Bharat Bill Payment System (BBPS) Qorus-Infosys Finacle Banking Innovation Awards 2024

Union Bank of India has joined the BBPS ecosystem as a Biller Operating Unit (BOU) to onboard billers on the platform and offer an integrated, accessible & interoperable bill payment mechanism to consumers. Bank has onboarded 4 billers onto the BBPS platform. BBPS allows consumers to pay bills using multiple channels such as UPI apps, Bank’s mobile application and other online channels.

Bank has also enabled ClickPay functionality through which a payment link is forwarded to customers through SMS. Clickpay feature helps in raising the share of digital transactions in the Bank’s ecosystem and reduces the scope of manual errors. All BBPS transactions are routed on a real time basis through a centralized suspense account.

Loan repayment through BBPS has been conceptualized for collection of overdue in stress accounts and borrowers are given the convenience of payments through a reminder link. ClickPay functionality further helps to improve the credit score of the customers and reduces the stress level of advance portfolio. Till date an amount of ₹1702 crores (approximately 23 lac transactions) has been successfully collected through the Bank’s BBPS solution.