Mansha, one of India’s first Artificial Intelligence platform has been developed keeping the general as well as the differently-abled population in mind. Just by using their voice that Mansha recognises those who are not able to see or type can fill their forms, says Manish Kumar, CEO, Sab Paisa, in conversation with Anupama Mehra of Elets News Network (ENN).
Give us an overview of your products and services.
SabPaisa has one of India’s most advanced subscription payments platform with Intelligent Character Recognition (ICR) backed by Artificial Intelligence that substantially reduces Turn-Around-Time (TAT) and effort for mandate and transaction processing while increasing accuracy.
Operational cost and other inefficiencies are brought down by advanced features such as AI-enabled health check for all mandates; one a platform for processing all modes of payment mandates, whether National Automated Clearing House (NACH), Netbanking, debit card, credit card, Unified Payment Interface (UPI); and Application Program Interface (API) driven status updates as compared to Secure File Transfer Protocol (SFTP) based excel file transfers etc.
Besides that SabPaisa is the only payment gateway whose checkout page has all payment options: from online options like Cards, Netbanking, UPI and Wallets to offline options like e-Cash, e-NEFT & Bharat QR. With SabPaisa, a businesses’ payment collection setup becomes totally online with zero manual work, whether the customer pays online or offline. And payment data travels instantaneously that is viewed in a single report, whether it’s UPI or Cards, Cheque or Cash.
No more entering data manually or emailing excel sheets back and forth, no more reconciliation ache.
The company has also launched Mansha, a text/voice-based AI Assistant that employs Artificial Intelligence to better data processing multifold, including payment data. Beyond that, Mansha helps consumers fill up any and all types of forms through intelligent voice-based intervention.
One of India’s first Artificial Intelligence platform that has been developed keeping the general as well as the differently-abled population in mind, Mansha can be used to exponentially increase form processing accuracy while also helping those who may not be able to see or type fill forms just by using their voice that Mansha recognises and responds to on commonly available devices.
SPApp, a payment, social and communication app, fit for all organisations who want to centralise their payments, organisational communication, business social and event activities into a single app.
LinkPaisa, a link creation and management platform
SettlePaisa, a payment settlement application
Sabpaisa has another feather in its cap, making it stand out among its competitors: it is among the very few payments companies whose products have found Whitelabel acceptance from multiple public sectors and private banks.
What technology are you deploying in your firm to curb fraud?
All communications amongst our internal microservices and external/client applications are under End to End encryption. A sophisticated algorithm is developed to ensure we know who is transacting and for what. We have invested severely in a closed private network to ensure zero unwanted interference from the Internet. Industry and regulatory standards like Payment Card Industry Data Security Standard (PCI DSS) compliance, Payment Applications-Data Security Standards (PA DSS), Vulnerability Assessment and Penetration Testing (VAPT), etc. are done periodically. Further, there are several robust tools, anti-viruses, negative databases that are part of our secure network bouquet.
We have internally developed MonitorPaisa that keeps a close watch on each activity. By the end of the year 2019, our BoT Mansha will hover above all our applications, databases and will be traveling with our URLs to monitor and curb any unwanted activity.
You are India’s first and only integrated platform for both online and offline payment/collections. How are you achieving it?
Banks have always had their technology, APIs ready to offer to their medium to large customers. They did not open these technologies to others over the obvious security concerns. We have developed a couple of middleware that can speak with Bank APIs without exposing their Core Banking Applications. We have been able to convince Banks with our technology and security patches. The result is that we have access to Bank’s Core Banking Applications for all Over the Counter Payments, viz. Cash, National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), NACH, Society for Worldwide Interbank Financial Telecommunication (SWIFT), etc.
The technology did reinforce our successful business model for the banks. Integration with us not only increased their NFNI Income, Current Account Savings Account (CASA) and Wallet Share, It also significantly decreased the TAT of go-live, cost of go-live and dependency on their technology team.
What innovations are you planning to implement in your company?
In the next six months, SabPaisa will launch a completely new version of our flagship product SabPaisa, and an AI-enabled hybrid Credit product. Artificial Intelligence is the core of our innovations in months to come. Not only limited to the risk analysis, customer services, operations management- we are deep into making Mansha intelligent enough to do Inside Sales and Payments Processing.
How challenging it is to deal with rural India when it comes to online payment/ collections?
SabPaisa has a number of merchants that service rural populations, one of the reasons we have the first-hand experience of the challenges. Internet, banks, Common Service Centres (CSCs) and other service centers have reached rural India to an extent if not deep enough. What challenges is the in-access to online payment instruments? Additionally, Rural India is a cash-rich economy and their mindset is still physical instruments. They prefer banks, this adds to servicing issues since they have limited access to the bank in which they have an account. Mobile internet is deepening, but internet banking in Rural India is still at the nascent stage.
We see the digital transactions picking up in Rural India, but miles to go. I believe that rather pushing consumers for digital transactions, we should leave this on market dynamics to pull digital transactions. To capture the transaction footprints, reconciliation, and low-cost offline transaction management- technology can beautifully play its role.
For example- SabPaisa’s e-Cash, e-NEFT, Talking BoT Mansha, etc are hand-holding rural India in the migration from Cash to Internet to Mobile.