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Full Form of IMPS with All Details

Full Form of IMPS with all other details

Full Form of IMPS andither details

What is IMPS?

IMPS -Immediate Payment Service

IMPS stands for Immediate Payment Service in the Indian Banking System. It refers to an instant payment ‘inter-bank electronic funds transfer system’. IMPS is a money transfer mechanism that is managed by the NPCI (National Payments Corporation of India) and built upon the ‘National Financial Switch’ network. IMPS offers an inter-bank electronic fund transfer service through mobile phones, which is available 24*7 all the year round, including the bank holidays.

NPCI initially carried out a pilot project for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank, and HDFC Bank later that year. IMPS was publicly launched on November 22, 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24 PPIi ( Prepaid Payment Instruments in India) signed up for the IMPS service.

Important IMPS Features

In this digital age, the internet is one of the best ways to transfer and receive money ‘to’ and ‘from’ one’s account respectively. Not having to go to a bank and waste time, is the greatest boon that digitization has offered to the new generation. IMPS is one such boon, which allows you to make any digital transactions as easily as you can imagine, without moving from one place to another. To be able to make the full use of this facility, you should be fully aware of all its aspects and features.

Let’s discuss some important features of IMPS:

How Does IMPS Work?

To be able to utilize the facility completely, one should be aware of the functioning and the process to know how does IMPS work actually. So, the first and foremost thing that is needed is that the participating banks should be on the National Financial Switch platform. The procedure to further undergo a quick and immediate mobile transaction is explained in easy steps as follows:

IMPS -Payment Service
  1. Registration:
  1. Transferring Money

Points to be noted related to IMPS:

Besides, learning about IMPS, it is equally important to gather some information regarding the various terms being used along with its explanation, that are significant in the process of those payments and transactions. Let’s have a look at some of the important terms:

MMID is the abbreviation used for ‘Mobile Money Identifier’ which is a seven digit unique number issued by the bank upon registration. ‘Remitter’ (customer who wants to send money) and ‘Beneficiary’ (customer who wants to receive the money) should have this MMID for doing the interbank funds transfer.

MMID will be automatically generated by the software when mobile banking user ID will be created. A customer can find the MMID from the ‘Know your MMID’ option under ‘IMPS Other Bank’. Customer may also send SMS message to 9870900876 to receive the MMID.

NEFT stands for National Electronic Funds Transfer. It is a nationwide electronic payments system maintained by the Reserve Bank of India. It was established in 2005. It enables all bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. This is done via electronic messages.

The transfers, in this case, do not happen in real-time. NEFT settles fund transfers in half-hourly batches with 23 settlements occurring between 8:00 AM and 7:00 PM on weekdays and the 1st, 3rd and 5th Saturday of the calendar month. Transfers initiated outside this time period are settled at the next available window. No settlements are made on the second and fourth Saturday of the month, or on Sundays, or on public holidays.

RTGS stands for Real Time Gross Settlement. It is a specialist funds transfer system where the transfer of money or securities, takes place from one bank to any other bank on a “real time” and on a “gross” basis.

Settlement in “real time” means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. “Gross settlement” means the transaction is settled on a one-to-one basis without bundling or netting with any other transaction. “Settlement” means that once processed, payments are final and irrevocable.

RTGS systems are typically used for high-value transactions that require and receive immediate clearing. These kinds of payments typically incur higher transaction costs and usually operated by a country’s central bank, RBI  in India’s case.

These were some basic details about the digital money transfers and payment settlement systems that are generally used these days and should be used, for safe, secure, fast and time-saving transactions. To gather much more similar information, also read –

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