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fonepay is the network of the various mobile financial services facilitating interbank fund transfer, shared merchant payment with customer sharing and utility bill payments.
 
These days, the banking and financial services industry has been undergoing rapid changes, reflecting a number of underlying developments. New technological advances like internet, wireless technology and cellular communication have created a shift from the traditional brick-and-mortar banking to virtual banking across time zones, geographical locations, access points and delivery channels. But at the same time, rapid growth and wide reach of mobile phone has enabled the financial institutions to provide the mobile payment services to the unbanked population, who were not able to access this service before and limited to the payment of merchants with only one bank or many banks using different mobile banking softwares. And also, apart from reaching the unbanked population, mobile phone has become the most convenient way to reach the banked population to perform their financial services.
Hence, in current context, mobile phones have become the most convenient means to reach different types of customer to provide financial services. So, we are proposing the networked mobile payment system called fonepay, which will help the customers to do all their financial activities like interbank fund transfer, shared merchant payment and cash out facilities through their mobile phones. 
  • Advantages
  • Features
  • Security
  • How it works

Cheaper Technology
Since, the fonepay use mobile devices for all the financial transactions, the cost of implementing the technology becomes considerably cheaper when contemporary technologies like ATM cards need ATM machines, POS machines, etc. for transactions. The service will be independent of any network service providers. This will provide the advantage of standalone integration with reduced maintenance and deployment cost.

Wide Reach
In this age of technological advancements, mobile devices are one of those technologies that has reached beyond the point of geographical boundaries and used by people of all ages for varied reasons. So, fonepay can reach to a wider group of people with varied education and economic background regardless of their banking habits.
According to a CGAP report, “1 billion people do not have a bank account but do have a mobile phone. By 2012 that number will grow to 1.7 billion, making mobile phones a direct conduit to nearly half of the world’s unbanked.” This indicates the potential of fonepay to reach a wider user base.

Convenience
As described above, mobile phones and other mobile devices are carried by people of all ages regardless of geographical location. So mobile financial service gives the convenience of carrying funds and using those funds directly from a mobile device without needing to visit the bank or an ATM or using any POS devices.

Scalability
The software provides possibility for scaling up and a possibility of reaching a wider network. The system supports millions of users and is completely dependent on the hardware use. The system has been tested for 200 transactions per second and is scalable.
 

Merchant Integration
fonepay provides the method for an FI to share their Merchant with other FIs. And since fonepay is integrable with other payment processors, it increases the range of available Merchants in the network.
 
Shared Merchant Payment
It provides the concept of Central Merchant Payment system, which make it easier for the end user of FIs or Hosted Wallet System to access the desired Merchant.
 
Inter-Bank Fund Transfer
fonepay can be used for transferring fund from one Bank to another without any hassle from anywhere at any time. The end users will be able to send from their payment gateway, virtual accounts, etc. to their bank account without the need of visiting the FI.
 
Reward points
One of the major enhancements for attracting Users and encouraging them to use fonepay for their banking needs - Reward Points, is an integral part of incentivizing customers and a great way of rewarding their activities. If a User from Issuer Bank makes payments to the Merchant of Acquirer Banks through fonepay then the Customer with Nominated Point will be rewarded by fonepay.
  
Cash in and out
Any user with the fonepay service will be able to transfer funds to their virtual account or to their mobile from their FI account. The user can also transfer funds from their virtual accounts to their bank accounts or can get cash out of their virtual accounts. Cash in or cash out can be done by using the FI Agent structure or the Agent Structure of fonepay.
 
Transparent Settlement Process
fonepay helps to generate reports of all the services to all the involved parties. This will ensure the settlement process to be transparent. Every transaction is settled at the third party settlement bank.
 
SMS Alerts
fonepay provides SMS alerts to the involved parties of all the transactions made through fonepay which assures that involved parties are aware of the occurred transactions. This also increases the security of the transactions by informing the involved parties.
 
Phone top-up/utility payment
The end users can use fonepay for phone top-up as well as utility payment from anywhere at any time. This will provide the users with a more convenient and easier way to top up their mobile phones and utilities payment. They can also send the top-up to their family and friends.

Interoperability
The fonepay has the capability operating in different systems while sharing data and information regardless of the hardware. Hence, it ensures that mobile financial service will be interoperable system for financial institutions, customers, merchants and other payment processors.

Device Level Security
Bank Accounts are associated with a particular Mobile Number during the registration process. Only messages originating from such registered Mobile Numbers can make banking operations to Bank Accounts associated with that particular Mobile.
 
MPIN Security
Each fonebank subscriber is provided with a 4 digit MPIN during the registration of the service. Subscriber must use the MPIN along with any commands to make Banking Transactions or even for enquiry based services.
 
Network Level Security
All the communications between the Telecom Service Provider & the Banks Core Banking System is carried out in a secure VPN.
 
SMS Encryption
All SMS originated by the fonebank Mobile Application are encrypted by the application before sending it over the Network. These messages are received by the fonebank server in the encrypted format which is then decrypted by the system before processing it. This ensures that SMS does not travel in plain text & does not reveal the MPIN even while inside the Mobile Network Operators network.
Work process in fonepay is same as in fonebank but the only difference is that various fonebank softwares are networked together so that customer of one bank can pay the merchant of the other bank of send fund to the customer of another bank.
 
For this there are five parties are involved, i.e.  Customers, Issuer Bank, Settlement Bank, Acquirer Bank and Merchants.
 
If customer of one bank makes a transaction with the other bank than the first bank will be Issuer Bank and the second bank will be the Acquirer bank. The bank which settles the transaction of these banks will be a settlement bank.
 
If customer makes a transaction with the same bank, the issuer bank, settlement bank and the Acquirer bank will be same.

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