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A Beginner’s Guide to Financial Technology Terminology

On November 8th, 2016, Prime Minister Modi announced the demonetization of the 500₹ and 1000₹ notes effective immediately and new 500₹ and 2000₹ notes to be circulated in the market over the next few months. While the verdict on the decision is still up for debate, this decision has given opportunity for many companies in the finance technology sector or like they would call it the FinTech industry to finally be able to spread their wings and grow; as people are starting to shift to using mobile payments, online transactions, and eMoney.
 
All of this might seem really alien to you if you were still dealing with cash on a daily basis, stuck to your debit/credit card for other expenditures and managing your investments manually. FinTech is easy to get wrapped up in. It has been an exciting field that’s taking power away from traditional, bloated banks and giving the industry a much-needed facelift. It’s helping the “underbanked” (as any FinTech evangelist will tell you over and over again), and many popular FinTech technologies are becoming integrated into everyday life, PayTM for example, has been one of the forerunners for awhile now. But what’s with all the lingo and jargons? Despite the excitement, understanding exactly what’s happening in the field can be really difficult for the uninitiated. The list of terms includes banking terms, tech lingo, and pure FinTech jargon. Here’s a lexicon to get you ready for the age of cashless transactions that’s descending upon us.
 
FinTech: Financial Technology, an industry known for creating and mastering software and technology in the financial sector. They’re also popular for challenging traditional banking and other incumbent institutions.
 
KYC: Know Your Customer also revolves around authenticating users. Requirements of thorough identification checks and due diligence information seem to have grown more powerful in recent years to fight fraud by requiring users to prove their integrity. You might have noticed this recently while upgrading your PayTM account or while exchanging your old notes for new at the bank.
 
Payment Gateway: A service provider that authorizes credit/debit card payments. They act as an intermediary between a payment portal, like a website, and your bank. (Fedena can be integrated with almost all the payment gateways in the market!)
 
Digital Native: A person raised in the age of digital technology. This demographic is vital to the growth of FinTech as they are more likely to expect their banking services to be technologically advanced and always online.
 
Collaborative Consumption: An economic model based on the sharing, swapping, and renting of services and goods. The “Sharing Economy” or “Collaborative Economy” can be seen in many platforms, for example, Airbnb or Kickstarter and is growing in FinTech solutions via solutions like peer-to-peer lending.
EMV: This represents the global standard for credit and debit cards. The title is taken from its original developers, Europay, MasterCard, and Visa. Many cards already feature the EMV chip designed to fight card fraud, theft, and secure every mode of payment.
 
Encryption: The process of encoding messages. Encryption is probably the most essential to FinTech, the blockchain, cryptocurrency and anything else that needs to be secure. Data, like names, numbers, and account numbers is turned into a code using algorithms (mathematical formulas). A key is required to turn that code back into useful data, which is generally kept only with the banks or the FinTech company.
 
SSO: Single Sign-On authentication saves users from the barrage of IDs and passwords by allowing one set of login credentials to sign in for multiple applications. For example, in Fedena you can set up login through Gmail ids using the Google APIs helping students, teachers, and parents to login with just one click.
 
API: Application Programming Interface (API) represents the functionalities of a certain application. These are important because they enable other programmers to use components of existing software, allowing for faster and more reliable software development—a major component of the FinTech and any technology. Fedena too comes with APIs to help integrate Fedena with other applications.
 
Underbanked: People who don’t have access to proper banking or services offered by retail banks. They might have a banking account but rely largely on spending physical currency. The ability to serve the underbanked is considered one of the most important facets of FinTech.
 
Cryptocurrency: A digital currency using cryptography for regulation and security. It’s a decentralized system, meaning no central entity exists to oversee the processes. Instead, it uses a blockchain. There are several different kinds of cryptocurrency, including Bitcoin,Ripple, and Ethereum.
 
Online Wallet: An online wallet is what is replacing bank accounts at a rapid pace. Companies like Google, Paypal, and others are already in this sector, helping you pay most of your bills through online wallets and storing your money for you at minimal to no cost.
 
