Easebuzz, India’s leading digital collection platform, bags the Product Innovation Award at Technoviti Awards 2022 for its flagship product, InstaCollect. Offering best-in-class fintech solution, InstaCollect enables merchants to accept prompt payments from customers and authorized accounts into the virtual merchant account via IMPS, NEFT, RTGS, or UPI. It also equips merchants to instantly transfer the amount received to their bank accounts.
The Technoviti & Finnoviti Awards and Conclave 2022 honors banks, NBFCs, FinTechs, and insurance firms by recognizing innovation in the BFSI sector. The selection criteria for new-age innovative solutions include parameters like the scope of impact, the market potential of its services, innovation, security, and ecosystem enhancement. During the event, best innovative products were awarded after a thorough screening of applications by a jury comprising of leading CIOs, CTOs & CISOs in the BFSI world.
Easebuzz won the award under the ‘Innovate to Accelerate’ theme that covers trending subjects such as digital innovation and acceleration, ecosystem building, investments, and trending technologies.
An eclectic mix of knowledge sessions on technology, finance, banking, and fintech innovations, the two-day conference started with a virtual session followed by a physical session on the last day.
Easebuzz’s Instacollect caters to digital lending, NBFCs, utility, e-ticketing, and franchise-based retail businesses. It offers users free virtual accounts, instant settlements and refunds, and auto reconciliation with easy bookkeeping, among other value-added services. The platform also allows users to create unlimited virtual accounts free of cost for better reconciliation of each payment.
Commenting on the win, Rohit Prasad, Managing Director & Chief Executive Officer at Easebuzz, said, “We are delighted to receive the prestigious award that recognizes our efforts to build innovative high-tech products. Around 40% of franchise businesses rely on manual reconciliation of payments and face challenges in tracking incoming payments. With InstaCollect, we aimed to solve this core problem by facilitating merchants with a reliable, secure, and efficient payment accepting and tracking solution. It was a proud moment for Easebuzz to win the Product Innovation Award at Technoviti Awards 2022 for InstaCollect.”
“InstaCollect is PCI DSS level 1 compliant with data security standards that help prevent fraud. It establishes an authentication pipeline between online merchants, payment networks, and financial institutions. As a result, all parties can more easily share and analyze information about the authenticity of a purchase.” he added.
Easebuzz is a B2B fintech platform that integrates technology and financial services to create an easy and affordable financial service layer for entrepreneurs and SMEs. The company focuses on building an API-based ecosystem with financial service aggregation and has developed InstaCollect, a first-of-its-kind payment acceptance financial service.