The global banking sector is considerably healthier now than at the start of the global financial crisis, a decade ago. However, Banks must now contend with multiple challenges tied to regulations, legacy systems, disruptive models and technologies, new kind of competitors, and a restive customer base while pursuing new strategies for sustainable growth. For banks globally, 2018 could be a pivotal year in accelerating the transformation into more strategically focused, technologically modern, and operationally agile institutions, in order to remain relevant in a rapidly evolving ecosystem. This is more an imperative, rather than a choice. MAXIMUS’s comprehensive product portfolio caters to different segments in the banking sector.
Banks are required to carry out mandatory validation on the identity of their customers and as part of the regulatory mandates provided by the Central Bank. MAXIMUS offers a technologically advanced solution to take care of this requirement (includes eKYC, biometric validation and mobile applications). This would ensure that the customer credentials are verified online, and new customer accounts are opened instantly.
Omni Channel Switching
It is a solution that processes financial & non-financial transactions through different channels like CDMs, Recyclers, BNAs, mobile, internet, etc., in the most secured way while complying with the regulatory requirements and security standards (PCI-DSS, PA-DSS, EMV etc). It is designed in a way to support large transactions and can be integrated with any third-party core banking systems and connect to all the major card networks in the world. The Omni-channel Switch can be integrated with different Hardware Security Modules (HSMs).
The card management solution manages the entire card life cycle, right from generating different types of cards like debit, credit, prepaid and loyalty cards, PIN management, to blocking (hot marking), auto-renewing, re-issuing and maintaining the card issuance history. It can create cards based on multiple BINs, issue single cards for multiple accounts or issue multiple cards for single account, based on the requirements. It contains a fees and pricing module, bank can decide configure fees for different services and change as and when required. The card management solutions is extensively tested under the PA-DSS certification and can be operated by authentic and authorised users only with maker and checker facility.
Multi Function Kiosks
The Multi Function Kiosks solution is designed to handle multiple functions like barcode-based passbook printing with integration with different passbook printers of make & model with multilingual voice-based assistance, cheque deposits as per CTS standard specifications, cash deposits, fund transfers through IMPS, service requests, displaying bank and branch information, facilitating IMPS & internet banking module. As part of the solution suite, there are modules available for generating barcodes linked to account numbers, monitoring kiosk terminals along with all the devices configured in the kiosk, linked to ticketing & incident management and alerts & notifications configurable for different scenarios.
The mobile banking solution has a variety of features ranging from the standard account balance view, transaction history, fund transfers to beneficiary management, loans & deposit requests, generating OTP for ATM card less withdrawals, temporary blocking of debit/credit cards with limit setting for different payment channels and merchant payment module. The solution is designed in such a way that the it ensures data safety, security and reliability by ensuring that no sensitive data is stored in the mobile, data transmitted from the mobile banking application is encrypted with 3DES encryption algorithm and the application is thoroughly tested for preventing application crashes. This is a one stop solution for all mobile banking requirements.
Point Of Sale (POS)
Banks can issue Point Of Sale (POS) devices to their merchants and would acquire transactions and get the sale amount minus the Merchant Discount Rate (MDR) credited on a T+1 basis. MAXIMUS offers an end to end solution for banks, which would include the POS devices (with bio-metric, NFC, camera, receipt printer) and the POS switch for routing the transactions to either the CBS or NFS. This solution has a process of on-boarding merchants, activating the devices, transaction routing, MDR calculation depending on Merchant Category Code (MCD) and dashboards and reports for both merchants, bank's administrative staff and bank's management. The solution includes the Fraud & Risk Management solution in built and which has the provision to revise / add new rules to make the whole system more secure and risk free.
MAXIMUS provides real time analysis of device status, supplies information and other alerts and warnings received from the Central EFT Switch. It can manage today's multi-vendor ATM/CDM/CRM/Kiosk/POS networks. It receives and analyzes the health feed received from the terminals and generates the required alerts for the monitoring agents. POS monitoring system is responsible for real-time & proactive management of Merchant POS terminals. Device tracking feature of the system helps in avoiding loss. This solution helps to streamline the issue-resolution process and creates a strong knowledge base for minimizing recurrences of the same issues. Its intuitive and sleek interface enables users to easily log in, track, update and close support calls. The best feature of the software is that the application is completely web-based and does not require any client application to be installed. It generates highly Interpretative dashboards that enable quick decisions. Immediate alerting system along with escalations levels is useful for quicker issue resolution.
