Tuesday, June 15, 2010

If at all Banks can work together!!!!!!!!

Online transactions has been so much talked about with so many service providers with showcasing their abilities.
I was wondering if I could put something on my site which will enable people pay online without the hassle of me getting subscribed to some online payment gateway and also restricting users for a limited set of banks.
Solution : All banks should have option similar to paying via bank to some other bank account, it’s just that the payment will be the other way.
Online user will send a online request from a web portal with their Bank account detail like Account No and IFCS Code.
Online portal will send a request via their bank to the online user bank account for payment.
Online user will accept/reject/update&accept transaction request .
Bank’s does transaction and portal get’s paid.
This solution remove security risk outside of the scope of banks, makes it more transparent. Add value to Bank’s.