Banks can have an end to end view of the NIP transaction cycle and can also generate added revenue by extending the ftdc service to their customers.
Financial Transaction Delivery Confirmation (FTDC)
BIGCat Nigeria Limited.
The number of Instant Funds Transfer transactions performed daily has increased exponentially since the onset of the information age. Customers can transfer funds instantly within any bank or from one bank to another via several available channels (e.g. Internet and Mobile Banking, USSD, ATM transfer, cheque lodgements) and get notified instantly when funds have been debited from their account. However, there has been no way for the sending party to be notified until now that the recipient bank account has been credited. Thus leaving room for induced delays and possible manipulations by some receiving party since he is the sole source of the final transaction completion notification for the sender.The FTDC service closes this loop by actively providing the delivery confirmation for the financial transactions.
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End2End NIP transaction view & Banking Customer VAS
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Individual Confirmation
Individuals can confirm receipt of sent funds.
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Status Of Payments
Organizations have more visibility into the status of their payments and prevent losses arising from delays in payment confirmation.