NPCI Immediate Payment Service(IMPS) transactions zoom to 10 crores per month by November 2016

#IMPS,

              51 Banks, 50 RRBs/DCBs/UCBs and 13 PPIs have opened their transaction channel on NPCI_IMPS Remittance service to encourage Indians to transfer their money at the ‘Speed of Light’.

              NPCI_IMPS remittance service works round the clock, all the 365 days a year, and never goes to sleep.

              During December 2015, Indians have moved INR15,910 crores through NPCI_IMPS digital channel via 2.42 crore transactions.

              During this calendar year, transactions are expected to cross 10 crores by November 2016.

              Unbelievable!! Check the above table

              11 indicators to zoom up volumes 14% month on month

01)   Consecutive banks holidays on 2^nd and 4^th Saturdays and all Sundays.

02)   Banks opening up NPCI_IMPS channel through bank branches mode.

03)   Increase in the threshold limit from INR2lacs to INR5lacs.

04)   Separate transaction advice for faster reconciliation both at sender and receiver end.

05)   Government Departments signing up to remit Government payments through NPCI_IMPS channel.

06)   Cross border remittance companies moving all their transactions to the NPCI_IMPS channel.

07)   168 Banks including Public/Private/RRB/DCB/UCB are on NEFT platform. This means the respective banks have an IFS Code to participate in Electronic Transactions Channel. This in turns means another 67 banks can join the NPCI_IMPS channel in the near future.

08)   Reserve Bank of India has authorised 40+ Prepaid Paid Instruments issuers. Out of this, only 13 have joined NPCI_IMPS. This means the remaining 27+ PPIs can join NPCI_IMPS channel in the near future.

09)   WLA players have set up over 11,000 ATMs all over India. These ATMs can be enabled for NPCI_IMPS transactions.

10)   Top 5 eCommerce companies shifting their refunds to NPCI_IMPS channel.

11)   Transport companies adopting NPCI_IMPS channels to transfer benefits to their associates.

What will you do to promote NPCI_IMPS?

NPCI_IMPS Twitter Page

NPCI_IMPS Facebook Page

The NPCI_IMPS FAQ page has all the details to assist in Safe IMPS transactions.

Zero 2 Hundred-NPCIs Instant Payment Service trajectory in India

          A major milestone in India’s eTransactions journey was crossed in July 2015 with the total number of banks at 100 on NPCIs IMPS channel.

          Yes, as on date 100 banks are part of this 100% ‘Made In India’, eTransactions mode.

          The benefits of IMPS are being enjoyed by a large populace spread across the nook and corner of our country.

          The chief advantage of IMPS is that transactions can happen around the clock, irrespective of holidays, with nil dependence on bank staff.

          The initial transactions will be a bit strange, as the funds move at the speed of light at any point of time.

          There are number of channels through which the bank customers can choose to transact through the IMPS mode.

          There are a number of products which can be tailored by Finance Industry participants to enhance the customer experience.

          The technology is robust enough to support extremely high volumes at all times.

          Banks and PPIs are constantly innovating to expand the user base.

          Only a fraction of the target populace has been touched by IMPS and in the coming years, IMPS will embrace new group of people into its fold.

         

Indusind Bank ventures into Safe eTransactions-IMPS Branch Channel

             Indusind Bank has become the first bank in our country to offer IMPS transactions through the Bank branch channel.

            IMPS which debuted four years bank was primarily designed for alternate channels mode i.e customers initiate the transactions on their own, without intervention by bank staff.

            As the main advantage of IMPS is 24*7, 365 days delivery, the volumes were going up. Till date, no Indian bank was offering IMPS through the bank branch channel.

            Now, Indusind Bank has started to offer this facility at its branches. Going ahead, other banks too will offer IMPS at their branch.

            The first mover’s advantage will surely go to Indusind Bank.

            Bank staff has to extra vigilant while keying the beneficiary details. IMPS is instant and the RECALL option is simply not feasible.

NPCI partners with Indusind Bank and Western Union for International funds transfer

                        Majority of Western Unions SEND customers to India reside in U.S., U.K., France, Germany and Australia.

 The major options for Western Union RECEIVE customers are a) across the counter at a Western Union Agent Location or b) Bank account credit.