There are far more terms and jargons in the FinTech industry which we haven’t delved into but this should help you get started and familiar with the landscape. For all of our customers as well as schools and institutions trying to figure out a way to incorporate online payments, Fedena can easily be integrated with all the online payment portals in the market, making us one of the top educational ERPs in the market.

All you need to know about barcode integration with Fedena

barcode-integration-with-Fedena
 
Lately, the Fedena Support team has been receiving quite a lot of questions about barcode integration with Fedena and how it can be used to manage a library. In this article, we’ll try to address all the questions briefly.

What are barcodes?

A barcode is a way to encode information about an item in a visual pattern that an optical scanning machine can read. There are two types of barcodes – linear and 2D. A linear barcode is made up of black and white bars of various widths that create specific patterns. A linear barcode is the more commonly used on books.
 
Linear barcode
 
A 2D barcode is more complex and can hold more information about an item. A QR code (Quick Response Code) is a common example.

2D barcode

What are barcode readers?

A barcode reader is a device that reads barcodes and outputs the details of the item on a computer. A perfect example of a barcode reader is the one you see at your favorite retail store that reads and logs the price of an item.

Is Fedena integrated with barcode technology?

Yes, Fedena is integrated with barcode technology to help you efficiently manage your library.

Does that mean Fedena can generate barcodes?

No, Fedena cannot generate barcodes for you. Fedena only enables barcodes read by a barcode reader to be filled in the system automatically.

Is there any setup that I need to perform in Fedena?

No, there is absolutely no setup you need to do. All you will need is Fedena with the Library plugin and a barcode reader.

What type of barcode code readers can be used with Fedena?

Regular barcode readers with USB or Bluetooth support can be used with Fedena. However, make sure that the device can read linear barcodes.

How does a barcode reader work with Fedena?

With Fedena, a barcode reader can be used when:
 

  • Adding a new book
  • Checking availability of a book
  • Issuing a book
  • Returning a book

 
Here’s how it works. Let’s say you want to add a new book to your Fedena system. Here’s what you got to do.
 

  1. Go to the Manage Books page (Module access icon > Academics > Library > Manage Books) in Fedena.
  2. In the top right, click the Add books button to open the Add book page.
  3. Select By barcode as the book addition mode.
  4. Position the cursor in the Barcode field.
  5. Scan the barcode on the book using the barcode reader. The book’s barcode number is automatically filled in the Barcode field. Make sure the barcode reader is plugged into your computer.
  6. Continue entering other required information and save.Here’s a GIF file showing you how it’s done.
    Barcode_GIF
    The barcode reader used the above illustration is a plug (USB) and play reader manufactured by TVS Electronics, Model: BS-C 101 STAR
What are the benefits of using a barcode reader in my library?

A few key benefits of using a barcode reader in your library are:
 

  • Reduced staff workload
  • Increased accuracy
  • Faster check-in and check-out
  • Time saving
  • Easy stock verification
  • Reduced operational costs
  • Improved operational efficiency
Do you sell barcode readers along with Fedena?

No, we currently sell Fedena only.

How do I make my Librarian happy?

Get her a barcode reader!

Barcode Integration: A unique new feature in Fedena 3.1.1

Barcode

Fedena 3.1.1 is now equipped with Barcode Integration which can help you deal with library management in your institution. Any new book addition or a book issued or returned by students can be entered. Be it a renewal or the search for a book to know its status can be easily done by the scanning the barcodes of the books. Managing your institution’s library is much easier now with the new feature of barcode integration. Read the article and know what all scenarios will let you use the feature.

Scenario 1: When a new book is added

When a new book is added, go to ‘Manage Books’ in the home page of library and then select ‘Add books’.

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Select ‘Add Books’ to go to the page where you will add information about new books.

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There are two ‘Book addition mode’- ‘General’ and ‘By barcode’. Thus, you can add a new book in your library using the barcode of the book.

Scenario 2: When a book is returned/renewed/issued

The barcode integration can also be used in case a book is issued from the library or is returned or renewed. You can keep a track of all the entries with help of the barcode in the book. In case of returning a book, go to ’Return Book’ in ‘Library Management’ page. Store the returned book using the barcode.

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For issuing a book, go to ‘Issue books’ in ‘Library Management’ and use the barcode to do the need.

