Global Fintech Fest 2023 – An Introduction

 Global Fintech Fest 2023 – An Introduction

         Next week, during the middle part of the week, over 50,000 individuals connected with the finance sector will gather for GFF 2023. The three-day agenda is packed with thrilling financial prospects.

         All participants should have completed their travel arrangements by this point.

Global Fintech Fest (GFF) is the largest fintech conference, jointly organized by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).

With GFF, the aim is to provide a singular platform for fintech leaders to foster collaborations and develop a blueprint for the future of the industry.

Fintech, short for "financial technology," refers to the use of technology and innovation to enhance and streamline financial services.

It encompasses a wide range of financial products, services, and technologies that leverage digital advancements to improve various aspects of the financial industry.

Fintech companies often aim to provide more efficient, accessible, and customer-centric solutions compared to traditional financial institutions.

Fintech has rapidly evolved and continues to disrupt the financial industry, offering both opportunities and challenges.

It has the potential to make financial services more accessible and affordable for individuals and businesses while driving innovation and competition in the financial sector.

Global Fintech Fest 2023 program in brief:

Spread over Three Days

·      Total of 13 Tracks

·      800 Speakers

·      50,000 + Delegates

·      125+ Countries

·      250+ Sessions

·      50+ Workshops

·      500+ Exhibitors

·      15+ Thought Leadership Reports

 

GFF 2023 Location: Jio Convention Centre, BKC Mumbai. Jio Convention Centre is spread over 18.5acres.         

GFF 2023 popular hashtags: #gff2023 #GFF2023

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing less.

 

Diabetes Care Motivator   #Diabetes Care Motivator

 

UPI Volumes going Up and UP. Cross 1,00,000 Lacs in August 2023

 UPI Volumes going Up and UP. Cross 1,00,000 Lacs in August 2023

 

Conceived and introduced by the National Payments Corporation of India in 2016, UPI has evolved into one of the most favored payment solutions within India, boasting more than a billion transactions each month.

August Volumes upto 30th August only 

Thanks to GPT for the following poem

Amidst digital streams, UPI flows, Volumes surge, a financial prose.

100000 lacs, a grand ballet, Transactions dance, night and day.

Crossing rivers of numbers, it glides, Economy's rhythm, where commerce resides.

A tale of progress, in digital rhyme, UPi's success, a sign of our time.

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments.

Take Care of Diabetes, not Manage it

#DiabetesCareMotivator

 

UPI Crosses 1,00,000 lacs Volumes on 30-08-2023

  UPI Crosses 1,00,000 lacs Volumes on 30-08-2023

A new landmark. Congratulations to all the stakeholders

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More - Nothing Less

#DiabetesCareMotivator

Twitter Blue Tick - UPI AutoPay or NACH Debit or Card Auto Debit

 Twitter Blue Tick - UPI AutoPay or NACH Debit or Card Auto Debit  

          $8 Twitter Blue with verification in India in less than a month: Elon Musk

          Twitter can choose from multiple collection channels for its Blue Tick subscription service.

          Below are some of the options, Twitter can choose from

01)  UPI Auto Pay

02) NACH Debit

03) Card Auto Debit

04) Standing Instructions

05) Bill Pay – Yes, you read it right, Twitter can raise a monthly invoice and Twitter users can pay via NPCI BBPS (Bharat Bill Payment Service)

Each channel has its own positives and negatives and processing cost and lead time.

Q: What is Twitter Blue Tick?

Ans: Twitter Blue is a status marks formerly used to validate VIP accounts

Q: What is subscription service?

Ans: A paid service for which the charges have to paid as per the contract terms.

Q: What is one major difference between the Old Twitter Blue Tick and the New Twitter Blue Tick?

Ans: The one major difference is that:

Old Model - No Services Charges

New Model – Service Charges.

Q: When will the New Twitter Blue Tick be available to users in India?

