Payments and Collections

Banks Traditionally focused on Deposits and Lending as their key business. Increasingly, customers want banks to take care of various digital payment transactions that they conduct seamlessly into their smartphones and computers. Payment transactions create high engagement and understanding of customer needs, allowing banks to cross-sell better.

Novopay Payments module supports various payment protocols such as IMPS, NEFT, RTGS, UPI and Wallets as well as rich features such as predefined beneficiaries, personal beneficiaries, favourites, scheduled transactions, bulk payments and bulk collections.

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Beneficiary/Debtor Management

Users can add beneficiaries and debtors as payment templates with associated financial address (such as UPI VPA, Bank account details, Mobile number etc) and save them with nicknames for ease of use.

Bulk Payments and Collections

Businesses can manage their vendor payments, refunds, salary payments , business receivables etc. by uploading bulk payments / collection files. An uploaded file can be approved by a checker in part or full and as per the payment authorisation matrix maintained in the system.

Payments & Collections Transactions

Users can make payment using several protocols such as IMPS, UPI, NEFT, RTGS & Wallet payments. All payment lifecycle events such as initiation, status inquiry, refunds and reversals are supported. Users can also request for payments by sending payment link for making a payment to a UPI VPA, to a virtual account number (by IMPS/NEFT) or an wallet to wallet transfer. One such specialised use case for requesting payments is splitting a bill amongst group of contacts. Users can query past payments and collections and status of requests, send reminders for pending collections by SMS/email/In-app channels. Payment framework allows us rapidly extend the Novopay system to support new payment & collection modes with ease by adding protocol specific adapters.

Standing Instructions

Businesses can register collection mandates in the application. Basis approved mandates, collections can be scheduled as standing instructions for future dates. Such instruction can be one-time or a recurring schedule with start date, end date and frequency. Similarly, Payments can be scheduled as standing instructions for future dates. Such instruction can be one-time or a recurring schedule with start date, end date and frequency.

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