What is Transactional SMS?
Since the new inventions and technology has introduced by the banking and financial sectors, It has totally changed the profile of personal and corporate banking. Days are gone when people have to stand up in a long queue inside the bank for routine banking work by leaving their core job behind. Nowadays even we don’t need to visit the bank for any kind of financial transactions, the bank is now on our tip of thumbs.
Now the question arises, how safe it is to introduce this online banking and transactions without visiting a bank in person? Here we need to understand the way transaction occurs. First and foremost clients need to get registered their mobile number with the bank, So at the time of transaction, clients are going to notify that they are going to deduct some amount from the account, Not only that there is a system to auto-generate a message with 4 or 6 digit code by a computer which consumers are going to receive by SMS, which is called OTP using this OTP customer can authenticate themselves and finish the transfers. Bulk SMS services are used to generate these OTPs.
Transactions using these OTPs are advance level security for both clients and banks because these messages are unique and individually sent to clients as it contains totally confidential information. Using transactional SMSs fraudulent incidents can be avoided, and banks can understand that if the customer and the ongoing transaction both are genuine or not, also banks can maintain the security to track and validate original and fraudulent transactions.
Transactional SMS are not only part of financial transfers but nowadays banks are using it to reach out customers and to inform them about the current conditions of account, likewise if they require to manage the minimum amount, or if they are eligible for the credit card, etc. or to notify them for salary credit or banks can customize these message to inform clients about the promotion and offers.
In a nutshell, Using these SMS services banks are going to provide the most user-friendly and safest payment gateway to their consumers.
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