New Delhi [India], August 11 (ANI/News Voir): Paying for a hotel room with a credit card, getting a new TV on a debit card, or paying for vegetables on the street via a mobile wallet: digital payments are omnipresent in the everyday life of Indians and have dramatically changed consumer behaviour in the country.
ACI Worldwide released a new report that indicated more than 70.3 billion real-time payments transactions were processed globally in 2020, a surge of 41 percent compared to the previous year. This comes as the COVID-19 pandemic dramatically accelerated trends away from cash towards greater reliance on real-time and digital payments, according to the report.
As digital payment has made it convenient for customers to transact, enterprises are faced with surging volumes straining their IT systems. Additionally, it has added threats of potential frauds and suspicious transactions. To ensure the safety in furnishing a digital payment, financial institutions have to be on the lookout for any fraud and prevent them before it impacts the customers and results in a financial loss. What the current system needs is a sophisticated and proactive observability solution providing complete visibility at a transaction level to prevent any failures and instil faith in customers.
Founded by product enthusiasts - Ashwin Ramachandran, Bharat Joshi and Jithesh Kaveetil, Bangalore-based VuNet Systems is helping enterprises address these challenges and enhance customer experience. VuNet's next-gen AI/ML and Big Data analytics-based enterprise grade platform provides unified visibility connecting, business, IT and customer experience helping financial institutions to reduce transaction failures and enhance customer experience.
The platform is aiding largest financial institutions to improve their digital payment experience, driving more financial inclusion across the country by monitoring various payment transactions such as Instant Mobile Transfer, Immediate Payment Service, Real-time Transfer Payment, Automatic Clearing House, Real-time Gross Settlement etc.
On an average, the platform monitors over 3 billion digital transactions in a month worth INR 1.5 trillion in value, accounting for approximately 15% of India's real-payment transactions. VuNet's goal is to simplify and move the power of AI and analytics into the hands of CXOs, Application and IT Support teams and break the data silos in the application and operational environment.
The platform is predominantly deployed in Payment Gateways, Banks and Financial institutions and the customers include the largest payment processor in India, largest retail private bank, one of the largest MSP/telco providers and a leading Banking product OEM.
VuNet has been named as a Leader and Gold Medallist by SoftwareReviews, in their AIOps 2021 Data Quadrant report. They have been recognized as a winner of India 500 most promising IT Companies of 2021 by INDIA 5000 Business Awards.
VuNet is also inducted into the coveted NASSCOM DeepTech Club for the 2021 cohorts and are a part of Microsoft Scale-up initiative and Cisco Launchpad for Start-ups. We are excited to see what unfolds next for VuNet.
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