innovationinbanking

  ICICI Bank has introduced ' iFinance ,' a groundbreaking service aimed at providing millions of customers, including both retail customers and sole proprietors, with a comprehensive view of their savings and current accounts across multiple banks. This innovative offering leverages the Account Aggregator ecosystem, facilitating the linking of accounts across various financial institutions. Here's a closer look at the key details and features of 'iFinance': Overview: On October 12, 2023, ICICI Bank unveiled 'iFinance,' a solution designed to empower customers with a unified perspective of their financial accounts. Notably, this service caters to ICICI Bank customers as well as individuals who hold accounts with other banks. Users can access the 'iFinance' dashboard through ICICI Bank's digital platforms, including the iMobile Pay app, Retail Internet Banking (RIB), Corporate Internet Banking (CIB), and InstaBIZ (a mobile app for busin...

  Union Bank of India, a prominent public sector bank, is majority-owned by the Indian government (76.99%). Established in 1919, it is headquartered in Mumbai and expanded its operations significantly through the amalgamation of Andhra Bank and Corporation Bank in 2020. The bank boasts a vast network, including 8,500+ domestic branches, 10,100+ ATMs, and 17,000+ BC Points, with a dedicated workforce of 75,300+ employees. KVS Vision: KVS aims to impart knowledge, values, and foster the talents, enthusiasm, and creativity of its students to achieve excellence through high-quality education. The next gift to the FinTech world from India is BBPS (Bharat Bill Payment System). Yes, these are my personal views only, but they are rooted in a deep belief that nothing is above Safe ePayments. BBPS represents a significant leap forward in the digital payment landscape, offering convenience, efficiency, and security like never before. This innovative system streamlines bill payment...

  The Grand Finale: LIC Joins the Bharat Bill Payment System (BBPS)          After a considerable period of anticipation, LIC has now officially integrated BBPS (Bharat Bill Payment System) into its services as a Premium Collection Channel. While several other insurance companies had already adopted BBPS quite some time ago, LIC's inclusion in the BBPS ecosystem had been long-awaited by many. The much-awaited moment has finally arrived, as BHIM, a prominent digital payments platform, has recently announced that LIC Premium payments can now be conveniently made through its online portal. This development marks a significant milestone for LIC and its customers. Prior to LIC's participation, it seemed as though there was a missing piece in the puzzle of insurance companies within the BBPS framework. With LIC now on board, the circle is complete, offering customers a more comprehensive and unified platform for managing their insurance pre...

           UPI Auto Pay volumes are slowly and steadily increasing. Yes, UPI AutoPay introduced by NPCI is another way to pay your recurring bills. There are multiple benefits associated with UPI AutoPay.           Few more tweaks can add value to the AutoPay journey. The National Payments Corporation of India (NPCI) has ushered in a game-changing feature with the introduction of AutoPay for recurring payments. This innovative functionality empowers customers to effortlessly set up recurring e-mandates through any UPI application, simplifying the management of recurring expenses such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance premiums, and mutual fund investments, among others. AutoPay offers a multitude of benefits to both customers and merchants. For customers, it translates into timely payments, eliminating the hassle of late fees and penalties. The f...

ICICI Foundation’s Generous Donation of Rs 1,200 Crore to Tata Memorial Centre. Enable the Power of Micro PayLater. In a momentous move, ICICI Bank is making history with the largest contribution ever to Tata Memorial Centre (TMC), a prestigious institution dedicated to cancer treatment and research across India. This generous donation, funded by ICICI Bank's Corporate Social Responsibility (CSR) initiatives, will bring to life three cutting-edge medical facilities spanning a total area of 7.5 lakh square feet. So, what is PayLater? PayLater is a digital credit product, functioning similarly to a Credit Card, allowing you to shop online and settle payments within 45 days. It offers up to 45 days of instant digital credit, enabling eligible ICICI Bank Account Holders,  to pay bills, shop online, and make instant payments to any merchant UPI ID. The key advantage of PayLater is that it provides quick credit for up to 45 days, allowing you to manage everyday expenses without impacting...

 The Show Stopper HDFC Bank, Swiggy, and Mastercard, each renowned in their respective domains, have united to deliver an exceptional credit card experience to their valued customers. The sign-up process is seamlessly integrated within the Swiggy App, eliminating the need for a separate application. Home and office addresses can conveniently be retrieved from Swiggy's saved addresses, and any updates can be effortlessly managed within the same app. It's important for Swiggy customers to ensure that their home address on Swiggy matches their Aadhaar Number records. While customers are required to provide their official email address, it's worth noting that Swiggy and HDFC Bank have clarified that official correspondence will not be conducted through this email. Naturally, customers will need to share their PAN (Income Tax Permanent Account Number) to facilitate the credit check conducted by HDFC Bank. Once these basic details are shared, HDFC Bank promptly assi...