Federal Bank, one of India's most progressive and innovative banks, is a pioneer in the digital banking space. In recent years, the Bank has launched numerous digital initiatives, including FedBook, India's first mobile app for opening accounts, and the innovative online portals FedNet and FedMobile. The bank has seen good progress in the digital space and practically doubles its digital transactions every quarter. The bank plans to maintain momentum and offer more services through its digital strategy. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay As part of their digital journey towards further transformation, the Federal Bank recently selected Intellect Design Arena Ltd, to implement its Digital Transaction Banking (DTB) platform from iGTB – powered by an omnichannel Corporate Banking frontend portal eXchange (CBX) integrated with backend processors for collections and receivables, payables, accounting services and Supply Chain Finance and also expanding the front-end portal of their existing Trade Finance. The Bank is looking to significantly grow its transaction banking business and take leadership in advancing the Government of India's 'Digital India' vision through the implementation of DTB. Federal Bank has been a pioneer in groundbreaking digital innovations. Some of the offerings are: The UPI app With Lotza, just use a simple and easy to remember nickname to make money transfers. Through Lotza, a customer can group all the accounts in his name in different banks and carry out hassle-free transactions. Lotza is the only payment window through which customers can view their balance, send and collect funds, register for mobile banking and make QR code-based payments. Lotza MPos is a mobile app that runs on the UPI platform. Customers can simply scan the QR code and pay. The Lotza UPos machine is a POS device that allows merchants to collect payments at their outlets. This portable terminal is an alternative to regular POS terminals, where the merchant enters the invoice amount and a QR code for the corresponding amount is instantly generated. The customer scans the thus generated QR code with any UPI app and completes the payment. The payment is immediately credited to the merchant's account. In a merchant store, the cashier enters the transaction amount into the merchant's "Scan n Pay" app and generates a dynamic QR code. The customer just needs to scan the QR code using the "Scan n Pay" app installed on his mobile phone, enter his MPIN and complete the payment. Fed-E-Credit, is a thoroughbred hands-free digital loan. Fed-E-Credit is an online loan against deposit and is the first in a series of online lending products offered by the Bank as part of its digital initiative "BYOM" (Be Your Own Master- the Do-It-Yourself series) .Keep in mind: This is just an example. Get a custom paper from our expert writers now. Get a Custom Essay FedBook Selfie has revolutionized the way customers now open their savings accounts. The Bank pioneered the unique mobile-based bank account opening facility as an update to FedBook, the e-book, in 2015, thus making it India's first mobile account opening app. With the added feature, anyone with an Aadhaar card and PAN card, whether from rural or urban centres, can now open a savings bank account and get their account number instantly using a.