Pre-Boarding
The sales team identifies the leads and prospects them. The team then fixes meetings and engages with the CFOs and other finance personnel. Using Vay Network Services Private Limited (“VNSPL”) sales presentations & process flow, the team explains the prospects the business advantage they could have by engaging with us for their payment and / or collection activities.
Once the prospects show interest and take things forward, the sales team tags them as an opportunity; and engages with them extensively to get them to the “proposal” stage. The team then submits a proposal to the client which would typically contain – the offering, the complete break-up of pricing (service charge & GST), and the required information from the prospect (sample agreement and Client Information format is shared)
Once the prospect accepts the proposal, the team moves on to get them on board by signing a formal agreement which would contain a detailed set of terms and conditions. Additionally, the client will also provide the customer information form (CIF / KYC), and board resolution. The sales team would later enroll the prospect as a client once the agreement has been duly signed by the two parties engaged.
The Pre -Boarding ends on submission of the following documents by the corporate
VNSPL provides aggregation across the spectrum of businesses. The portfolio has Large sized corporates, Mid sized corporates, SME and MSME. Directionally we believe MSME will be the segment where technology inclusion in payments space is necessary and will be the favoured go to market segment.
Basis the engagement VNSPL broadly classifies payments as
Standard On-boarding for process for all customers / merchants
On receiving confirmation from the client, the Client will get a digitally signed agreement from the VNSPL team via Digio then the client has to login to the link and enter the Aadhar number and OTP and the Agreement will get signed digitally.
The POC (point of contact) of the client will share the Maker and Checker details to the VNSPL onboarding team so that they will give the required access.
As part of the on-boarding, the maker will include the following –
VNSPL internally follows a minimum 4 eye principle and digital footprint. All approvals or changes by the VNSPL admin, Customers have to necessarily create a digital footprint through OTP through their registered mobile or email id as shared by the Corporate through the CIF
Maker in VNSPL will create the details in the system
The information is verified by the Checker completing the Maker & Checker principal for onboarding
Creation of Terminal Id (TID) for SIP
VNSPL creates a Schedule for the merchant and sends the request to the Bank (Then the terminal identity will be created by the acquiring bank)
Documents and information Submitted for TID creation
The acquiring bank creates the TID for the Merchant
TID is solely mapped to this Merchant and the monies are collected in the Nodal account and credited
to the merchants account in T+1
All transactions for the Merchant has to necessarily pass through the said /created
Receivable induced also broadly seen as Seller Initiated Program (SIP)
Merchant Usage steps and policies
Payable induced also broadly seen as Buyer Initiated Program (BIP)
The sales team identifies the leads and prospects with them. The team then fixes meetings and engages with the CFOs and other finance personnel. Using VNSPL sales presentations & process flow, the team explains to the prospects the business advantage they could have by engaging with us for their payment activities.
Once the prospects show interest and take things forward, the sales team tags them as an opportunity; and engages with them extensively to get them to the “proposal” stage. The team then submits a proposal to the client which would typically contain – the offering, the complete break-up of pricing (service charge & GST), and the required information from the prospect (sample agreement and Client Information format is shared)
Once the prospect accepts the proposal, the team moves on to get them on board by signing a formal agreement which would contain a detailed set of terms and conditions. Additionally, the client will also provide the customer information form (CIF / KYC), and board resolution. The sales team would later enroll the prospect as a client once the agreement has been duly signed by the two parties engaged.
The Pre-Boarding ends on submission of the following documents by the corporate
VNSPL internally follows a minimum 4 eye principal.
