Decentralized payment is the process of distributing authority to different department heads in the organization to make payments to their concerned vendors. Each department has its accounts payable team responsible for processing payments to the vendors or suppliers and maintaining records.

The traditional payment system is a centralized authority that manages funds on users' behalf. However, that is not the case with decentralized payments as the authority is divided between teams to manage funds. The important difference between a traditional payment system and a decentralized payment system is that the transactions are processed by a central authority in the former while the latter automates the transactions with minimum human intervention.

• Decentralized payments can be customized as per the organization and department’s requirements enabling financial transactions that are aligned with the business’s nature

• The distribution of payment across different channels gives less chance of payment failures making the process more efficient and resilient

• Such payments provide greater flexibility and control over data and transactions. The user can maintain data privacy as per their choice

• The decentralized payment system is accessible and not difficult to work with

• These payments allow peer-to-peer transactions without intermediaries like banks

• Though these payments are accessible, they are secure and cannot be violated easily

Decentralized payments are secure as they are assisted by blockchain technology. They are encrypted well for anyone to decode easily. The transactions made via decentralized payment systems cannot be tampered with or modified as they come with high security.

• Register on EnKash and link your existing bank account to experience seamless banking

• Add beneficiaries on the EnKash portal

• Create/import invoices on the platform

• Enable approval matrix of maker/checker

• Make payments directly from the platform to your vendor

• Experience auto reconciliation between your bank account, EnKash and your accounting software

Seamless banking brings convenience, ease of use, efficiency, and security while increasing customer satisfaction. A user-friendly experience helps retain customers leading to higher conversion rates for businesses.

Seamless banking is dependent on encryption, secure technology, and user authentication measures to protect data. It is essential to have a robust cybersecurity and vigilance system to ensure the security of seamless banking transactions.