Innoviti’s AI platform Sparcs to provide customers an X-ray view into payment operations
4 June 2020
Helping merchants, banks and brands know what they cannot infer from conventional MIS
- Provider of intelligent payment systems, Innoviti Payment Solutions, announced today the introduction of Sparcs, an AI/ML based platform, that can help customers get an X-ray view into their payment operations being managed by Innoviti.
- Conventional payment Management Information Systems provide raw and analyzed information on transactions accessible through filters. These are primarily used by the Finance department for reconciliation and dispute management. However digital payment systems can be utilized for far more, as they provide a real-time eye-in-the-sky view of what is happening across categories and cities in the country.
- Innoviti’s Sparcs platform is using AI to intelligently process millions of transaction data points, information along with authoritative information available through public sites to create category and geographic insights. This is helping customers see what is not visible through their own data and use it for getting that extra sales, extra savings, extra customers.
- Architected as a Low Code Application Platform (LCAP), Sparcs is a modern tool that enables progressive merchants to directly integrate their own reporting systems with Sparcs through APIs, helping them with one view of their business. Customers can also customize their own dashboards, configure alerts, and track performance against targets, enabling them to take faster and more accurate decisions about their business.
- Processing over 6.5B$ of annualized offline merchant payment volume (~5% of India’s offline merchant volume, based on RBI data), Innoviti is transforming digital payments at scale. An obsessive focus on customer-centric design has led to a 2X increase in usage from every installation over this period. Sparcs is one more such tool that Innoviti is now making available to customers to help them get more out of digital payments than just inert terminals.
Mr. Digvijay Singh, Vice President, Technology, Innoviti:
“At Innoviti, we pride ourselves on our consistent technological innovation to utilize the full power of digital payments beyond terminals. Sparcs will ensure that our partners get an X-ray view into their payment operations and use it for growing their business faster in their own unique ways.”
About Innoviti Technologies Pvt. Ltd., Bangalore, India.
Innoviti Payment Solutions runs a payment platform that has a unique ability to add intelligence to traditional payment channels, enhancing their value. Merchants, brands and financial service providers use these intelligent payment channels to reduce cost and drive sales of their products. Innoviti processes over Rs. 40,000 Cr. of payment transactions, about 6% of all offline merchant payment transactions in India. This also includes Rs. 1,500 Cr. of transactions involving distribution of loans to consumers and small businesses. The most capital efficient company in this space, Innoviti processes more volume for every $ raised than any other payments company. The company is backed by marquee investors such as Catamaran Ventures, SBI Emerging Fund and Bessemer Venture Partners.
For more information, please visit – https://innoviti.com/