INNOVITI AND RBL BANK PARTNER TO SET UP A TRUE OMNICHANNEL PAYMENTS PLATFORM FOR PROGRESSIVE RETAILERS
Platform unlocks value lying hidden in a retailer’s data and business processes
BENGALURU, India, Feb. 27, 2024 /PRNewswire/ — RBL Bank, one of India’s leading private sector banks with an expanding presence across the country, and Innoviti Technologies Pvt. Ltd., India’s largest payments-based SaaS tools company for enterprise brands and their SME channel partners, have set up a truly state-of-the-art omnichannel payments platform, called Omnium, for progressive merchants. The platform aims to unlock value lying hidden in a retailer’s data and business processes, helping them grow faster and with lesser efforts than possible otherwise.
Innoviti has used a modern domain-driven design methodology to build Omnium, integrating with RBL Bank’s modern banking and payment Application Programming Interfaces (APIs), enabling a fast, seamless, and secure payment integration.
Omnium enables the retailer to integrate their business processes across HR, ERP and marketing platforms with payment events to enable a precise measurement of their impact. They can also benchmark their process performance with peers, enabling a better target setting.
It is packed with all the features of a modern payment gateway and payment terminal, enabling consumer journeys that cut across online and offline consumer touchpoints. A customer buying a garment online, can walk over to the nearest store of the merchant and get it refunded or exchanged, paying for the difference through an in-store terminal, and with the promotions across the garments being applied seamlessly.
Omnium has several key features which make it stand out, such as,
- Product specific payment promotions
- Price and promotion benchmarking
- Real time attribution of transaction to promotion
- Budget sharing through collaborative and targeted promotions
Innoviti Technologies, which has the in-principle approval from RBI to act as a Payment Aggregator has been bringing merchants, brands and financial service providers in this collaborative commerce platform where they can unlock their hidden potential.
Pushpendra Sharma, Head of Digital Banking, RBL Bank, said, “At RBL Bank our partnerships with fintech companies focus on the fundamentals of enhancing the way we serve customers. This partnership with Innoviti will provide settlement services using modern API technology which enables both the bank and the fintech partner in leveraging upon their core strength. The collaboration with Innoviti will be a great enhancement for the merchants at large and we are happy to support them in this initiative.”
Amrita Malik, Co-founder and President, Innoviti, said, “There is no easy way for retailers to combine a consumer’s purchase and payment worlds to drive new and unique experiences for the consumer, especially those that cut across online and offline consumer touch-points. This kind of design is hard and requires exceptional technological development. We are very proud to have partnered with RBL Bank in this. We look forward to deepening our relationship with RBL Bank in the coming future.”
About RBL Bank
RBL Bank is one of India’s leading private sector banks with an expanding presence across the country. The Bank offers specialized services under five business verticals namely: Corporate Banking, Commercial Banking, Branch & Business Banking, Retail Assets and Treasury & Financial Markets Operations. It currently services over 14.97 million customers through a network of 538 branches; 1,217 business correspondent branches (of which 290 banking outlets) and 388 ATMs spread across 28 Indian states and Union Territories.
RBL Bank is listed on both NSE and BSE (RBLBANK). For further details, please visit www.rblbank.com
About Innoviti Payment Solutions Pvt. Ltd.
Innoviti provides payments-based retail SaaS tools to enterprise retailers and their channel partners, helping them grow faster and with lesser efforts, by making better choices between various growth options. By seamlessly integrating business processes with payment events, Innoviti’s technology helps retailers benchmark processes with their peers, precisely measure impact of their process improvements, and collaborate with brands and banks to drive higher ROI than possible otherwise. Innoviti’s tools run across online and offline payment channels. With advanced APIs, automated fallback mechanisms, and ML-driven after-sales support, it processes over Rs. 72,000Cr. annually. In store retail, Innoviti processes more than 50% of all purchases happening in enterprise retailers in the food & grocery, lifestyle, and healthcare categories. It is backed by marquee investors like Catamaran Ventures, FMO, SBI Venture Capital, Patni Family Office, and Bessemer Venture Partners. Innoviti has won the 50 fastest growing companies in Asia award from Deloitte four times, Reliance Innovation Award, and the Mastercard Innovation Award. Innoviti has 11 patents to its name, with 20 more in pipeline.
For more information, please visit – https://innoviti.com/
Media Contact:
Adeeba Parvez
adeeba.parvez@innoviti.com
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