Digital Innovation Strategy
HSBC decided to go onboard with the Unified Payment Interface (UPI) platform launched by the National Payments Corporation of India (NPCI). While most banks looked at it as a primarily retail proposition, HSBC also focused on it as a corporate proposition. It launched File- and API- based solutions to its corporates to initiate collection requests, which would be routed through the UPI channel to land at the end consumers’ mobile app.
This proved to be a key differentiator in the market as these channels could satisfy use cases of utility bill payments, insurance premium recoveries, and e-commerce payments. The file based solution also had the capability of setting a standing instruction for a corporate customer, which would get triggered on a specific date.
As a result of this implementation, bulk data could be handled for customers to be pushed through the UPI, and was envisaged as a one-to-one transaction. The API also made it possible to process UPI collect requests in real time. In addition to this, it could be used to register standing instruction requests, which would get triggered on a specific date.