Once this information is collected Maker in VNSPL will verify create the details in the system The information is verified by the checker
Creation of Terminal Id (TID) for BIP
VNSPL creates a Schedule for the merchant and sends the request to the Acquiring Bank (Basis the request and information shared terminal identity is created created by the acquiring bank)
Documents and information Submitted or TID creation
The acquiring bank creates the TID for the Merchant
TID is solely mapped to this Merchant and the monies are collected in the Nodal account and credited to the merchants account in T+1 All transactions for the Customer has to necessarily pass through the said /created TID
VNSPL creates a unique TID for the customer with the acquiring bank this TID is used to identify the flows and payments to be made
Customer profile is created and stored
Customer users can now onboards the various vendors, This is a minimum 8 eyes process and spread into 4 levels, where the customer maker will add their various vendors and create their closed loop payments ecosystem
Vendor Registration
Before the client can make a payment to their vendors, they need to register them on V2P portal. To do so, the CM will access the “vendor registration” page on our portal. Once there, the CM fills out the mandatory information of the vendors –
Vendor registration process undergoes 4 levels of authorization
Level 1 –
CM submits the request
Level 2 –
CC verifies the data with their internal data and authenticates the same with an OTP and establishes
a digital footprint
Level 3 –
VNSPL admin reviews the same and establishes checks of the data submitted
Post Level 3,
A mail and a link is sent to the registered email id of the vendor, who can use it to visit the portal
and share his / her acceptance.. On clicking the link, Vendor is directed to V2P portal and receives
the following information –
Level 4
VNSPL admin checker verifies the checks and approves the vendor for the next levels of checks. At the
time of approval the VNSPL checker authenticates the same through an OTP and establishes a digital
footprint
The vendors can be individually registered or through a bulk upload
Additional checks may be implemented basis the acquiring banks policies where the entire data is shared with the acquiring bank who may give the final approval of vendor onboarding
Scenario 1
Bank accepts/ rejects the vendor of Bank accepting the vendor with OTP
Scenario 2
Bank shares the info of accept/ reject thru email
Post which, the Vendor is registered. A unique vendor id is created and stored in our database for use. In cases where the vendor may be receiving payments from more than one customer of VNSPL, the vendor will have multiple vendor ids. Each vendor id is strictly linked to one customer only.
On completion of level 4 above information VNSPL Admin will give the final consent of approval.
VNSPL Verifications and controls
VNSPL maker / automated system will verify the vendor details through government websites on public domain like MCA, income tax india egfiling, etc. VNSPL maker will also access the vendor URL (if any) to check the authenticity. On verifying the vendor, (s)he will approve it; and an authorization request will be sent to VNSPL checker.
Once the VNSPL checker approves the vendor, the vendor will be registered on V2P portal and will have a unique vendor ID mapped to the vendor and the corresponding client
In case there are multiple vendors to be registered, the client can ask us to bulk-upload the vendors by providing VNSPL the required details in an excel format or encrypted data or through an API call; however the process followed will be same as mentioned above.
Vendor management and control
Vendor Sub limits management
Quick Snapshot Of The Capabilities
VNSPL Offering a bird’s eye view
| Features | Benefits |
| "One Size Fits All" Payment Solution | Businesses regardless of their size can use the payment solution |
| One Stop Payment Solution /Single Point Disbursement | Businesses can now make Vendor Payments along with recurring payments like - Rentals, Utility, Statutory (such as GST), and any other adhoc business payment |
| Bulk Upload Payment Facility | Make multiple payments at one go |
| Customized Approval Hierarchy | Businesses can decide the hierarchy of Maker(s) & Checker(s) required to initite payments and thereafter to approve it |
| Customized Reports Availability | Businesses can generate reports as per their requirements. A total of 10 predefinreport structures already available |
| Vendor Verification Using PAN | System is in place to check the name of the Vendor vis-à-vis the name as per its PA |
| Vendor Verification Using CIN | System is in place to check the name of the Vendor vis-à-vis the name as per its CIN |
| Vendor Verification Using GSTIN | System is in place to check if Vendor GSTINs are active and also to check the namethe Vendor vis-à-vis the name as per its GSTIN |
| Vendor Line of Business Validation | Line of Business of each Vendor can be identified using GSTIN. Helps avoid on-boardVendors that belong to the Prohibited Industries as defined by VISA / MASTER |
| Checks on Circular Transaction | System is in place to check and highlight if there is a link between the Directors of Customers & Directors of their Vendors using CIN. Helps in flagging off a possiCircular Transaction |
| Payments Supported by Two-Factor Authentication | Two-factor payment authentication ensures safe and secure payment processing |
| Penny Testing | Bank details of the Vendor are validated through penny testing. Ensures monies paid only to the desired Vendors |
| Defining Transaction Limits | Businesses can set Daily Limits, Monthly Limits for each Vendor; and also set VelocChecks for each Vendors to have Control over payments made |
| API Readiness for ERP Integration | Integration of ERP Systems of SME / MSME / Corporate is now possible with Readiness. ERP Integration will ensure seamless flow of information and streamlinpayments |
| Audit Trail | Ensure control by gaining access to an auditable log trail of User Activity with regato login, vendor registration & approvals, payment initiations and approvals, etc |
| Extensive Geographical Coverage | Make payments to Vendors located even in the remotest corner of India |
| Unlimited Vendor Addition | Add as many Vendors as possible basis business requirements |
VNSPL Checks and controls
Regulatory checks
Velocity Check
Fraud controls (Operation Corporate)
Fraud Control (Disbursement)
VNSPL Audit reports
Reversal of transactions in case of inaccurate amount
Audit trails and log files for all transaction for future audit / risk requirement
Identifier of the transaction in the system and report