In the last couple of years, NPCI’s IMPS channel is seeing a surge in the volumes. As IMPS offers ‘Funds Transfer’, 24*7, 365 days a year, it has attracted a large number of bank customers.
In the initial days, the primary key for IMPS funds transfer was the MMID. As it was difficult to transfer funds through the IMPS mode, NPCI introduced IMPS funds transfer based on beneficiary account number and IFS Code. This new feature boosted IMPS volumes.
The funds transfer channel was mainly through customer initiated modes i.e Net Banking, Mobile Banking, ATM mode etc.
IMPS was not designed for the bank branch channel. As a digital initiative, Union Bank of India, has enabled IMPS funds transfer through its branches too.
Union Bank is the first Bank in the Industry to launch IMPS through branches for its Retail and Corporate customers by integrating IMPS platform in its CBS (Core Banking Solution) which is fully in house.
Under this new facility customers can approach any of Union bank fo India branch and request for instant fund transfer.
The upper limit has been set at Rs. 2 lacs per day.
There is no difference between Retail and Corporate customers. Union Bank of India is offering this facility for both Retail and Corporate customers.
Most of the corporate customers need instant remittance of fund. IMPS addresses their need as Account number and IFSC code of beneficiary account is only required for the transaction to go through.
This means from today, Union Bank of India with a wide network of 4085 Branches and 6877 ATMs will lead the Digital India transformation.