innovationinbanking

              NPCI today i.e. March 20, 2021vide a Tweet announced the upgradation of IMPS system.             The full tweet can be read @ https://twitter.com/NPCI_NPCI/status/1373293757605453828/photo/1             The upgrade is to enable the IMPS participants to experience a better, faster, and safer payment experience.             IMPS is NPCIs offering to India for an ‘Immediate Payment Service’, channel. IMPS is the fore-runner to UPI (Unified Payment Interface).             NPCI introduced IMPS to Bank Account Holders on 22 nd November, 2010.             The product’s initial name was ‘Inter-Bank Mobile Payment Service’. In January 2013, this was renamed as ‘Immediate Payment Service’.                 Over the years, IMPS volumes have been on the increase.             There are specific use cases for IMPS, which contributes to its popularity.             Sample IMPS Use Cases: 01) Credit Card Due Payments 02) Mutual Fund Redemptions Please refer to t

         Members of RGMC now can remit their bills via the BBPS channel. Yes, RGMC has onboarded BBPS for super-fast receipt of members' outstanding bills.         Gone are the days, when members had to pay via the traditional methods i.e Cash or cheques. Both cash and cheques lots of back-end processing to reflect in the club's accounting system.                        The switch to digital payment channels reduces the TAT and leads to almost instant updates in the club’s accounting system.         RGMC has adopted the ‘Fetch n Pay’ mode in   BBPS channel.         This means RGMC members can pay only bills which are outstanding in the RGMC accounting system.         RGMC members need to key in their 1 to 30-digit membership number and click on the ‘Fetch Bill’, button. The BBPS system fetches all the outstanding bills against the specific RGMC membership number. RGMC members can choose to pay any of the displayed outstanding bills.         Free amount payment op