One of the most painful steps in digital banking is the registration process for creation of a new beneficiary.
Almost all banks have a cooling period before funds can be transferred to a new beneficiary.
Though from a security angle, registration of beneficiary is very much necessary.
To overcome this obstacle, State Bank of India recently launched a new safe tool on their APP ‘State Bank Anywhere’.
This new safe funds transfer tool is based on QR Codes.
Yes, you have read it correctly QR Codes.
The process is simple. The SBI App ‘State Bank Anywhere’, is mandatory.
Through this APP, Quick Transfer using QR Code to Beneficiaries without registration is possible.
The QR Code is a combination of Beneficiary Name, Beneficiary Account Number and Beneficiary IFS Code.
The wonderful part of the this QR code generation is that it can be created by any beneficiary i.e a SBI account holder or non-SBI account holder.
Brief process flow is as under:-
- The QR Code generation is available both at the pre-login and post-login State Bank Anywhere application.
- The QR code is generated by entering details (Name, A/c Number, IFS Code etc.).
- 'State Bank Anywhere' creates the QR code.
- The beneficiary has two options i.e either shows the QR code on his/her device to the remitter (a State Bank Anywhere user) or transmit the QR code to the remitter (a State Bank Anywhere user)
- The remitter logs into State Bank Anywhere application and Scans the QR code on the beneficiary mobile device using his/her smart phone camera Or reads the QR code received through email, image gallery.
- The application decodes the QR code and auto populates the beneficiary values and provides information like Name, A/c No, IFSC, amount etc.
- The remitter enters the “Amount” and “Remarks” and proceeds for payment. No prior registration of the beneficiary is required!
Now all that is required is to popularise this option at the SBI Tech Centres.