e-KYC – Electronic Know Your Customer process
e-KYC is an electronic way of carrying out the Know Your Customer (KYC) process. The e-KYC process is completed through an authentic real time method using Aadhaar Authentication by the customer. It is a simple paperless way
Cheque Truncation Systems (CTS)
Cheque Truncation System (CTS) is the process whereby the image of cheque or instrument is used for clearing the fund instead of handing over the physical instrument. Clearing system in India had been functioning based on the
National Financial Switch (NFS)
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. Thus, NFS functions as the backbone of Indian ATM network. NFS was designed and implemented by the Institute for Development and
APBS & AEPS (Aadhaar Payment Bridge System & Aadhaar Enabled Payment System)
Aadhaar Payment Bridge System (APBS) and Aadhaar Enabled Payment System (AEPS), leverage the power of the unique Aadhaar number issued by UIDAI (Unique Identification Authority of India). AEPS and ABPS were introduced by NPCI for payment services.
National Automated Clearing House (NACH) & Electronic Clearance Service (ECS)
National Automated Clearing House (NACH) is a web based solution implemented by National Payments Corporation of India (NPCI) for addressing recurring, interbank, high volume electronic transactions. It is an improved and much efficient version of Electronic Clearance
Indian Payment Systems – An overview
Indian payment systems and settlements have traditionally been revolving around physical cash. Subsequent to nationalisation of banks, paper based instruments like cheque, draft and other negotiable instruments started receiving acceptance among public. There has been a rapid
Payment Systems and Classifications
Payment system is a system or method adopted to settle financial transactions through the transfer of monetary value. The system enables cash equivalents to be used for settlements in domestic and international transactions in lieu of physical
Immediate Payment Service (IMPS)
Immediate Payment Service (IMPS) is a robust and real time payment service that has transformed the payments and settlements systems in India. The facility was launched by the National Payments Corporation of India (NPCI) on 22nd November,
Digital Channel Enablers for Payments and Settlements
Digital channel enablers worked miracles in India and succeeded in making digital banking transactions the first choice for payments and settlements. Competition among banks to delight customers through better banking experience popularised the digital channels and digital
Digital Channels for Payments & Settlements
Digital channels and Digital banking have transformed banking and investments across the globe. Indian banking system too has embraced digital channels for payments and settlements. In fact digital revolution has taken the country by storm. Like in