A smarter way of collecting bills.
Southtech Akashpay is a subscription-based solution for collecting bill payments. This solution can be run in banks so that they can collect bills on behalf of utility companies, schools or universities. Hence, a bank is able to increase their revenue through service charges for each bill collected.
Banks can extend these bill payment services to their customers through online banking too. Thus they are able to increase their alternative delivery channels to their customers and end users benefit from flexible banking.Utility companies, schools and universities would benefit through this system as they will no longer have to collect bills manually. If they already have a provision of receiving payments at the bank, they will now have a system that breaks down end-of-day statements. Therefore, they will be able to tell which individuals have not paid or if they are eligible for late fines.
End customers receive a receipt for each payment and a complete history of all bill payments can be viewed online. Utility companies and service providers no longer need to manually book-keep, saving time and money. Since the banks collect several payments for different institutions, they make one block payment into each institution’s bank account at the end of day. Therefore, the bank is able to relieve itself from making multiple payments and rather make one block entry in its CBS.
With Southtech Akashpay, a service provider will be able to achieve:
Central monitoring for cash flow management
Reduced margin of error
Higher customer satisfaction due to transparency
Increased operational competence
Real time reporting for quick decision making
Can be easily integrated with other systems