Eko was founded on the basic principle of enabling financial transactions for anybody from anywhere. In the evolution process, Eko pioneered domestic money transfer service where customers earning in cash could simply remit money to their family by visiting a nearby shop. This model brought about Retail 2.0 where every retail shop wanted money transfer service. This Rs. 1 lakh cr per month opportunity also attracted big and small companies in the fray.
Eko did a great job of establishing a tech-driven efficient retail network of +25k outlets achieving unit economics. This only means driving maximum business with fewer people and paper involved. We have a mantra at Eko to be “Paper-less and People-less”.
The retail model still had a limitation – the business generated was directly proportional to the number of retail outlets acquired. For example, if you have 10 front-line managers each managing 500 outlets, then if the number of front-line managers is doubled then only the business would be doubled. Being a tech company, we wanted to disrupt this equation.
In 2015, Eko finally decided to open its platform so that any other third party organization could run a money transfer services on top of Eko’s platform. This was truly revolutionary and democratic since it allowed Eko to service customers in those nooks and corners of the country where Eko did not have any front-line managers.
In 2 years, Eko has +200 enterprise partners processing double the amount of transactions than its own retail network.
Driving inspiration from the Android story, Eko decided to further build the enterprise platform where “Made in India” desi payment applications could be made. While the number of applications using Eko’s platform was increasing but there was another challenge – The small enterprise partners with small or no technology teams were taking significant time (~2 months) to integrate with APIs.
With a minimum design and UI/UX background, the small enterprises were struggling to get their services live thereby losing business numbers.
Eko’s Interface – “Connect”
Interaction Framework is, in short, like a content management system for financial transactions. It defines a transaction in terms of one or more financial entities and how they interact with each other. This eases and automates the process of building dynamic yet simple and intuitive process flows for making financial transactions.
Eko opened Eko’s Connect UI as an API widget for our enterprise partners. Integrating Eko API widget in their application would take care of most API calls and give the enterprise a ready-made UI thereby requiring minimum coding.
Connect has been built in a modular way using latest web technologies like Web Components, Shadow DOM, etc that enables us to expose and embed any part of the Connect into any other web app in a very secure and seamless manner. We will talk about how to integrate the API widget in detail in another post, meanwhile watch the below video to know more about API widget.
Eko will further open more transactions like AePS (Aadhaar enabled Payment System), BBPS (Bharat Bill Payment System), recharge, etc on the API widget in future where simply you would change one parameter and the enterprise would be able to use it for other purposes as well.
Start your money transfer business here. For any queries drop a comment below or write to us at firstname.lastname@example.org and we will get you started instantly.