Cuecent ePay – Payment Hub
A Hub connecting citizens, government and financial institutions
Progressive governments have used technology to create a shared service infrastructure to reach out to the citizens through various channels.
ePay - Payment Hub is an integral part of a government’s strategy to pursue financial consolidation by creating a single landing and exit point for all payments transaction across all channels and instruments. This central system when shared by all the government entities, provides the government complete transparency, visibility, consolidation and control over all the transactions.
ePay - Payment Hub comprises a central electronic payment hub connecting government entities to all financial institutions (e.g., banks, credit card companies). The solution supports delivery channels such as ATM, SMS, IVR, kiosk, web and email with easy ramp up and down of channels.
The payment hub integrates bill payment systems of the government with other sectors on a single platform so that users only need to go to one web portal for all their bill paying activities.
Componenets of Payment Hub
- Payment Processor where the hub facilitates electronic payments between the fund receiver (customer through his member Bank) and the fund payer (the Originator). The facilitation is carried out by placing the hub between the payer / receiver and the financial institution, to ensure the completion of the transaction using electronic methods.
- Payment Consolidator where the hub is the assembly point through which all payment claims and payment orders, from and to the government, are routed.
- Payment Monitoring where reports and monitoring tools are provided to the Ministry of Finance to trace the entire payment flow from and to the government.
ePay – Payment Hub offers the following benefits
- Layered architecture eliminates barriers associated with legacy siloed approach
- A SOA framework provides the foundation for delivering nimble payment services by linking new products, technology and business processes
- End-to-end transaction processing and comprehensive management reporting mitigate business risks and ensure a long term, stable platform for payments evolution
- Complex security controls that guard against data compromise and associated adverse consequences
- Business scalability addresses not only technology components but the changing and expanding world of payment instruments
- Real-time notification and alerts