Aurionpro Payments' CEO on RBI Approval and New Payment Solution

In this interview, we delve into the journey of Aurionpro Payments, a prominent player in the digital payments landscape. Balkrishna Pangam, the CEO of Aurionpro Payments, shares insights into the company's recent milestones, including securing RBI approval and launching innovative payment solutions.

We explore the significance of these achievements for Aurionpro Payments and how they position the company in the competitive payments industry. Additionally, Pangam discusses the company's vision, growth strategies, and commitment to providing cutting-edge payment solutions to businesses and individuals.

The Future of Business Payments: Q&A with Aurionpro Payments

Can you elaborate on the significance of this milestone for Aurionpro's journey?

First and foremost, receiving authorisation from RBI is a big milestone in our journey to establish Aurionpro Payments as a reliable payment processing company.  In more than one way denotes the confidence the regulator has shown in our abilities to operate as a regulated entity.

Second, launching a Digital onboarding platform is part of our promise to ourselves and to our clients that we will bring solutions that help simplify payment processing and Onboarding is the first step in that journey.

Third, introducing value added services is again something that we want to provide to clients and end-users and hence introducing Bill payments on kiosks is an additional channel that provides consumer convenience.

AuroPay offers a variety of features for businesses. Can you walk us through the key functionalities and how they benefit businesses?

AuroPay is our flagship payment processing platform that makes Payment collections a seamless process. It provides various payment modes for any merchant or supplier to facilitate collections. - QR code, Payment link, Payment page, Instalment payment plan are some of the key features.

The Merchant administration module and Dashboard helps a business owners to a snap shot of their receivables with a few clicks on the screen.

Multiple integration options makes technical integration a much simplified process.

AuroPay's key differentiator is its ability to enable industry specific use cases, specifically through embedded checkout solutions via ecosystem partnerships across industries like supply chain, banking, education, healthcare etc.

How does AuroCheck address the challenges faced in the traditional onboarding process? What are the specific advantages for acquiring banks, processors, and businesses?

I have been in the Payment industry for more than 25 years and it's primarily been with the Acquiring and processing side of the merchant business. The biggest issue that acquirers have always faced is the time taken to onboard a merchant and this has become a complex and time-consuming process, at times manual with physical documents being transported back and forth with increasing Checks and validations required -both from a regulatory and organisation compliance process perspective. 

Our aim is to crunch the overall process, wherever it's possible by enabling digital submission of documents that facilitates the prospect merchant, saves their time, makes it easy for the Acquirer to review the same or to ensure that the documentation presented to them are duly validated at our end.

AuroCheck takes that load to validate the business entity- the platform has the capability to validate these document  and help facilitate decisioning in terms of - Approved, Reject or To be Reviewed.

This decisioning can help Acquiring banks, us as Payment aggregators or any large corporate looking to onboard suppliers to reduce the end to end process to a few working days, from quite a few working weeks.

The inclusion of utility bill payments via BBPS expands your service offerings. What role do you see this playing in Aurionpro Payments' growth strategy?

BBPS platform is an amazing platform that brings convenience to any customer- be it merchants, individuals or Corporates. Our objective is to bring that convenience to our clients and consumers directly.

Bill payment is a fundamental need for consumers, making it an essential service to offer as a tactical entry point into the payment market. By providing solutions that meet these basic needs while introducing innovative acceptance channels, such as kiosks, we can capture a wider range of users and onboard new merchants.

This approach not only aligns with our long-term vision to be integral to the Indian payment ecosystem but also positions us as an important partner to key payment stakeholders and entities.

What are your long-term goals for Aurionpro Payments? How do you plan to position yourselves in the competitive payments industry?

Our vision is to create a financially inclusive digital ecosystem for individuals and businesses to thrive. We want to be a trusted partner to our clients, help solve their business problems by simplifying payments, enable online payments and improve receivables.

Aurionpro group as such is a Technology driven organisation and has always provided cutting edge solutions. We are a Product led organisation, our solutions cater to industry requirements and we are confident we will be able to provide Innovative solutions to our clients.

AuroPay is a 100% in-house platform and so is AuroCheck. Our strength is our Tech and Development team, our Product and Business Development team who collectively bring more than 125 years of payments experience.

We aim to be an established brand to reckon with in this payments industry - not just in India but across markets globally.

With the increasing focus on innovation in the payments space, what are some of the emerging trends Aurionpro Payments is looking to capitalize on?

There is a lot of focus on AI and ML tools that are being deployed in the payments space and we are tapping into these capabilities that will ultimately benefit our clients using our solutions.

Apart from that, our focus is to streamline processes that make our platform user friendly and intuitive enough for any merchant to navigate easily through our platform. Ability to scale, manage uptimes and provide reliable client services in efficient and cost effective ways will help us drive our business forward.

Security is paramount when it comes to online payments. How does Aurionpro Payments ensure the security of transactions on its platform?

At Aurionpro Payments, security is a top priority in every aspect of our platform. We employ advanced encryption protocols and secure tokenization to protect sensitive data throughout the payment process. Our systems are compliant with global security standards like PCI DSS, ensuring robust protection against fraud and unauthorized access.

Additionally, we leverage multi-factor authentication and real-time monitoring to detect and prevent suspicious activities, providing a secure environment for every transaction.