A good number of businesses have recurring receivables. A products company earns annual maintenance, which as the name suggests, accrues each year. Lenders get their principal and interest paid in a fortnightly or monthly repayment cycle. Insurance companies receive their premiums monthly, quarterly, half-yearly or annually. Utility companies like electricity or internet service providers have monthly receivables, though the value…
Pickup your mobile phone and dial *99# . What you see next represents the ingenuity of the Indian payments industry. India is a nation where people at the extreme ends of the spectrum co-exist. The richest to the poorest. The highly tech savvy to the least technologically aware or inclined. Therefore, when we rollout a scheme, a solution or a…
If you have bought an insurance policy for yourself or your family, you need to make periodic payments to your insurer of what is called ‘premium’. Same is the case if you buy any goods such as heavy electronics appliances on an EMI basis. It would be highly inconvenient to have to manually keep a track of such different payment…
It was until very recently, that handling payments was exclusively handled by financial institutions such as banks. Today, that no longer remains the case. Payment management is one of the areas which the proliferation of technology has had the greatest impact on. The Unified Payments Interface (UPI) created by the National Payments Corporation of India has enabled even road-side hawkerslargest…
The Clearing House, recently launched Real Time Payments in the USA. The banking community has been bullish about the new development. Last month, US Bank Corp and BNY Mellon performed a limited demonstration of RTP capability by transferring money across accounts within a matter of a second. PNC Bank has just announced the launch of Real Time Payment services. Three…