Agency Banking Solutions - StarFIPS
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 a centralized Financial Inclusion System, which is capable of authorizing & routing financial as well as non-financial transactions, which are initiated from HHT's located remotely. StarFIPS is a highly stable & robust 24*7 Server Application deployed at the centralized data center and is capable of driving any number of HHT's, which can communicate using ISO8583 message protocol irrespective of their type/nature.
StarFIPS is an innovative solution to facilitate banks and MFIs to address a large section of the financially under-served population by taking the banking service to doorsteps of the 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.
- Supports any conventional POS Terminal & Android based Terminals. Centralized approach to update any new version release and updated in all terminals.
- Highly flexible to configure limits, fee control at multilevel Agent / Sub-Agent / Terminals.
- Provides automated Daily / Monthly Statement to Agents based on cut-off time.
- Supports ATM PIN based and Customer Biometric based Authentication methods for processing transactions.
- Supports setting different GL configuration in Agent / Sub-Agent level.
- Key transactions supported are Cash-In, Cash-Out, Fund Transfers, Bill Payments, Digital Account Opening, Issue Prepaid / Debit Cards, Apply Loan, etc.
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