EJ Pulling & Screen Distribution
The EJ Pulling & Screen distribution solution offers functionalities beyond EJ pulling (scheduled & manual), screen distribution based on zones / categories etc, image pulling as per banks requirement or even auto pulling of camera images and indicating issues with camera resolution and the functioning of the camera. ATMs / BNAs/ Recyclers can be automatically restarted, or shutdown and OS / antivirus / EJ Agent upgrade patches can be pushed to these terminals. The EJ files can be pulled real time as per bank's requirement. The EJs are encrypted in the terminals and then pulled and automatically uploaded to the bank's servers through SFTP.
Cash forecasting is a solution which analyses the cash levels for each denomination in the ATM and foresees the situation and predicts the amount to be replenished in the ATM at a specific time. The solution, data mines the historical data, withdrawal patterns and based on other parameters generates the cash indents daily sends emails to the CIT agents and other stakeholders. This solution helps banks to reduce the round trips of the CIT agents, the cost for each of those trips and the holding cost of the cash. This prevents the banks from overloading the ATMs and cash out situations.
The 360° reconciliation solution has the capability to reconcile transactions for all payment channels like UPI, AEPS, internet banking, mobile banking, wallets, POS, banking cards, Micro-ATMs, bank-prepaid cards and cash @CDMs/BNAs/Recyclers for the banking sector. GL files from CBS, raw files from different card networks, EJ files from ATMs, transactions log files from switch, CBR & switch counter files all are imported in the reconciliation system and then the reconciliation engine processes all the files and throws different reports regarding transaction status, potential chargebacks, suspect / hanging transactions and also generated a TTUM (Transfer Template Upload Maintenance) which can be imported in the core banking solution, which will automatically take action to reverse the original transaction. The reconciliation solution is PA-DSS complaint with other standard security measures in place. The solution offers a comprehensive customizable dashboard & reports.
ATM Site Monitoring
Banks have tough time to maintain the ATM sites and protect it from theft or vandalism and also ensure that the other devices like Camera, AC etc. are functioning as expected. MAXIMUS offers a solution to monitor the ATM sites capable of monitoring various devices, like ATM door sensor, camera, AC, UPS etc. It not only monitors but also can remote commands to these devices to function optimally like sending commands to the AC to run it at a certain temperature. This solution caters to two main objectives, minimize thefts and acts of vandalism and ensuring that the other devices in the ATM site are functioning correctly
Core Banking Solution
The core banking solution is the cutting-edge browser-based core banking application which allows a bank for real-time processing of key financial transactions. It enables bank customers to operate their accounts & avail banking services from any branch of the Bank on CBS network, regardless of where he maintains his account.
Banks can offer mobile wallets functionality, which can be part of their product or service portfolio. There are several benefits for customers for using the wallet. It can reduce frauds; mobile wallets are harder to steal or duplicate than cards or cash. Decreased payment time, especially important for high-volume businesses, lower fees processing fees are expected to decrease over time relative to traditional cards. Banks can expect better customer loyalty, built through sales and incentives sent directly to smartphones, right from utility payments to e-tailing and offline payments, customer can perform most of the daily transactions. Massive rewards in the form of discounts and cashbacks. Mobile wallets encourage the convergence of mobile network service providers and financial institutions. Loyalty feature integration allows the consumer to check his or her progress toward customer rewards and to claim those rewards wirelessly. Mobile wallet apps can be used to support event ticketing and transportation features
The card control solution is designed to reduce the debit/credit card frauds and provide better safety to the card holders. The customer can temporary block the cards and revoke only while transacting. The withdrawal limits or purchasing limits can be set or certain payment channels can be blocked and revoked whenever desired, different rules can be set for multiple cards.