Payments : TruecallerPay
Bank of Baroda Partnered with Truecaller (Software Scandinavia AB, which is a privately held company in Stockholm, Sweden) for offering UPI payment services of BHIM Baroda Pay UPI app to users on their app (Truecaller Pay app which resides under its parent app) via secured API gateway. With this tie-up users of any bank can link their bank account on Truecaller Pay for payments, such as Utility Bill Payment, P2P funds transfer, payment via QR code, request payment and check balances. Users can directly send money to their contacts, without any need to remembering / sharing their, bank account number, mobile number and VPA (Virtual Payment Address). The mode of payment is very simple, which gets completed instantly and funds gets debited and credited instantly, online. Both the users get notifications of their app about the status of payment and they can also share the transaction receipt on WhatsApp. Users no need to keep multiple apps for payments anymore.
Sound Based Payment
Bank of Baroda partnered with ToneTag for contactless proximity communication using sound wave. The app SDK is integrated with Bank of Baroda’s M-Connect Plus mobile banking application for making payment on ToneTag enabled POS terminals.
Collaboration with Razorpay, a payment gateway with the aim to revolutionize online payments by providing clean, developer-friendly APls and hassle-free integration.
Bank of Baroda is one of the founding members of two major blockchain based consortiums in India - 1.BIC (Blockchain Infrastructure Company) and 2.Bank-Chain. Purpose of both consortiums is to experiment with DLT (Distributed Ledger technology) to implement financial use cases for the benefit of banking industry in India. BIC is a community of 12 member banks and growing. Another blockchain based community is "Bankchain" which is consortium of 36 Indian, global banks and financial institutions. The communities were formed with an objective to enable banks to minimize fraud and maximize efficiency, security and transparency.
Baroda Finathon Challenge
Bank had introduced “Baroda Finathon Challenge”, a hackathon contest, inviting the techies, developers, students and start-ups to come up with exciting, innovative, novel and viable solutions themes such as Innovation, Customer Acquisition, Customer Experience, Conversational Banking, Collections, Compliance and Operational Efficiency. The challenge successfully concluded by sifting out the most innovative solutions out of 4,600 teams. On 26th Feb, the Finale was conducted in Mumbai to adjudge 3 winners amongst 8 shortlisted teams.