NPCI
Bharat Ecommerce Payment Gateway (BEPG) BEPG is the new e-commerce system to enhance the current e-commerce experience for the RuPay Cardholders. RuPay card aims to deliver a convenient and easy e-commerce experience without compromising on the security and risk.
IMPS 2.0: Migration from ISO to XML IMPS platform has been enabling safe, secured and instant payments 24x7 since its inception in November 2010. IMPS currently operates on ISO 8583 platform to relay messages between participating banks through NPCI IMPS switch. With the ever increasing demand for a secure and stable digital payments platform in the current situation, there is a need for making IMPS platform more scalable and future ready.
To realize this vision, it is imperative to migrate to the next generation IMPS which is more versatile with customizable API based XML messaging. This will help in enabling new features and allow faster modifications to meet ecosystem’s requirements. This new XML platform will allow for more data carrying capacity to capture originator details for domestic and FIR transactions.
It will also allow Banks to have a common code for multiple NPCI platforms, enabling optimization of resources and making the ecosystem future ready through API based solutions. XML platform will also provide flexibility to add digital signatures, which will allow members to be compliant as per the IT Act.
The Unified Dispute & Issue Resolution (UDIR) approach was discussed in the UPI Steering Committee meeting held on 2nd July, 2020 and was endorsed by SC for implementation by members. 2. Key enablement’s. Following are the key propositions, which ecosystem participants needs to enable for facilitating online.
Card Tokenization
Digital is currently one of the most convenient and favoured platforms for availing services and making purchases. Because of our increased frequency of making online transactions, most of us have been saving our payment information on merchant sites, which means that our payment partners have access to sensitive financial information that should otherwise be highly personal. In order to secure this data and protect not just customers but also merch.
Nach Credit
NACH Credit is an electronic payment service used by an institution for affording credits to a large number of beneficiaries in their bank accounts for the payment of dividend, interest, salary, pension etc. by raising a single debit to the bank account of the user institution.
What are the features of NACH Credit?
- Functions on ISO20022 Messaging Standard.
- Online Dispute Management System (DMS).
- Transaction files status tracking with ACK/NACK.
- Allows multiple file processing in a single settlement.
- Allows partial file processing resulting in reduced operational efforts.
- Availability of Recall option before the settlement of the transaction.
- Scalable system with capacity to process 10 million transactions per day.
- Scope of services encompass beyond the existing 90 ECS clearing centers.
- Secure web access for file upload/download, dissuading the concept of regional NCC/Clearing House submissions.
- Allows corporate clients to directly upload files using the Direct Corporate Access (DCA) facility with sponsor bank control.
- Corporates can get direct access of the NACH Credit using the DCA facility, making it easier to check the status of their transactions without delay.
Mandate Management System
MMS allows banks to accept, digitize, process and send the mandate to other banks for acknowledging and registering customer instruction to debit his account with other bank through NACH. After acknowledging by other bank each mandate is allotted with Unique Mandate Reference Number (UMRN).
Aadhar payment
NACH System can be used for making bulk transactions towards distribution of subsidies, dividends, interest, salary, pension etc.
