Traditional payment channels built by banks are good at moving money. However, they are not effective in moving information related to the transaction. Innoviti has created a multi-sided payments platform that in real-time can add intelligence to traditional payment channels. This makes these channels more valuable than conventional channels to all the parties involved in a transaction. Parties could be merchants, brands selling goods through merchants, consumers, lenders to consumers and others can benefit from this intelligence. Their benefits range from saving operational costs, originating loans from non-traditional points, enhancing sales to driving customer experience.
Today the company processes over 3.5B$ worth of payments annually from 800+ cities – about 5% of all offline payment transactions of India.