Understanding USSD, AEPS and Micro ATMs in Digital Payments

IFSC Code IFSC Code (Indian Financial System Code) is an 11-character alphanumeric code used in India to identify specific bank branches for electronic fund transfers. Mandated by the Reserve Bank of India (RBI), it facilitates secure and efficient transactions through systems like NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Payment Service). As of October 2025, IFSC codes remain integral to India’s digital banking ecosystem, supporting seamless interbank transactions. Structure of IFSC Code The IFSC code follows a standardized format: First 4 characters: Bank identifier (e.g., SBIN for State Bank of India, HDFC for HDFC Bank). 5th character: Reserved, always ‘0’ (zero). Last 6 characters: Branch identifier, unique to each branch (e.g., 000123 for a specific branch). Example: SBIN0001234 SBIN = State Bank of India 0 = Reserved 001234 = Branch code (e.g., a specific SBI branch) Purpose and Usage Fund Transfers: Enables accurate routing of funds for NEFT, RTGS, and IMPS transactions. Online Banking: Used in internet banking, mobile apps, and UPI for interbank transfers. Payment Systems: Supports bill payments, loan repayments, and other digital transactions. Verification: Ensures transactions reach the correct bank and branch, reducing errors. Key Features Unique Identification: Each branch of a bank has a distinct IFSC code. RBI Oversight: Managed by RBI and assigned through the National Payments Corporation of India (NPCI). Integration: Links with core banking systems for real-time processing. Accessibility: Available on bank websites, passbooks, cheque books, and RBI’s database. How to Find an IFSC Code Bank Documents: Printed on cheque books, passbooks, or account statements. Bank Website: Most banks list IFSC codes for branches on their websites. RBI Database: RBI’s official website provides a searchable list of IFSC codes. Third-Party Portals: Websites like NPCI, bankbazaar.com, or apps like PhonePe allow IFSC lookup. Branch Contact: Customers can contact their bank branch or customer care. Importance in 2025 Digital Payments: With UPI handling over 50% of global real-time payment volume, IFSC codes ensure accurate linking of accounts for transactions. Financial Inclusion: Supports fund transfers to rural and cooperative bank branches. Regulatory Compliance: Ensures adherence to RBI’s KYC and anti-money laundering norms. Cross-Border Transactions: Used in some international remittances alongside SWIFT codes. Challenges Errors in Entry: Incorrect IFSC codes lead to failed transactions. Branch Mergers: Bank mergers (e.g., SBI or PSU bank consolidations) may change IFSC codes, requiring updates. Awareness: Some users, especially in rural areas, struggle to locate or use IFSC codes. Example Banks and IFSC Codes (2025) State Bank of India (SBI): SBIN000XXXX HDFC Bank: HDFC000XXXX ICICI Bank: ICIC000XXXX Axis Bank: UTIB000XXXX Punjab National Bank (PNB): PUNB0XXXXXX

Seylan Bank ATMs delivers customer ease with option to withdraw cash in preferred currency mixes Seylan Bank continues to offer customers control and ease in their daily banking through its wide network of Automated Teller Machines (ATMs), Cash Deposit Machines (CDMs), and Cheque Deposit Kiosks (CDKs). Among the services offered to customers is the ability to select their preferred cash note denominations. Introduced in 2023, Seylan Bank stands as one of only two banks in Sri Lanka with an improved network of ATMs allowing customers to receive currency in bill mixes of 5000, 1000, 500, and 100. Recognizing the immediate needs of customers when withdrawing the cash mix of their choice, the Bank with a Heart introduced the ability for customers to choose their preferred cash denominations directly from ATMs. As a customer centric banking solution, the feature eliminates the hassle of inflexible ATM withdrawals. It aims to empower all users with flexibility over their choice of withdrawals and remove the reliance on bank counters and spending time breaking down larger notes. Offering real-time value to clients, the feature reaffirms Seylan Bank’s commitment to leveraging innovation towards providing the best possible customer experiences. By offering this choice directly through ATMs, Seylan Bank effectively resolves time delays and erases numerous inconveniences. From retailers to taxis and more, Seylan Bank’s varied offering of bill mixes ensures efficacy for customers in satisfying their diverse personal and business needs. The service also adds an extra layer of security and trust to every transaction. As the Bank with a Heart, Seylan Bank’s latest addition to its services continues to provide practical, reliable solutions that blend convenience with customer protection. With ATMs placed at key locations across the island, Seylan Bank makes it easier for customers to access fast, secure, and contactless transactions, shaping the future of everyday banking.

