Category

Remittance

Eko API Widget

(Updated) Introducing API Widget!

By | Blog, Money Transfer, Remittance, Technology, Uncategorized | 6 Comments

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.

 

Open Platform

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.

 

Another Roadblock

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”

On the retail side of Eko’s business, Eko developed a state-of-the-art progressive web app “Connect” combined with an in-house Interaction Framework and an API first back-end.

 

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.

 

Open “Connect”

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.

 

Eko_Connect Widget

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.

 

 

Widget Roadmap

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 api.sales@eko.co.in  and we will get you started instantly.

Most popular mobile devices in the Eko merchant network

By | Money Transfer, Remittance, Technology, Wallet

Eko works with a select network of almost 10,000 merchants across almost all the states in India who facilitate remittance services for our customers.

A good portion of our merchants transact on smart-devices. The following is a glimpse of the popular device (manufacturers) that our merchants have used in Aug/ Sept 2016:

ekodevicessep16

Samsung, Xiomi and Micromax win,
followed closely by LYF, Lenovo and Vivo,
surprisingly even Apple figures!

Smartphones ki jay!

Eko goes open source!

By | Money Transfer, Others, Remittance

Team Eko is glad to announce that we are getting started with open source! You now have access to the best optimised algorithms and UI to process money remittance transactions at your merchant network.

Till date, this money transfer web application has processed more than Rs 4,000 crores and is being used by more than 2000 agents across the country.

Available now at: https://github.com/EkoHub/Money-Transfer-Web-Applicaton

blog p1

Now, partners/organizations can use this standalone website and deploy it on their systems. Developers can now modify the code and are free to develop or test our remittance APIs.

Frameworks used:

    1. Python
    2. Django framework 1.5
    3. Knockout.js
    4. Gumby framework

It is recommended to run the project in Virtual Environment  instead of changing the global installations as it stores all the dependencies required for this project in the Project folder itself .

Instructions

  1. Download or Clone the Repository
  2. Please go through readme.txt for installation instructions
  3. After installation (including population of database), please review the workflow
  4.  Workflow
    1. Capture Sender Details
      • The merchant/agent enters “Sender Mobile Number” and presses “Go” button. This invokes “Get Customers API” which returns the following scenarios:
      • If customer does not exist – Invoke “Create Customer API”, which fires an OTP to the customer’s mobile number. On entering the OTP, the application invokes “Verify Customer API”.
      • If customer exists – Redirect to Recipient box
    2. Capture Recipient Details – In case customer exists, “Get All Recipients” API is invoked. If the list is empty or the customer wishes to send money to a new bank account, then the merchant/agent  can add a Recipient by clicking on “Add Recipient
      • Adding a recipient requires the merchant/agent to enter bank name, bank account details and recipient details. On entering the required details, the“Add Recipient APIgets  called. Different banks require different flows for adding a recipient efficiently, which has been explained here: http://blog.eko.co.in/add-recipient-workflow-simplified/
      • Selecting any recipient from the list invokes “Get Recipient API” and agent is taken to the Transaction box as shown in the image above.
    3. Capture Transaction Details
      1. Enter the amount of money to be sent and select the Transaction mode. Clicking on “Send moneybutton invokes Send Money API. The status of transaction is displayed as toast at the bottom of the webpage

This is yet another by-product of Eko’s Summer Internship  program under which we hire students from the best universities across the country and provide them a platform to explore our technology. The open source was developed by Siddharth Jandial (NIT J), Kunal Sachdeva (NIT J), Teja Surya (IIT D) and Alankar Verma (NIT R) under the guidance of Mr. Saurabh Mullick.


Recommended reading:

      1. Tutorial on Django – https://docs.djangoproject.com/en/1.9/intro/tutorial01/
      2. To know more about Virtual Environment – http://docs.python-guide.org/en/latest/dev/virtualenvs/

Add Recipient Workflow – Simplified!