Ans: Hopefully by the end of 2022 calendar year

More Reading Materials:

Our plans to relaunch verification and what’s next dt.Thursday, 17 December 2020 @ Our plans to relaunch verification and what’s next (twitter.com)

Twitter Verified (@verified) / Twitter

Twitter rolls out $7.99 blue tick verification - November 06, 2022 - Updated 09:53 am IST | San Francisco @ https://www.thehindubusinessline.com/info-tech/social-media/twitter-rolls-out-799-blue-tick-verification/article66102841.ece

 

Disclaimer: These are my personal thoughts only. The bottom line is Safe ePayments. Nothing More-Nothing Less.

 

 

 

 

 

Axis Bank leverages the Account Aggregator Framework to grow its Loan Book

Axis Bank leverages the Account Aggregator Framework to grow its Loan Book

          The Account Aggregator (AA) framework is gathering speed in India. In the last couple of months, almost all major Banks in India have onboarded the AA platform.

          The AA platform enables financial institutions as FIUs to seek banking account information of FIPs via the AA channel.

          Please note Financial Institutions are expected to be FIPs and FIUs

          The full form of FIP is Financial Information Providers

          The full form of FIU is Financial Information User

          In AA terminology, FIPs are the institutions having customer financial data and can share it to FIU or customer through Account Aggregators (AA). Ex – Banks, NBFC, Mutual Fund depository, Insurance Repository etc. As on date Banks, a couple of NBFCs have onboarded AA as FIPs

          In AA terminology, FIUs are institutions that consume the data from a FIP to provide various services to the end  consumer.

For e.g. a lending Bank wants access to the borrower’s data to determine if a borrower qualifies for a loan. The lending Bank is the FIU. Banks play a dual role – both as a FIP and an FIU. Ex – Lending firms, personal finance, wealth management companies

The 4 major benefits of this are: -

Benefit 01) In a strategic move, Axis Bank has onboarded multiple AA Apps as FIPs. These enable Axis Bank to leverage the FIUs features to grow its loan book.

Benefit 02) As the Bank Account Statement is retrieved through a secure channel, there are NIL chances of data manipulation. This removes the numerous steps associated with Bank Account Verification process

Benefit 03) The FIU features can be leveraged by any Financial Institution if it is already a FIP on the respective AA App. It is a Give and Take feature

Benefit 04) The sourcing teams can focus on quick disbursement of the Loan rather than focus on the Bank Account verification process.

 

As an example, Axis Bank is a FIP in one of the AA Apps.

On the same app, apart from Axis Bank, the following banks are also live: -

Karnataka Bank Ltd

Punjab & Sind Bank,

AU Bank

UCO Bank

YES Bank

HDFC Bank,

Canara Bank

Federal Bank

IDFC First Bank

Indian Overseas Bank

Karur Vysya Bank

IndusInd Bank

Union Bank of India

Bank of India

ICICI Bank

These means any of the above Banks can request account holders of other banks to share their account details via the FIU module.

These opens up endless possibilities to speed up the Loan sanctioning process

 

Brilliant, isn’t?

 

          As the Joy of AAs spreads around, more and more bank account holders will see a reduction in TAT for their Loan applications. This in turn will encourage more folks to route their transactions via formal banking channels.

          Copyrights, if any belong to the original copyright holder only.

          Additional Reading:

Axis Bank - 24x7 Personal Loans made easy with Account Aggregator dt.April 18, 2022 @ https://www.axisbank.com/progress-with-us/money-matters/borrow/how-account-aggregators-make-24x7-personal-loan-applications-easier

Axis Bank starts digital lending through Account Aggregator Framework dt September 22, 2022 @ https://www.axisbank.com/about-us/press-releases/axis-bank-starts-digital-lending-through-account-aggregator-framework#:~:text=Account%20Aggregators%20are%20entities%20licensed,in%20democratizing%20access%20to%20credit.%E2%80%9D

 

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.