Bank Windhoek is proud to announce the official launch of its EasyWallet On-Send feature, a milestone innovation that empowers customers to send money instantly from one EasyWallet to another, anytime, anywhere. The EasyWallet On-Send capability represents a first in the Namibian banking industry, enabling users to transfer funds seamlessly between wallets, even to individuals who do not hold a bank account. This feature, which underwent a successful soft launch earlier this month, is now officially available to the public via Bank Windhoek’s USSD Cellphone Banking menu. Currently available to MTC mobile users, EasyWallet On-Send will soon extend to TN Mobile customers, broadening access and convenience. To ensure security and compliance, customers complete a quick, one-time Know Your Customer (KYC) verification by entering their Identity or Passport Number before their first transaction. This simple step ensures that every transfer is protected, offering users confidence and peace of mind. Beyond compliance, this process also allows Bank Windhoek to better understand its customers’ needs, paving the way for more personalised, relevant and enhanced services in the future. With EasyWallet On-Send, users can perform multiple transactions daily, up to a limit of N$2,000 per day, a threshold that will be reviewed as customer needs evolve. Designed with security, accessibility and user experience in mind, this new capability underscores Bank Windhoek’s commitment to building an inclusive banking experience that connects more Namibians to instant, convenient payments. Bank Windhoek Managing Director, James Chapman, described the launch as a defining moment in the Bank’s digital journey. “This launch marks a significant step forward in our commitment to financial inclusion, digital innovation, and secure, convenient payments,” Chapman said. “The EasyWallet On-Send feature demonstrates our drive to offer solutions that meet customers where they are - simply, safely and instantly.” Chapman encouraged customers to explore the feature and experience the simplicity and convenience of wallet-to-wallet transfers.

Bridging the Gap Between Customers and Technology in Banking By Abel Ayinde ✍️ ✍️ ✍️ In today’s digital age, technology has redefined how customers interact with banks. Yet, for many clients, especially those unfamiliar with digital tools,this transformation can feel overwhelming. At Cooperative Mortgage Bank (CMB), our goal is to ensure that innovation makes banking simpler, not more complicated. To achieve this, the Information and Communication Technology (ICT) team has developed user-friendly platforms designed to make every step of the customer journey seamless and transparent. One of the key innovations is the CMB Account Opening Portal. This platform allows prospective customers to open accounts online without visiting a branch. It guides users through each step with clarity, ensuring that even those new to digital banking can complete the process with ease. The portal also automatically notifies relevant staff, speeding up processing and reducing delays. Complementing this is the Mandate Portal, created for internal use by staff. This tool streamlines the process of verifying documents submitted during account opening. It enhances accuracy, ensures compliance, and builds customer confidence by minimizing human error. Another major advancement is the CMB Wallet, a secure and versatile digital wallet that extends banking convenience beyond traditional systems. It enables users to fund their wallets through transfers, make payments, and manage transactions in real time. On the administrative side, CMB staff can use the wallet’s dedicated portal to check account statements, verify balances, and process failed transactions, ensuring issues are resolved quickly and efficiently. These platforms share one objective; to bridge the gap between customers and technology. By prioritizing ease of use, transparency, and accessibility, CMB is not just digitizing its services but humanizing technology for every user. At Cooperative Mortgage Bank, we believe that true digital transformation is not only about advanced systems; it’s about empowering every customer to bank confidently in a connected world. Thanks for reading…