For Bank account credit, Western Union piggybacked on the NEFT platform. However, NEFT has its own limitations as compared to IMPS.

Way back in September 2013, Western Union innovation team closely looked at NPCIs’ Immediate Payment Service (IMPS) to enhance its customer’s experience.

Due to the time difference between India and other countries there was a lag between the SEND time and the RECEIPT time, even when the RECEIVE option was a Bank Account.

NPCI’s IMPS with its feature of instant money transfer was a very attractive proposition. Reserve Bank of India recently approved IMPS to facilitate cross-border money transfer within minutes to select banks.

This led to Western Union to offer funds transfer through NPCIs’ IMPS to its SEND customers. The service has been launched in collaboration with IndusInd Bank.

The process flow is as under

01) The SENDER opts to transfer through cash and debit cards at participating Agent locations, or debit and credit cards at www.westernunion.com.com at this time.

02)The funds move to the Western Union settlement account at Indusind Bank.

03)Finally through NPCIs IMPS channel the RECEIVER the funds in his/her bank account.

Benefits of this Channel:-

01) 24*7 service

02)Facility available on Holidays too

03)Quick reversal of funds in case of invalid account number or any other reasons if credit is not possible

Link 1, Link 2

Boom time for NPCIs’-IMPS – 02 Oct 2014 & 03 Oct 14 NEFT/RTGS closed

          

  The IMPS (Instant Payment Service) funds transfer service works 24*7,365days a year, with no respect to holidays.

            The end-to-end transaction is fully automated, with minimal human intervention required.

            Customers of 67 banks in India can transfer instantly any time of day or night through the IMPS mode

            In addition to the 67 banks, 3 cooperative banks are on IMPS network

            The conventional electronic transfer channels i.e NEFT/RTGS/Clearing Grid are closed on 02 Oct 2014 & 03 Oct 14. Physical bank branches thought India are closed.

            Net banking will function, however as NEFT/RTGS are closed, the funds transfer through this mode will not work.

            The only electronic funds transfer which will work on 02 Oct 2014 & 03 Oct 14 is IMPS. Nothing more, Nothing less.  

            Be 100% sure of the beneficiaries’ bank account number, IFS Code before initiating the IMPS transaction. There is a very remote chance of funds callback

Punjab national bank has gone live on imps using account no and ifs Code

          The link to Business Responsibility Report on the banks website makes for an interesting read.  I am not sure, what motivated PNB to publish this report. It would be great, if all Banks publish similar reports on a yearly basis.

          Another only one of its kind initiative by PNB has the foresight to nurture PNBIIT (Punjab National Bank institute of information technology), a premier institute of information technology in the area of banking, finance and insurance.

          Through its ADBT Program, has created a pool of competent techno-bankers for Banking & IT Sector by imparting in-depth knowledge and expertise to the students.

          One important announcement on PNB’s website is a notice on charges for SMS Alerts.

The charges will commence for transactions w.e.f.01.07.2013 and the charges are Rs15/- per quarter

 However, following categories of accounts have been exempted for SMS Alerts charges:

1 Senior Citizen accounts

2 Staff accounts

3 Retired staff accounts

4 Vidyarthi accounts

5 Mitra accounts

Kotak mahindra bank has gone live on imps using account no and ifs Code

            One unique feature of Kotak Mahindra Bank, is that it does not have an independent internet site. Rather, Kotak Mahindra Bank website is a part of Kotak.com

The dedicated internet page tells us more about Kotak Bank’s IMPS offering.  

The special offers internet page is a very useful tool for Kotaks’ customers to enjoy the best of Kotaks’ offers on its debit cards, credit cards and netc@rd. Netc@rd  is a single use limited validity online card created by Kotak customer, from his/her  bank account, at the time of online shopping and cannot be used after your first payment.

Ah, you might be interested in Subbus’ tv advertisements, on the theme, ‘lets money simple’. View them to lift your blues.

Bank of india has gone live on imps using account no and ifs Code

  

            Bank of India was one of the founder members of IMPS in November, 2010. In June, 2013, it has decided to go live on IMPS – IFS Code sub-product too.

            With this new payment channel, Bank of India customers can expect to receive funds in their accounts in real time.

            Of course, it would be advantageous for Bank of India, if debit does not happen immediately in the respective accounts.

