Finacle m-commerce solution converts the ubiquitous mobile phone into a secure proxy for bank accounts, credit and debit cards, enabling a comprehensive transactional experience, secured by a robust authentication mechanism. A simple one-time registration process initiated through the POS terminal at the merchant location, the bank's ATM or Internet banking site ensures ease a adoption for customers.

The solution can be accessed through:

• The application installed on the mobile phone, allowing users to generate a One Time Password (OTP) even in the absence of a communication network
• The mobile Web application, through mobile browser
• The USSD application that enables even basic GSM mobile handsets to support m-commerce

The solution is interfaced with Infosys mConnect, the indigenously developed enterprise middleware, which orchestrates mobile transactions between users’ devices and the Finacle universal banking solution. Infosys mConnect handles the multiplicity of form factors and access mechanisms on multiple devices to provide a context-sensitive view to the transaction server. This presents banks with a powerful channel to service customer segments ranging from the mass affluent to the under-banked or unbanked, surmounting challenges posed by the diversity of mobile devices.

Key Modules:

• Transactions at Point-of-Sale Terminal
• Customer Registration
• Customer Maintenance
• Commerce Transactions
• Secure e-Commerce Transactions
• Limits
• mPIN
• OTP
• Reporting Infrastructure
• Interface

Business Benefits

Ease of Operation
The spot-registration process for customer on-boarding is simple and quick, significantly lowering entry barriers. The solution, which can be leveraged by downloading a simple application on any Java enabled phone, is easy to understand and operates, even in the absence of network connectivity. The process of generating an OTP is convenient and allows the customer to begin transacting, without a latency period.

Robust Security
The solution’s OTP key authentication ensures fidelity of every transaction performed. In the event of theft or loss of the mobile device, a breach in security is effectively averted, by the mPIN authentication. All data in consistent state is encrypted using industry standard Triple DES encryption, for enhanced security.

Robust Inclusivity Framework
Finacle m-commerce solution leverages Infosys mConnect to smoothly hurdle challenges posed by the multiplicity of form factors and access mechanisms on multiple devices, to provide a context-sensitive view to the transaction server. This enables banks to include, through the mobile channel, its various customer segments, ranging from the HNWI to specific unbanked communities, surmounting the complexities of diverse location and dissimilar mobile devices.

Customer Delight
Finacle m-commerce solution transforms the customer’s mobile phone into a true multi-convenience enabler. Retail transactions, value added services, fund transfers and bill payments can all be easily extended to the mobile world.

This translates into several customer conveniences:

• Elimination of the need to carry multiple transaction instruments such as credit cards, debit cards and ATM cards.
• Fraud protection – loss of mobile phone does not result in fraudulent transactions.
• Registration of multiple bank accounts to one mobile.