Top 10 banking trends for 2025 and beyond — here’s what’s coming 1. Technology helps banking reach everyone. Digital banking made it easy to access money and services. Now, AI will make things even more personal. Soon, banking will feel like having a chat with a trusted advisor. By 2030, everyone will have access to smarter, more helpful banking services. 2. Rules keep changing, creating new challenges. Regulators want banks to be safe. That pushes banks and fintechs to come up with new ideas faster. Banks that work well with regulators and partner with others will be stronger and serve more people. 3. Bigger banks are more powerful. Large banks can do things more efficiently and quickly because they have more resources. They can offer more services and reach a wider audience. But, they also need to team up with others and focus on the areas where they can make the biggest difference. 4. Customer service goes back to being personal; AI and data will let banks treat each person like an individual. Expect smarter chatbots, voice assistants, and apps that remember your past, predict what you need, and help you make decisions — all while feeling friendly and human. 5. Products connect better with customers. Banks will organize their services around their customers, not just around separate products. They will offer packages that are easy to understand, with prices that change based on what you need. This will make banking easier and more personal. 6. New ways of working. Banks will change how they work. Routine tasks will be done by machines, while staff will focus on helping customers and solving problems. Leaders will encourage new ideas and make sure AI is used ethically. Workers will learn new skills and work better with technology. 7. From cutting costs to making more money. At first, AI focused on saving money. Now, banks will use AI to grow revenue — offering better services, personal deals, and stronger relationships. This helps turn savings into new income. 8. Open source is the future. Banks will use shared, flexible technology that’s open and easy to change. This helps them innovate faster and work together with fintechs and other banks. Building open systems means they can adapt quickly to new ideas. 9. Coding becomes easier and faster. AI will help create software much more quickly. Banks can update old systems faster and find new ways to build apps and tools. This speeds up change and makes it easier to bring new technology to customers. 10. Vendors will offer more tools. Banks will move away from big, fixed systems. Instead, they’ll pick and mix smaller, specialized tools from different vendors. This makes it easier to update and improve their systems without starting from scratch. The future of banking is changing fast, Let’s talk about how your organization can stay ahead.  

Technology-a game Changer for Banks & Customers! The world is evolving at a pace faster than ever before. Cultures are blending, societies are becoming more complex, and technology is at the heart of this transformation. Today, organizations across industries have embraced technology not just as a tool but as a strategic enabler of business. Technology, which was once viewed as a necessary evil is now recognized as a catalyst for innovation, efficiency and growth. The banking Industry has fully embraced this shift. In the modern financial landscape, no bank can survive without leveraging technology. From Mobile Banking apps to AI-driven customer service, technology has become the backbone of banking operations. Even the older generation have transitioned to using Mobile Banking, online transfers and digital wallets, aligning with the fast-paced evolution of financial services. Jones’ grandfather, a retired banker, marvels at how far Banking has come. “In our days,” he recalls, “Banking meant physically visiting a Bank branch for any service or transaction you needed.’’ Who would have imagined that bank branches could one day fit into the palm of our hands? Today, customers seamlessly access Banking products and services through Mobile phones—anytime and anywhere, 24/7. The idea of physically visiting a Bank branch for basic services are quickly fading and becoming old-fashioned. Modern customers have essentially become their own tellers, using Mobile apps to transfer funds to friends, pay University or College fees, water and TV bills, check bank balances, place excess funds in fixed deposits and manage accounts with ease. Corporates, too, have embraced this shift. “I have a Central Securities Depository (CSD) account with Bank of Zambia, which I personally opened from the comfort of my home with the assistance of my son to facilitate bidding for government securities. I no longer need to contact my Bank to assist me with investing in government securities. I now access my CSD account through my smartphone and effortlessly initiate and complete bidding transactions online,” boasted Jones’ friend To further extend their reach, Banks have also partnered with Mobile Network Operators (MNOs) to introduce Agency Banking through a network of agents. Theses agents provide essential Banking services such as cash withdrawals, deposits, and money transfers, effectively bridging the gap between traditional Banking and previously disadvantaged areas. Indo Zambia Bank is a fine example of a financial institution forging strategic alliances with MNOs and FinTech Companies. This collaboration has enabled the Bank to keep pace with innovation, offering a wide range of technology-driven products tailored to meet evolving customer needs. These products include IZB Mobile Banking, IZB Indo Wallet, and IZB Internet Banking. Thinking about opening an account with Indo Zambia Bank? Please don’t hesitate. Supporting You. Developing Zambia!

