Innoviti Introduces Cloud Payment Reconciliation Technology to Provide Single Integrated View of Wireless Instore Payments

Targeted for Restaurants where payments happen at the table 

BENGALURU, March 11, 2020 /PRNewswire/ -- Leading payment solutions provider, Innoviti Payment Solutions, announced that after successful pilots, it will now start extending its newly introduced cloud-based reconciliation technology to full-service restaurants, that require payments to be collected at a customer's table with automatic reconciliation with the bill.

For modern retail outlets, tight front-end integration between the store billing system and all payment acceptance POS terminals in the store, is crucial to ensure ease of back-end reconciliation between overall store billing done and corresponding payments received. In typical retail checkout scenario, this billing-payments integration is often powered via a wired USB connection between the store billing server and the POS terminal usually kept adjacent to it. This need for POS terminal to be on same counter as billing server restricts the potential portability of the POS terminal. This may not be a huge concern for retail formats where customers queue up to make payment at stationary billing counters. However, in use case like full-service restaurants, the POS terminal needs to accept payments at the table.

Mr. Shivendra Meena, Vice President - Retail Technology, Innoviti said, "At Innoviti, we pride ourselves on our consistent technological innovation to mould our payment processing workflows in a manner that best suits the real-life use cases of our retail clients. The new cloud-based reconciliation technology will ensure that clients across hospitality and delivery sectors can benefit from our wirelessly portable POS terminals, without having to sacrifice the tremendous operational convenience of Innoviti's highly regarded back-end billing-payments reconciliation."

The new technology works in a simple way. In a typical restaurant example, the central billing server first uploads every new bill generated to Innoviti's cloud-based integration server. Thus, the Innoviti Integration Server maintains an updated real time list of all pending bills that are yet to be paid. When a patron calls for his cheque, the waiter assigned to the relevant table simply uses the table's id to 'pull' the correct pending bill from cloud-based integration server on to the portable POS terminal in his hand. Once payment is completed on POS terminal, it generates an on-spot charge slip and updates back the necessary payment details against the specific pending bill on cloud server and then onwards to the restaurant billing server which initiated the bill.

Across India Innoviti processes over US$ 6.5Bn of payments annually from over 1000+ cities, with a throughput per point of acceptance of 7000$, 2X of India's average (as per RBI data). Innoviti's payment solutions help merchants, banks and brands influence commercial transactions happening in offline commerce more efficiently than possible otherwise, through unconventional use of payment terminals.

Innoviti is backed by marquee investors including Bessemer Venture Partners, USA, SBI Venture Capital, Singapore and Catamaran, India.

About Innoviti Payment Solutions Pvt. Ltd.

Innoviti Payment Solutions runs a payment platform that has a unique ability to add intelligence to traditional payment channels, enhancing their value. Merchants, brands and financial service providers use these intelligent payment channels to reduce cost and drive sales of their products. Innoviti processes over Rs. 40,000 Cr. of payment transactions, about 6% of all offline merchant payment transactions in India. This also includes Rs. 1,500 Cr. of transactions involving distribution of loans to consumers and small businesses. The most capital efficient company in this space, Innoviti processes more volume for every $ raised than any other payments company. The company is backed by marquee investors such as Catamaran Ventures, SBI Emerging Fund and Bessemer Venture Partners.

For more information, please visit - http://www.innoviti.com

Media Contact:

Sarath Chandra Nerella
Associate Vice President - Marketing
[email protected] 
Innoviti Payment Solutions Pvt. Ltd.

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