WHAT IS IMT? IMT is money transfer, made easy. It is the easiestand safest way to send money to a mobile phone, andobtain cash from an ATM. It uses your banks currentbanking channels to send money from your account toanother person, using only his mobile number. Noneed to remember the recipient’s account number, hisbank address, his IFSC code, his SWIFT code… infact, nothing but his mobile phone number. The state-of-the-art software that supports IMT is developed byOpus Soft and certificated by VeriSign.
Key Players in IMT ecosystem1. Commercial BANKS that agree to become affiliated to IMT based on a governanceagreement that states rights and obligations.2. Senders : who are Account Holders in these commercial banks, who use the IMTchannel as a way to send money to anybody with a valid mobile phone &number, in any part of the country3. ATMs : of the affiliated banks, which are used to sending or receiving IMT orders,suitably modified to accept or to pay out an IMT order.4. KYC (Know Your Customer) : enabled Receiver who must be identified with oneof the banks affiliated with IMT. The identification is either a specific registration or thepossession of any KYC-enabled card issued by a regulated Indian commercial bank.5. Clearing Bank/Settlement Agent : who provides the end-of-day clearing andsettlement between the affiliated banks, or a designated Settlement Agent who performsthe Net Settlement function with the affiliated banks.
SENDING - RECEIVINGSENDING WAS EASY, SO ISRECEIVING The person receiving IMT can be anyone – a person with abank account, or someone with no bank account at all. This iswhat makes IMT unique. All you need to know is the recipient’smobile number. The receiver can withdraw the money, at an ATM of any of thefinancial institutions affiliated to our network. The transactionsare carried out through the commercial bank’s secure bankingsystems, which makes IMT a reliable and credible platform formoney transfer.
HOW IMT WORKS For the sender/receiver Step 1 The sender has to have an account with a bank affiliated with IMT,and thereby, becomes a member of IMT too. Step 2 The sender pre-arranges a 4-digit numeric code with the receiver,and communicates the same to the receiver. Let’s call this PIN 1.
Step 3 The sender deposits the amount he wishes to transfer,in his bank account and uses any of the existingbanking channels, like the bank’s ATM, internetbanking account or the bank’s branch to execute theIMT order, in which he has to only specify the : Receiver’s mobile number Pre-arranged 4-digit Pin which was communicated to the receiver(Pin 1) The amount of money that has to be transferred.
Step 4 Once this transfer request is verified by the bank, thebank’s system sends another unique 4-digit PIN (PIN2) to the receiver’s mobile number. This secret numberis known only to the IMT system and the receiver. Step 5 To get the cash, the receiver has to go to the ATMs ofany of the affiliated banks. At the ATM, the receiverneeds to enter his mobile number and PIN numbers(PIN 1 & PIN 2) to withdraw the cash. This entiremoney transfer is done through the secure channels ofthe banks involved which makes it a completelyreliable and secure way of transferring money.
IMT Services It provides the interface point for the bank systems to interface with for all on-linetransactions. These interfaces are provided as web services. It maintains bank-specific parameters and configuration information and performsbank-specific validations e.g. sender limit validation. It serves as a repository of transactions originated by and acquired by a bank It serves as the repository of the batch files generated by the daily batch process. It also processes these files to generate daily reports.Payment Technology in IMT
ADVANTAGES The importance of IMT is multi fold. You can use theservice for any of these cases:- The receiver prefers cash The receiver needs money instantly / needsemergency cash The receiver doesnt have a bank account When you dont know the receivers bank accountdetails The receiver is not within easy distance (to delivercash or send a cheque by hand)