CitiConnect_API_Case_Study_Book

15 To increase digital wallet adoption in developing countries with low credit card penetration amongst the local population, the company needed to grow its e-wallet business by enabling users to fund their e-wallets via methods other than credit cards. For such countries, funding via a user’s bank account is a viable and efficient digital alternative. By means of CitiConnect API, which enables e-wallet top-ups via a “request to pay” instruction from the user’s own account at any bank, the company is able to transfer funds either instantly or on a schedule during different times in the day. The solution is powered by the following CitiConnect APIs: STEP 1 User registers for an e-wallet with the company STEP 2 User stipulates amount to top-up the e-wallet from own bank account STEP 3 Company triggers “request to pay” instruction via API to the local real-time clearing network (or direct debit network) STEP 4 User is asked to approve the “request to pay” instruction STEP 5 Once approved, another API confirms to the company that funds are debited real-time (or successfully earmarked) from the user’s bank account STEP 6 With payment finality attained, funds are reflected in the user’s e-wallet, which is available for immediate use • Company is able to provide an alternative avenue for individuals who do not have credit cards to top up their e-wallets • Company benefits from significantly lower interchange cost as compared to that of a credit card Authentication of company instruction Payment initiation via “request to pay” Payment status inquiry to confirm that payment is successfully made • Trigger “request to pay” instruction as an alternative payment mode other than credit cards for online shopping or transfers between e-wallets • Payments may be made to virtual payment addresses, such as email addresses, mobile numbers or government IDs, if such capabilities are supported in the country of the receiving party Instant e-Wallet Top Up The Company Global payment processing company that offers e-wallet capabilities, with ambitious country expansion and market share growth targets. Seamless Client Experience | API Playbook 1 The Challenge The Solution The Benefits Potential Uses