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For renewal, go to ‘Book renewal’ in ‘Library Management’ page and use the barcode of the book for book renewal.

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Scenario 3: When a book is searched for

The barcode integration can also be used to search for books in your library. Use the barcode of books to look for the current status of a particular book, whether its available or reserved by someone for later issue. For this, go to ‘Search book’ in ‘Library management’ and use the barcode of the book to know the status.

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The Big Blue Button Plugin by Fedena for Video Conferencing in your School

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Being the top head of your school, you might at times have to conduct video conference with your employees, in case you are out of station. Fedena brings to you the Big Blue Button plugin with the help of which you can easily conduct video conferences from anywhere away from your school. But in order to use this plugin, the first thing you need to do is to install the Big Blue Button to your server. Only then you can use the plugin effortlessly. Read this article and you will get to know how you can use the plugin for your meeting with employees.

Login as the admin

If you are the admin, login to your account and go to ‘Collaborate’ in ‘Collaboration’ found in the main menu. Once you click on ‘Collaborate’, you land on the page where you need to add your server details and also create a new meeting.

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Click on ‘Servers’ as highlighted in the screenshot and add your server in it by clicking on ‘New server.

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Fill in all details that you have for your server and ‘Save Changes’.

The next task you need to do is to create a new meeting with the help of the ‘New’ option in ‘Online Meetings’ page.

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Click on ‘New’ and you land on the page where you can create a new meeting and share with all those with whom you want a meeting.

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Once you are done, click on ‘Save’. After it is saved, your task is done as an admin. Being the admin, you can edit or delete any new meeting created. Plus, you can also ‘Join’ and ‘End’ any meeting you are participating in.

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Login as an employee

If you are the employee who is scheduled for the meeting, then login to your account and go to ‘Collaborate’ in ‘Collaboration’ in main menu.

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Click on ‘Join’ to join the scheduled meeting.

For more, read: http://support.fedena.com/support/solutions/articles/15899-how-to-integrate-big-blue-button-with-fedena-how-to-integrate-video-conference-in

Fedena Integration with Tally: How it Works

Tally (1)
To maintain the financial system, most educational institutions use Tally.On the other hand, Fedena allows you to maintain all kinds of financial transactions like payment of salary, fees transactions and a whole lot of others. But when you want to transfer all transactions from Fedena to Tally, you cannot do that manually. Instead, you can use the Tally plugin by Fedena which is nothing but a bridge between the two. Once it is synchronised,all financial transactions will be copied from Fedena to Tally. To know more about the Tally plugin, read on this article.

The Tally plugin in details

Login to your Fedena account and go to ‘Tally Export’ in ‘Finance’ that can be found in the main menu. Once you click on ‘Tally Export’, you reach the ‘Tally Export’ page, a screenshot of which is given below.

‘Tally Export’ offers you four options. Let’s see how the options will help in using the plugin.

 

Settings: Click on ‘Settings’ and you get the options to manage settings for the tally export.

 

‘Settings’ allows you five options to manage it. For configurations, you need to select ‘General Settings’ to include tally url and live sync start date.

The ‘Organisations’ option lets you manage your organisations for which, you first need to ‘Add’ your organisation’s name to it.

‘Voucher Types’ lets you create and edit all types of vouchers.

Similarly, the options ‘Accounts’ and ‘Ledgers’ allows you to manage your Tally accounts and the ledgers for Tally respectively.


You can create, view and edit ledgers for Tally with the ‘Ledgers’ option.

 

Manual Sync: When you want to synchronize with Tally manually, you need to choose the ‘Manual Sync’ option. Click on ‘Manual Sync’ and select the start and end date for the manual synchronisation.

Click on ‘Schedule’ and you see that manual synchronisation has been scheduled successfully.

Bulk Export: The ‘Bulk Export’ offers you two options for the export.

You can schedule a bulk export for Tally, using the ‘Schedule Export’ for which you need to select the start and end date and also the ledgers which can be some selected ones or all of them.

For downloading any pre scheduled export, go to ‘Downloads’ and you can download the export in XML format.

Failed Syncs: All failed synchronizations can be obtained from ‘Failed Syncs’ option. Just select the date for which you want to know the failed syncs.