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"IMPS Switching Services"
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IMPS Switching Services
IMPS Switching Services
- IMPS (Immediate Payment Service) is an instant, 24×7, interbank, electronic fund transfer service through mobile phones. IMPS facilitates use of mobile instrument as a channel for accessing bank accounts – thereby, enabling interbank fund transfers in a highly secured manner (with immediate confirmation). This facility is provided by National Payments Corporation of India.
- Our continued endeavour in providing cost-effective technology based payment solutions and to serve an instant payment trend requirement has resulted in the creation of blazepe® IMPS Switch. Blazepe® IMPS Switch is available for outright sale to banks. Blazepe also offers IMPS Switching Services to Banks with existing CBS hosts.
Why IMPS
- Additional channel to bank customers for performing banking transactions.
- Increases mobile banking customer base due to less dependency on mobile applications.
- Promotes financial inclusion since mobiles have good penetration in rural, semi-urban, and unbanked/underbanked populations.
- Beneficiary Banks earn interchange fees for every IMPS credit transaction from the remitter banks.
- Key advantages of IMPS service:
- Convenience
- Speed
- Efficiency
- Availability
- Cost Effectiveness
Types of IMPS Service
- IMPS Funds Transfer
- P2P: Using Mobile No. and MMID
- P2A: Using A/c No. and IFSC code
- P2U: Using Aadhaar No. of beneficiary
- IMPS Merchant Payments
- P2M (Send Payment): Using the ‘push’ model
- P2M (Collect Request): Using the ‘pull’ model
- Other Transactions Supported
Balance Enquiry, Mini Statement, Generate/Retrieve/Cancel MMID, and Generate OTP.
- Capabilities
- Channel Integration
- Platform Architecture
- Supports all types of IMPS transactions
- Supports all delivery channels for bank customers
- Inbuilt Software Security Module (SSM)
- Dynamic Application Manager
- Platform independent application
- Web-based user interface
- Built-in MIS reporting system
- Extensive logging and traces, and automated email alerts
- Built-in module for synchronizing data from CBS
