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Instant Money TransferMoney Transfer.Smarter, Faster.Prepared by :J.G.M.Jagadeesh Kumar,Colleg:DJR CET
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. No need toremember the recipient’s account number, his bankaddress, his IFSC code, his SWIFT code… in fact,nothing but his mobile phone number. The state-of-the-artsoftware that supports IMT is developed by Opus Softand certificated by VeriSign.WHAT IS IMT?
Key Players in IMT ecosystem1. Commercial BANKS that agree to become affiliated toIMT based on a governance agreement that states rights andobligations.2. Senders : who are Account Holders in these commercialbanks, who use the IMT channel as a way to send money toanybody with a valid mobile phone & number, in any part ofthe country3. ATMs : of the affiliated banks, which are used to sendingor receiving IMT orders, suitably modified to accept or to payout an IMT order.
4. KYC (Know Your Customer) : enabled Receiver whomust be identified with one of the banks affiliated with IMT.The identification is either a specific registration or thepossession of any KYC-enabled card issued by a regulatedIndian commercial bank.5. Clearing Bank/Settlement Agent : who provides the end-of-day clearing and settlement between the affiliated banks,or a designated Settlement Agent who performs the NetSettlement function with the affiliated banks.
Sending - Receiving( Sending was easy, so he is receiving )The person receiving IMT can be anyone – a person with a bankaccount, or someone with no bank account at all. This is whatmakes 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.
IMT Services and It provides the interface point for the bank systems to interface withfor all on-linetransactions. These interfaces are provided as web services. It maintains bank-specific parameters and configuration informationand performs bank-specific validations e.g. sender limit validation. It serves as a repository of transactions originated by and acquired bya bank It serves as the repository of the batch files generated by the dailybatch process. It also processes these files to generate daily reports.Payment Technology
How IMT works• For the sender/receiver• Step 1• The sender has to have an account with a bank affiliatedwith IMT, and thereby, becomes a member of IMT too.• Step 2• The sender pre-arranges a 4-digit numeric code with thereceiver, and communicates the same to the receiver.Let’s call this PIN 1.
The sender deposits the amount he wishes to transfer, in his bank account and uses anyof the existing banking channels, like the bank’s ATM, internet banking account or thebank’s branch to execute the IMT order, in which he has to only specify the :Receiver’s mobile numberPre-arranged 4-digit Pin which wascommunicated to the receiver(Pin 1)The amount of money that has to be transferred.The sender deposits the amount he wishes to transfer, in his bank account and uses anyof the existing banking channels, like the bank’s ATM, internet banking account or thebank’s branch to execute the IMT order, in which he has to only specify the :Receiver’s mobile numberPre-arranged 4-digit Pin which wascommunicated to the receiver(Pin 1)The amount of money that has to be transferred.Step 3
Step 4Once this transfer request is verified by the bank, the bank’s systemsends another unique 4-digit PIN (PIN 2) to the receiver’s mobilenumber. This secret number is known only to the IMT system and thereceiver.Step 5To get the cash, the receiver has to go to the ATMs of any of theaffiliated banks. At the ATM, the receiver needs to enter his mobilenumber and PIN numbers (PIN 1 & PIN 2) to withdraw the cash. Thisentire money transfer is done through the secure channels of the banksinvolved which makes it a completely reliable and secure way oftransferring money.
ADVANTAGESThe importance of IMT is multi fold. You can use the servicefor any of these cases:-The receiver prefers cashThe receiver needs money instantly / needs emergency cashThe receiver doesnt have a bank accountWhen you dont know the receivers bank account detailsThe receiver is not within easy distance (to deliver cash orsend a cheque by hand)