eFinclusiv leverages the India Stack to promote financial deepening among underbanked customers.
FSS eFinclusiv leverages the India Stack to bring consumers, merchants and suppliers of financial services, onto a single platform, generating network effects and fueling transaction growth.
For customers, eFinclusiv supports account opening, cash deposits, withdrawals, money transfers and payments. The system supports card-based and cardless transactionsusing the customer’s biometric (Aadhaar — India’s national id) throughout the process. For merchants, FSS eFinclusiv enables biometric-based payment acceptance using their mobile device. In addition, FSS eFinclusiv exploits the capabilities of the India Stack to offer electronic Know Your Customer, eSign and Aadhar Vault capabilities for cost-efficient and secure services delivery.
FSS eFinclusiv exposes APIS enabling digital service providers profitably collaborate with third party applications. The eFinclusiv APIs includes cash withdrawal, deposits, digital KYC and more. Banks benefit as it helps them deepen the traditional customer-bank relationship and rapidly grow market share.
Commenting on the launch, Suresh Rajagopalan, President Software Products, FSS said, “We have shown great progress in improving financial services access in India. This brings sizable business opportunities to capture new markets and drive adoption of financial products among underserved segments. FSS eFinclusiv provides a commercially viable pathway to achieve universal financial inclusion by helping digital financial service providers innovate and efficiently deliver a broad portfolio of products.”
FSS eFinclusiv’ modular architecture offers digital financial service providers the flexibility to deploy all or select service components. Hosted on FSSNeT, FSS’ private cloud, eFinclusiv enables services consumption on a pay-per-use model, eliminating the need for upfront technology investments, thereby, transforming the economics and the ability to innovate for underserved segments.
