Being the leader of the fintech industry in Sri Lanka, EPIC worked with Nations Trust Bank to develop a state-of-the-art digital banking mobile app. While adding innovative features such as tokenized transactions, EPIC implemented a mechanism (patent-pending) that required no storage of card/account information in the mobile device, yet allowed any enrolled payment instrument to make merchant payments via NFC, mobile number key-in (non-NFC devices), payment tokens and dynamic or static QR codes. The result was FriMi – a real-time Digital Bank, Mobile Wallet & Payment System by extending banking services to the digitalized mobile sphere.
FriMi is available on both Android and iOS platforms and is loaded with interactive features that will be available for the customers once they are onboard. Customers can configure payment instruments of other banks and transact on-the-go as well.
FriMi allows the customers to make merchant payments using FriMi ID, Mobile Number, NFC, QR or tokens. To make it more convenient for the customers who wants to share a bill with their friends, FriMi enables group payments and bill presentment. It offers the customers to Top up their FriMi virtual card by bank transfer using FriMi ‘Top up’ feature.
A seamless transition
The objective of the solution was to ensure a highly secure and scalable platform to move from a cash dominant model to a digital payments market by creating truly digital financial tools that would resonate with the youth & millennial segments.
Features such as seamless onboarding created a unique & convenient customer experience. For example, a customer could upload documents required by the bank for KYC process via the FriMi mobile app, thereby saving the trouble of visiting an actual bank branch. Once the document uploading is done, the bank staff would perform due diligence to make sure the required compliance procedures have been adhered.
FriMi, which is powered by Nations Trust Bank has been ranked 22nd in World’s Best Digital Bank by the Asian Banker in 2018 and has pushed its way through to reach 1 Billion LKR in transaction value in December 2018 and expected to reach two billion in transactionvalue by the end of 2019. EPIC continues to work together with FriMi to facilitate the most disruptive digital banking experience in the country.