A brief understanding of UPI Payments! Glossary TPAP: Third Party Access Provider (e.g., Google Pay, PhonePe) PSP: Payment Service Provider (Usually a bank partnered with the TPAP) NPCI: National Payments Corporation of India (The central governing body) Remitter Bank: The bank account from which the money is debited. Beneficiary Bank: The bank account where the money is credited. VPA: Virtual Payment Address (Your unique UPI ID) Underlying Concepts & FAQs 1. What is a VPA? A VPA is essentially an alias that maps directly to a bank account. A single VPA can only point to one bank account. Example: If your HDFC bank account is added on Google Pay (a TPAP), you might have multiple VPAs pointing to it, like: vpa-1@okhdfcbank vpa-2@oksbi The relationship is: One Bank Account can have Many VPAs. 2. What does the part after the '@' symbol mean? The suffix after the @ (e.g., @oksbi, @ybl) represents the PSP (Payment Service Provider) managing that specific VPA. In the example vpa-2@oksbi, it means the VPA was created and is managed via SBI's PSP. You cannot choose the PSP suffix; it's automatically determined by the TPAP based on their existing partnerships. Key point: When you make a payment, you select the Bank Account to debit. The TPAP simply uses one of the associated VPAs for routing the transaction. Only the chosen bank account is used for the actual payment. 3. Why multiple VPAs for the same account? Multiple VPAs ensure High Availability (HA). If one PSP (and its corresponding VPA) faces a technical difficulty, the payment can be automatically routed through another VPA/PSP, ensuring a high success rate and minimizing transaction failure. 4. Why do TPAPs need a PSP? TPAPs need PSPs because they generally cannot communicate directly with NPCI and the banking network. Almost all PSPs are banks themselves. They possess the necessary banking license and infrastructure required to securely communicate with the NPCI settlement system and other banks. This structure maintains network security and facilitates inter-bank communication, which is crucial for settlement processes. Transaction Success A UPI payment is only considered successful when all legs of the transaction return a success result: Remitter Bank (Debit) Beneficiary Bank (Credit) NPCI (Clearing & Authorization) TPAPs and PSPs use their own APIs, but all members utilize the common NPCI APIs for the core transaction flow. Refer to the picture below to understand the sequence and entiteis involved when you make a upi payment.

FintechOS and Finastra Forge Strategic Partnership to Modernize Account Originations FintechOS and Finastra have forged a strategic partnership designed to modernize the account origination process for small businesses and consumers. The partnership will integrate the Finastra Phoenix core system and MalauzAI Digital Banking into the FintechOS platform. Finastra was formed via a merger between D+H Corporation and Finovate alum Misys in 2017. FintechOS has been a Finovate alum since FinovateFall 2021. A newly announced strategic partnership between FintechOS and Finastra will help modernize the account origination process for small businesses and consumers. The pact will integrate both the Finastra Phoenix core system and MalauzAI Digital Banking into the FintechOS platform to make the account opening process faster, easier, and more secure for both in-person and online applicants. “Our collaboration with Finastra is a direct response to the market’s demand for faster innovation,” FintechOS SVP of Growth Ash Govindia said. “By integrating our low-code digital onboarding and origination platform with Finastra’s core system, we are empowering financial institutions to launch sophisticated, customer-centric products in weeks, not months.” The combination of a reliable core and digital banking system with a low-code origination platform and AI-powered product engine will help institutions avoid issues common to both traditional and online account opening processes. The integration will enable Finastra customers to configure pricing, tiers, bundles, and eligibility rules, and publish them to mobile, web, and banker-assisted journeys. This will reduce time to market and make operations less complex. The combined capabilities will be available to joint customers of both companies. “Our goal is to help community and regional financial institutions deliver compelling experiences wherever customers engage,” Finastra General Manager, US Core and Digital Banking, Joe Gomez, said. “FintechOS complements Phoenix and MalauzAI by adding a flexible product and pricing layer that simplifies account opening while supporting personalized offers across channels. Together we make it easier to innovate while maximizing existing investments.” Headquartered in London, Finastra leverages its expertise in lending, payments, universal banking, treasury, and capital markets to provide software solutions to more than 8,000 customers in more than 130 countries. This includes 45 of the world’s top 50 banks. Formed in a merger between Misys and D+H Corporation in 2017, the company recently announced a partnership with Belize Bank Group, which has deployed the company’s cloud-native core banking solution, Essence. FintechOS made its Finovate debut at FinovateFall 2021 and returned to the stage earlier this year for FinovateFall 2025. Based in London and founded in 2017, the company offers an AI-driven product engine that integrates seamlessly into banks’ existing...