For any General Query on IMPS, after BOI customers’ can call on our call center no. 022-40919191

            A major announcement on Bank of India is with reference to blocking of International Card transactions for a temporary period. The blockage was due to some fraudulent transactions reported on the international internet sites.

            Another interesting tidbit, is that there is a whole section devoted to BOI alumni. WOW. This is first time, I am seeing an alumni association of a Bank.

            As BOYD is the norm now-a-days, BOI Safe is mandatory, for all BOI staff,  to access bank applications on a Smart Mobile Device

Immediate payment service

Immediate Payment Service (IMPS) – 3 banks offer Sub-Product

          In the 2^nd week of May 2013, 3 Banks viz Vijaya Bank, Axis Bank and Dena Bank have offered the IMPS sub-product i.e IMPS using Account No and IFS Code.

          A quick launch by IMPS member banks of all the IMPS sub-products would enable their customers to try out a sample IMPS transaction. Based on the sample, the bank customers would be more than willing to continue with IMPS transactions.

          The quick adoption by the bank customers would depend on the publicity efforts made by the Banks to popularize the IMPS. Mouth-of-word advertising helps but as of now, it is not that much effective.

          As of now, the concentration of the Banks and NPCI is to ensure that all the banks have all the IMPS sub-products in their portfolio. Once the systems and process stabilize, a publicity campaign might be in order.   

Union Bank of India live on IMPS using Account Number and IFS Code

          Union Bank of India customers can now receive funds through IMPS (Immediate Payment Service) just by letting the remitter know their Account Number and IFS Code.

          This eliminates the need for MMID. Of course, MMID has its own advantages.  The main advantage of MMID is that the remitter need not know the account number of the beneficiary.

          Union Bank of India, to encourage its customers to utilize the Debit Cards or credit cards to the maximum has launched a Debit Card Rewards program.

          This new campaign by Union Bank in the final month of the financial year is sure to increase the transaction numbers of its debit cards.

          The program has been named as Union Rewardz. Yes, very similar to SBI Rewardz program.

          The highlights are:-

Automatic pre-enrolled as a member, as long you have a valid Debit or Credit Card of Union Bank of India.

01) Reward points  accrue on all transactions made through your Debit & Credit Cards at POS and E-Commerce outlets.

02)                These reward points can be redeemed against thousands of merchandise items, movie, bus & air tickets, gift vouchers & more.

03)                With every purchase perRs. 100, the card holder can earn Union Points.

04)                A minimum of Rs100/- has to spend every time to earn 1point.

05)                Once you get 100 Union Points, than you can start the redemption process.

So Union Bank Credit/Debit Card holders register now  at www.UnionRewardz.com or by calling 18001088000.

JK Bank adds one more feather to its portfolio

         JK Bank, the youngest member of IMPS (Immediate Payment Service) is already live on another IMPS sub-product.

         On 07/03/2013, JK Bank has gone live on IMPS using Account No and IFS Code. It should be noted, that JK Bank had gone live on IMPS only as recently as 21/02/2013. And in a span of less than 2 weeks, it has gone live with IMPS-IFS Code. Commendable, indeed.

        I am sure, that this will be well appreciated by JK Bank customers and will execute large number of transactions on the IMPS channel.

The A.P. Mahesh Co-operative Urban Bank live on IMPS using Account No and IFS Code on 24th August, 2012

The A.P. Mahesh Co-operative Urban Bank Ltd., with its H.O being: ISO 9001:2008 Certified now offers to its customers the IMPS product i.e IMPS using Account No and IFS Code.

            This new facility was rolled out to its customers on 24/08/2012. Readers will remember that Mahesh Bank had gone live on IMPS in Mar 2012. Within a short span of 6 months, it has adopted another Safe ePayments mode.

            In another customer retention activity or CSR, Mahesh Bank has announced a free computer awareness program. The awareness program will be conducted at the Bank’s Staff Training College, Near Muslimjung Bridge, Begum Bazar, Hyderabad.

            Yes, Hyderabad residents can be the participants of this free course. Go ahead, join it. The syllabus is Basics of computers, MS-word, MS-Excel, MS Access, Internet Browsing

           

Re-disseminated by Prashant N. Banker by daytime-Blogger by night