 based terminal driver which allows the bank to deploy any type of HHT's based on their business requirement.
  • SFIPS is designed in such a way that the authorization rules for both customer as well as correspondent can be configured according to bank's requirement and this allows the bank to any future change in business logic by mere configuration.
  • SFIPS can be scaled up to handle any number of terminals. This allows the bank to deploy huge number of HHT's based on their business needs and thereby bank's business can be increased by reaching out to more remote locations by increasing the number of HHT's.
For more details please contact marketing@hmagroup.biz

Over 3 Decades of domain knowledge in offering state-of-the-art retail banking automation