By | Blog, Money Transfer, Others, Remittance, Workflow

 

We, at Eko, continue to work on providing a seamless and hassle free payment and transaction experience to our merchants, customers and partners.

For sending money to a bank account, a bank account needs to be mapped to a customer’s wallet. For that purpose, “Add Recipient” API is required. However, since different banks require different field parameters for registering a bank account, we have designed a process that simplifies adding of a bank account to a customer wallet.

We have implemented the changes in workflow in our merchant portal “Connect” for money remittance business and now we want to share the same process with our API partners.

4 Simple Steps for adding a bank account

    1. Capture Bank Name – Enable your merchant/customer to first select the bank (figure 1) to which money needs to be transferred. On selecting the bank name, invoke Get Bank API and Eko shall return the following details about the bank like:
      1. Full Bank Name (parameter name “name”)
      2. Account Verification is available or not (parameter isVerificationAvailable) – This signifies if bank has enabled verification of bank account feature or not. If value returned is “1” then verification is available else it is not allowed.
      3. IFSC code required or not (parameter “ifsc_status”) – Signifies if the IFSC code is required for money transaction or not
      4. Channel available for money transfer (parameter name “available_channels”) – This signifies IMPS is available or not and if not then, NEFT channel needs to be pused. The following values signifies which channel is available:
        -> ALL : 0
        -> NEFT : 1
        -> IMPS : 2

        gif 1

    2. Enter Recipient’s Bank Account Details – As a second step, enable your merchant/customer to enter the following:
      1. Recipient’s Bank Account Number – Only bank account number is required for bank, for whom IMPS is available. The next step is point 3.
      2. IFSC Code – If IMPS is not available for the bank selected. The next step is point 4.
    3. Account Name Verification – If Account verification feature is available, then Account Name Info API needs to be invoked, which instantly pulls out the Name of the recipient by either pushing Rs 1 transaction via IMPS or from Eko’s database. In the example shown in figure 2, it shows that for banks like SBI, etc where IMPS is available and account verification is available, only bank account details are required and recipients details are returned in response to Account Name Info

      gif 2

    4. Capture Recipient Details – If Account verification feature is not available, then following recipient details are required:
      1. Recipient’s Name
      2. Recipient’s Mobile Number
      3. IFSC code of the recipient’s BankIn the example shown below, when “Abu Dhabi Commercial Bank” is chosen as bank, for which IMPS and account verification is not available, bank details and recipient details are required

        gif 3
        In the below example, the customer/merchant has selected “HDFC Bank”, for which IMPS is available but account verification feature is not available, and in such cases bank account number and recipient details are required.

        gif 4

After capturing the details of the recipients, “Add Recipient” API needs to be invoked.

How to launch money transfer services?

By | Blog, Money Transfer, Others, Remittance, Wallet

blog image v4

You must be thinking that launching money transfer services in your merchant network would be a lengthy process. Eko has launched its APIs that allow you to launch money remittance services in your network in a jiffy. All you need to do is follow the five steps mentioned below:

1. Simply “Sign-in” on the developer portal developers.eko.co.in. and start experimenting with the staging APIs. If you like the APIs and it fulfills your requirements, please send an email to partnerships@52.172.130.203 with your contact details.

Within 24 hours, our team will get in touch with you and guide you through our on-boarding process & commercials.

2. Complete Documentation Process – As a next step, you just need two soft copies of the following KYC documents (as per the table below) to get you on-boarded. Please ensure that the copies are self-attested.

Picture1

We will send you two copies of the agreement. Please sign them and send it back to us.

3. Start API Integration – Create a working prototype of your remittance solution and share dummy user login and password with Eko team.

4. UAT Signoff – Eko’s Compliance and Quality Assurance team shall do a UAT of your solution in order to check if integration is consistent with http://blog.eko.co.in/enable-remittance-services-using-eko-apis/. Once Eko gives UAT signoff to the prototype, production credentials would be shared along with operational information.

5. Go Live – You would need to replace staging credentials with production credentials and staging URL with production URL in your code. And your product will be ready for launch!

 

 

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