i8 MicroBank is a state of the art carrier grade system designed to meet the needs of mobile and branchless banking. It allows for m-wallet issuance, linking of all account types with m-wallets, branchless banking account issuance, management and reporting. The system has been designed to comply with global standards for banking and financial transaction processing, meets regulatory compliance requirements, and has the flexibility to cater to future changes.
Once installed, i8 MicroBank can work independently of other banking systems and integrate / communicate with them as well, when required. The installation allows a Bank to issue and maintain branchless banking accounts, and start providing services to branchless banking customers within no time. The ability to integrate with third party banking systems allows i8 MicroBank to also process transactions which may involve a non-branchless banking account either as a termination or as the origination point of a transaction.
Our systems are designed to be plug and play - whether you looking for single digit TPS or hundreds of TPS, there is complete control of costs from the outset of the project because scalability is plug and play across all tiers of the platform.
Security
The system employs industry standard security techniques to prevent disclosure of sensitive data and to avoid malicious attacks at all levels. Any communication between the system and network architecture have been designed to comply with PCI DSS and other global financial services industry standards.
The system supports financial transaction processing and therefore puts up the highest level of end-to-end security.
Customizable data validation, PIN encryption, complete audit trail, password hashing and network/channel authentication and authorization are some of the ways that are used to make the security provided by i8 MicroBank an eminent aspect.
Reliability
i8 MicroBank platform is designed in a way that it focuses on different engineering techniques for developing and maintaining a system whose reliability can be quantitatively evaluated. Credible software reliability models have been used to track underlying software failure processes for accurate reliability analysis and forecasting.
Error & exception handling (for all layers - GUI, Logic & Data), multi-layer design compliance, resource bounds management and transaction complexity level are some of the practices that have been used to make i8 MicroBank a highly reliable system.
Scalability
i8 MicroBank platform is highly scalable and designed to provide high availability, configured with Load Management. i8 MicroBank is a Carrier Grade system engineered to meet superior standards and provides very fast fault recovery. It’s a Plug and Play system which works with open source applications as well as multiple other industry standard products.
The system is vertically scalable to support up to millions of customers with sub second response time. The system also provides horizontal scalability (using multiple servers) with minimal overhead, and leverages multiple processers that are generally built using multi-threading techniques.
Flexibility
i8 MicroBank provides 100% flexibility to integrate with any third party system and compliance with latest business regulations. The loose coupling of i8 MicroBank’s components is a key to make the system highly flexible. The System has the ability to adapt to possible or future changes and system design easily caters for the changes which inevitably arrive in the future. The flexibility not only caters for the complete design of the system as a whole but includes the smaller aspects of the system as well.
Core i8 MicroBank Engine
The Core i8 MicroBank engine is the master controller, heart and brain, of the platform. It controls and acquires transactions through different channels and manages different components. It also manages relationship and transaction rules with all other components, and is responsible for transaction processing.
Intelligent Router
The intelligent router, a combination of software and hardware, is our proprietary enterprise service bus / middleware. Inov8's core principle of SOA and distributed computing is best in class. The Intelligent router component acts as a Middleware / Enterprise Service Bus (ESB), responsible for communicating with all integration parties. The system can connect over any protocol to any component, or any other system. It monitors and controls routing of messages between services, protocols conversion, exception handling and lots more.
VeriFly
VeriFly is Inov8's black box PIN management, generation and verification engine . The system is responsible for generating bank PINs based on channel at the time when a customer links their bank accounts (Credit, Debit, Pre-paid, branchless banking etc.) with their mWallet accounts and for verifying these PINs against every mobile transaction performed by using these accounts. HSM enabled, it takes into account the type of instrument and the access channel (SMS, Smartphone APP, Web, USSD etc.). Verify has state of the art security features and identity management tools.
Communication Gateways
Inov8 has it’s own proprietary gateways for USSD (Platypus), smartphone / feature phone applications, SMS, and Sim Tool Kits. "Inov8's proprietary USSD gateway allows for dynamic menu creation, verification, session management and handling of USSD menus, which is controlled through web based GUIs." This allows the ultimate flexibility for mobile financial services and branchless banking.
