UPI (UNIFIED PAYMENT INTERFACE)
UPI was launched by National Payments Corporation of India (NPCI) with Reserve Bank of India ‘s(RBI) vision of migrating towards a ‘less-cash’ and more digital society.NPCI has built on the Immediate Payment Service (IMPS) platform through which one could transfer money instantly by going online-by adding another layer that allows easy debit capability even on mobile phones.
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National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking for the average Indian . It is run by the National Payments Corporation of India (NPCI).
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Immediate Payment Service (IMPS) is an instant real-time inter-bank electronic funds transfer system of India . IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.
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NACH (NATIONAL AUTOMATED CLEARING HOUSE )
It is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network.
NACH is a centralised, web-based clearing service that can ease the work of banks, financial institutions, the government and corporates by consolidating all regional ECS systems into one national payment system, thereby removing any geographical barriers in efficient banking.
Started by the National Payments Corporation of India (NPCI), National Automated Clearing House (NACH) aims to create a better option for facilitating clearing services than the existing Electronic Clearing Service (ECS) system.
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Cheque Truncation System ( CTS) or Image–based Clearing System ( ICS ), in India, is a project undertaken by the Reserve Bank of India (RBI) in 2008, for faster clearing of cheques. CTS is based on a cheque truncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are captured at the collecting bank branch and transmitted electronically.
Cheque truncation means stopping the flow of the physical cheques issued by a drawer to the drawee branch.
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Aadhaar enabled Payment System (AePS) –
AEPS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
UPI was launched by National Payments Corporation of India (NPCI) with Reserve Bank of India ‘s(RBI) vision of migrating towards a ‘less-cash’ and more digital society.NPCI has built on the Immediate Payment Service (IMPS) platform through which one could transfer money instantly by going online-by adding another layer that allows easy debit capability even on mobile phones.
**********************
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking for the average Indian . It is run by the National Payments Corporation of India (NPCI).
***********************
Immediate Payment Service (IMPS) is an instant real-time inter-bank electronic funds transfer system of India . IMPS offers an inter-bank electronic fund transfer service through mobile phones. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.
************************
NACH (NATIONAL AUTOMATED CLEARING HOUSE )
It is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network.
NACH is a centralised, web-based clearing service that can ease the work of banks, financial institutions, the government and corporates by consolidating all regional ECS systems into one national payment system, thereby removing any geographical barriers in efficient banking.
Started by the National Payments Corporation of India (NPCI), National Automated Clearing House (NACH) aims to create a better option for facilitating clearing services than the existing Electronic Clearing Service (ECS) system.
********************
Cheque Truncation System ( CTS) or Image–based Clearing System ( ICS ), in India, is a project undertaken by the Reserve Bank of India (RBI) in 2008, for faster clearing of cheques. CTS is based on a cheque truncation or online image-based cheque clearing system where cheque images and magnetic ink character recognition (MICR) data are captured at the collecting bank branch and transmitted electronically.
Cheque truncation means stopping the flow of the physical cheques issued by a drawer to the drawee branch.
**********************
Aadhaar enabled Payment System (AePS) –
AEPS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
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