Bank Windhoek pioneers Wallet-to-Wallet instant payment transfers Bank Windhoek has announced the official launch of its EasyWallet On-Send feature, a milestone innovation that empowers customers to send money instantly from one EasyWallet to another, anytime, anywhere. The EasyWallet On-Send capability represents a first in the Namibian banking industry, enabling users to transfer funds seamlessly between wallets, even to individuals who do not hold a bank account. This feature, which underwent a successful soft launch earlier this month, is now officially available to the public via Bank Windhoek’s USSD Cellphone Banking menu. Currently available to MTC mobile users, EasyWallet On-Send will soon extend to TN Mobile customers, broadening access and convenience. https://lnkd.in/dKMPkPtA

Splitit’s New Partnership Helps Banks Compete on BNPL Splitit and DXC Technology are partnering to bring AI-powered, card-linked installment payments to banks using DXC’s Hogan core banking platform, enabling personalized BNPL functionality directly from existing cards and accounts. The collaboration will help banks reclaim BNPL market share by eliminating friction while giving institutions the flexibility to originate installment loans on their own books or through Splitit. DXC’s bank clients will be able to embed installment capabilities within their own traditional banking infrastructure, helping them modernize, retain customer relationships, and compete on flexibility and user experience. Georgia-based BNPL solutions provider Splitit announced it is collaborating with DXC Technology (DXC) to help banks compete on BNPL. DXC Technology and Splitit have joined forces to bring card-linked installment payments to banks using DXC’s Hogan core banking platform. The integration enables banks to offer personalized, AI-powered installment plans at checkout or post-purchase, both online and in person, using cards and accounts customers already trust. Hogan supports more than 300 million accounts across 40+ major banks with $5 trillion in deposits. By partnering with Splitit, banks can compete directly with BNPL providers while avoiding the friction of new account openings and serving customers who prefer to pay with debit. The collaboration aims to help banks reclaim market share lost to traditional BNPL players and deliver the flexibility today’s consumers expect. “For decades, Hogan has been the backbone of the world’s largest banks. This partnership with Splitit shows how that foundation can now be used to create new revenue streams at the point of sale,” said DXC Global Head and General Manager of Financial Services Sandeep Bhanote. “By normalizing installment capabilities across existing accounts, we’re enabling issuers to modernize their offerings without replacing their core—and empowering consumers with flexible payments that use the cards they already trust.” The benefits of the partnership extend beyond simply providing more payment options for end users. Banks will be able to deploy branded installment offers that appear natively at checkout or within the bank’s online banking portal. Additionally, partnering with Splitit will help DXC offer its bank clients the choice to originate the installments directly on their books or to have Splitit originate the installments. “BNPL players have disintermediated banks by offering transactional lending at the merchant checkout. This partnership resets the playing field,” said Splitit CEO Nandan Sheth. “Together with DXC, we’re empowering banks to compete head-on with BNPL providers by bringing installments directly into existing bank accounts or issued debit cards. With DXC’s access to over 300 million bank accounts through its core banking platform, our joint technology gives financial...