USSD Menu’s and Management
i8 MicroBank is an advanced system that provides complete USSD Management including configurable USSD menus, language option and complete security encryption on USSD menus.
Product Catalogues
The potency of custom product catalog creation, definable product catalogs with different products /segments and real time activation and deactivation of product catalogues makes i8 MicroBank a proficient system.
Product Management
i8 MicroBank provides robust Product Management with real time activation and deactivation of products.
Transaction Management
i8 MicroBank is designed in a way to allow for complete ready to go set of transactions along with transaction exceptions and error management.
Reversals
Reversal module is the industry’s best in breed which manages reversals of transactions for unclaimed funds transfer, dispute resolutions, etc and is also able to create manual and automated reversals.
Commission Management
Entirely flexible and customizable commission structure for all products and involved stakeholders enables i8 MicroBank to gain ground on other mainstream branchless banking systems.
Financial Settlement
i8 MicroBank is one of a kind system which provides complete and proficient financial settlement to the users by providing Real Time or Batch Settlement through customized schedulers and definable timings for those schedulers.
Agent Hierarchy
Hassel free framing of n-Tier Agent Hierarchy and ability to create Agent Network with as many levels as required. Complete flexibility keeps i8 MicroBank a step ahead of other conventional Branchless Banking systems.
Agent Management
The system has the power to define, create, and manage Agent Networks with complete flexibility and control for distribution networks, franchises and retail management along with commission handling.
Entity Management
Entity Management is state of the art module which enables i8 MicroBank to control all Actors/Users (Banks, CSR’s, Sales, Agents) through the web interface. The entities can also control their respective versions of the web. The module also provides custom security checks for different user roles.
Identity Management and Verification
i8 MicroBank has ability to link with national databases for identity management and verification, authentication and compliance, making it compliant with global industry standards.
Advanced Channel Management
i8 MicroBank is a leading edge system which provides custom activation and deactivation of different channels like USSD, Dynamic USSD, SMS, Web/WAP, Hardware devices (POS, ATM, etc.), STK/DSTK. The system carries out custom velocity checks based on regulatory and compliance guidelines on different access channels. i8 MicroBank supports configurable authentication and transaction rules per channel and customizable channel management for segments.
Integration
i8 MicroBank can handle asynchronous and synchronous communication and integrate over virtually all protocols for financial and telecom integrations making it the most self-evolving of systems. It has an ability to easily integrate with third party systems including core banking systems, financial middlewares, credit card systems, remittance systems and other banking systems as well as intelligent networks, top-up systems, other telecom systems and billers.
PIN Management
i8 MicroBank is an innovative system which provides complete PIN management solutions including customized PIN generation and verification, configurable PIN’s and customized PIN authentication for different channels.
Fraud Management
A groundbreaking platform which caters for complete fraud management including checking fraud against daily thresholds, money transfers, PIN Changes and Audit trails amongst others.
SMS Management
i8 MicroBank is an expert system that has fully customizable SMS options for all transactions as well as for account opening/closing/blocking/un-blocking etc.
Bulk Disbursements (Salary & Pension Payments)
A completely configurable disbursement module catering for any sort of disbursement and capable of handling thousands of transactions within minutes. This module provides an easy to use interface to cater for changes like configurable Date/Timings for the module.
Tax Management
An adept system that has fully configurable TAX calculation and deduction across products and stakeholders, i8 MicroBank caters to all requirements such as slab or percentage based calculations amongst others.
Dispute Resolution
An agile end to end dispute resolution module which enables Customer Representatives to provide speedy and satisfying settlement of the complaints raised by the system users/clients.
Reporting and Reconciliation
Comprehensive and analytical reporting and reconciliation system with customized real time reports per product/channel/user and department makes i8 MicroBank an absolute choice. Flexible export options for reports, is a standard feature.