INO-PAY Information System Using E-Pay and E-Banking Realizations. Case Study

Abstract

The innovative FinTech platform INO-PAY was described in terms of construction, functionality, flexibility, expandability, and security assurance framework. Current solutions of E-banking and E-pay systems are presented to compare the marked requirements, needs of customers, and technical issues. User - customer receives complete information about the transaction, including transaction parameters, transaction accompanying documents (contract, invoice, protocols, receipts, etc.) in real-time, which has not been provided on any electronic payment platforms. The created product ensures the convenience of financial settlements and allows you to track your financial transactions by checking their content. The platform is based on the Request-to-Pay standard and provides an opportunity for both parties to establish a dialogue, agree on more flexible payment terms, and allows the user to pay without additional contact with the seller by phone/e-mail, to pay the bill in installments by mail, to request an extension of the payment term or to reject the received payment request. Platform INO-PAY allows customers to compare banks’ services and allows banks to initiate new markets in different geographical areas. Electronic platforms like INO-PAY allow customers access to financial services more efficiently than banks in some problematic areas of non-EU countries.