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.

         

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

Who will be the major client of Yes Bank IMPS-MPS?

IMPS-Merchant Payment Service pilot launch with Yes Bank

            Yes Bank was one of the banks who were in the Pilot Launch of IMPS in November 2010. Taking this tradition forward, Yes Bank has also joined the Pioneer Club for the IMPS Merchant Payment Service.

            Yes Bank joined the IMPS Merchant Payment Service last month i.e August 2012. With this, Yes Bank would now be able to offer this new ePayment mode to their ‘Cash Management Services’ clients.

IMPS-MPS will be beneficial for Accounts Receivables more than Accounts Payables teams.

            HSBC, State Bank of India, Canara Bank, ICICI Bank, Kotak Mahindra Bank, Union Bank of India are the banks which are already online with IMPS-MPS.

            State Bank of India’s’ major client is IRCTC. HSBC’s major client is Reliance Mutual Fund. With reference to other banks, at present, no information is available in the public domain.