Prepaid Platform
Sarvatra Prepaid platform offers customers the effectiveness and security of plastic payment with fine-grained spending management, offering them unmatched access to the underbanked and cash market with little risk and a large return on investment. Regardless of your industry—fintech, business, or financial institution—our platform provides several capabilities to improve your payment experience.
Prepaid Payment Instruments (PPIs) can take the shape of smart cards, magnetic chips, vouchers, mobile wallets, payment wallets, and more. A PPI is any device or digital payment system that allows access to prepaid funds. In the modern digital era, e-wallets and virtual prepaid cards have become respectable substitutes for cash in the payment process. Nowadays, customers would rather have a digital wallet that allows for rapid and easy transactions. Therefore, it should come as no surprise that prepaid cards and wallets are becoming more and more popular financial instruments in the digital economy. By allowing banks and pre-paid issuers/wallet issuers to engage a variety of unbanked customers and use the facility for financial transactions, our technology assists in bridging this requirement.
Sarvatra Prepaid platform is designed for high availability and scalability and is based on a cutting-edge technological architecture. Additionally, it makes it possible to quickly and affordably deliver a range of services to all participants across channels.
PPI Advantages
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- With the value stored on them, PPIs make it easier to pay for goods and services, including financial services, remittances, and fund transfers to friends and family
- The value that has already been paid for by the holder or the instrument using whatever method—cash, debit from a bank account, credit card, or even other PPIs—represents the value held in the instrument
- The standards enable fresh payment use cases, which increases wallet appeal to consumers
- Customers won’t need to carry several cards, which will reduce fraud and theft because card numbers won’t be exposed
Sarvatra Prepaid Solution
Sarvatra Prepaid Platform empowers co-operative banks to bring their customers in UPI ecosystem. Co-operative bank customers can now add their PPI wallet in any UPI PSP app through a Sponsor Bank-issued PPI and do transactions, hence promoting interoperability. Sarvatra manages the entire lifecycle of the following types of prepaid cards:
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- Instant cards
- Personalized cards
- Virtual Prepaid Cards
- Co-branded cards
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Sarvatra’s virtual prepaid cards are a secure and flexible option for bank customers, with trhe following benefits:
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- Access to prepaid wallet/virtual card via mobile app (Android, iOS)
- Wallet/card not linked to a bank account or credit line
- Ideal for online transactions, P2P, P2M transactions
- Load funds to Prepaid wallet by direct debit to account
- Ability to use UPI, with UPI Collect and Intent
- Channel usage management, boosts security and convenience
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Salient Features
Manages the lifecycle of card products through product creation, inventory management, customer creation and customer maintenance, key feature includes inventory status and auto reordering, BIN group creation, fee, limit/usage customization, PIN, and embossing-file generation.
Interfaces with regional, national, and international interchanges. Authorization of transactions can be parameterized based on country of usages, acquirer institution, channel, type of transaction, merchant category code, terminal ID, merchant ID, fund availability, charges, maintained PIN, CVV and other card validations.
Prepaid processing allows organizations to own the full product life cycle. The organization can select the network, issuing bank, fulfillment house and other vendors. FIS Processing for Prepaid is flexible, with a long list of configurable features, and can be designed in a plug-and-play manner. This gives prepaid program managers the flexibility to create a wide range of use cases or program types to fit the desired needs of the organization.
Prepaid program management allows your organization to offer a turnkey, secure and compliant prepaid program without the hassle of contracting with multiple parties or staffing for payments compliance. Because this is a low-or no-cost solution that reduces time to market, your organization can more quickly experience the benefits of streamlining payments.
With a vision to enable PPIs to become an integral part of the larger financial services ecosystem, on 16 October 2018, the RBI issued its much-anticipated directions on interoperability for PPIs. Under this new regime of interoperable prepaid instruments, the RBI has enabled wallet users to seamlessly transfer funds from one wallet to another (of another issuer) and from their wallets to bank accounts through the Unified Payments Interface (UPI) platform. The RBI has also provided a thrust to non-bank PPI issuers by enabling them to participate directly as a member/associate member of card network associations for issuance and operation of cards. This move is expected to increase the overall acceptance of non-bank PPI player.
Seamlessly integrate with Sarvatra UPI Switch for online and in-person payments and provides a frictionless customer experience.
Automatically decrease fraud using machine learning-powered optimizations and improves authorization rates based on billions of data points.
Key Capabilities
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- Convenience: Empower clients to manage loading through a variety of low-cost intuitive products and channels
- Easy Integration: Engineered for quick and easy deployment as a standalone product or with existing solutions
- Multi-Currency: Offers several currency purses on a single card for global flexibility
- Multi-Instrument: Supports cards (magstripe, EVM chip, NFC), mobile, RFID
- Flexible Fee Setup: Configurable fee setting for variable customer demographics
- Automated Alerts: Real-time alerts with customizable notification features
- Channel Management: Supports transactions from all standard delivery channels including SMS, GPRS, Web
- Portals: Provides portals to stakeholders like issuer, service partners, agents (DSA), corporates, regional administrators
- Prepaid Products: Supports multi-currency, travel cards, bonus cards, remittance cards, gift cards, payroll cards, etc
- Retail and Corporate Management: Supports creation and management of distributors and agencies, collection of organization details, credit scoring, issuance, and product management
- Inventory Management: Provides comprehensive inventory management of consumables, cards, and other stationery with threshold alerts
- Loyalty Management: Allows the issuers to use the inbuilt loyalty module or alternatively integrate with third-party service providers
- Settlement and Reconciliation: Supports reconciliation report, settlement file generation, dispute management, and sponsor bank/escrow management
- Dispute Management and Customer Service: Integrates with CRM to provide real-time information on customer’s profile and transaction information
Sarvatra’s Financial Inclusion Platform with AePS Switch, Micro ATM Switch, and FI Portal solutions have made a big difference to our business. They are easy to use, secure, and dependable, which has helped us build stronger customer trust. We’ve also seen a clear increase in transactions and earnings.
I am happy with the pace of work (in developing the UPI solution for ICICI Bank). It is also very encouraging the way you are tracking the progress. I am more confident that we can meet the deadline successfully.
Congratulations for bringing all 24 Banks onto NPCI Rupay platform in record time. We thank you for the relentless efforts you have put in to make this possible. We will now move forward with new initiatives.
We became India’s first Sub-Member Bank to go live on RuPay E-com, issue EMV cards, and migrate to Direct Membership for which we won NPCI Special Award. Thank you Sarvatra for being a valuable technology partner.
I hereby congratulate the Sarvatra Team for your sincere and dedicated efforts in making the 1st sub-member bank in India to go live on the AEPS channel (On-us and BFD).
Thanks to your timely support, Maharashtra stood first in the country by issuing the largest number of RKCCs. We deeply appreciate your effort and look forward to your continued support in keeping Maharashtra on top.
