IMT is a money transfer service that allows users to send money to another person's mobile phone using only their phone number. The sender initiates the transfer through their bank and specifies the recipient's phone number and a PIN. The IMT system then sends a unique PIN to the recipient's phone. To receive the money, the recipient enters both PINs at any participating bank's ATM. Key players include commercial banks, senders, ATMs, the recipient, and a clearing bank. The service provides a secure and convenient way to transfer funds without needing the recipient's bank account information.

2. WHAT IS IMT?
 IMT is money transfer, made easy. It is the easiest
and safest way to send money to a mobile phone, and
obtain cash from an ATM. It uses your bank's current
banking channels to send money from your account to
another person, using only his mobile number. No
need to remember the recipient’s account number, his
bank address, his IFSC code, his SWIFT code… in
fact, nothing but his mobile phone number. The state-
of-the-art software that supports IMT is developed by
Opus Soft and certificated by VeriSign.

3. Key Players in IMT ecosystem
1. Commercial BANKS that agree to become affiliated to IMT based on a governance
agreement that states rights and obligations.
2. Senders : who are Account Holders in these commercial banks, who use the IMT
channel as a way to send money to anybody with a valid mobile phone &
number, in any part of the country
3. 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 one
of the banks affiliated with IMT. The identification is either a specific registration or the
possession of any KYC-enabled card issued by a regulated Indian 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 Net Settlement function with the affiliated banks.

4. SENDING - RECEIVING
SENDING WAS EASY, SO IS
RECEIVING The person receiving IMT can be anyone – a person with a
bank account, or someone with no bank account at all. This is
what makes IMT unique. All you need to know is the recipient’s
mobile number.
 The receiver can withdraw the money, at an ATM of any of the
financial institutions affiliated to our network. The transactions
are carried out through the commercial bank’s secure banking
systems, which makes IMT a reliable and credible platform for
money transfer.

5. 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.

6.  Step 3
 The sender deposits the amount he wishes to transfer,
in his bank account and uses any of the existing
banking channels, like the bank’s ATM, internet
banking account or the bank’s branch to execute the
IMT 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.

7.  Step 4
 Once this transfer request is verified by the bank, the
bank’s system sends another unique 4-digit PIN (PIN
2) to the receiver’s mobile number. This secret number
is known only to the IMT system and the receiver.
 Step 5
 To get the cash, the receiver has to go to the ATMs of
any of the affiliated banks. At the ATM, the receiver
needs to enter his mobile number and PIN numbers
(PIN 1 & PIN 2) to withdraw the cash. This entire
money transfer is done through the secure channels of
the banks involved which makes it a completely
reliable and secure way of transferring money.

8. IMT Services
 It provides the interface point for the bank systems to interface with for all on-line
transactions. These interfaces are provided as web services.
 It maintains bank-specific parameters and configuration information and performs
bank-
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

10. ADVANTAGES
 The importance of IMT is multi fold. You can use the
service for any of these cases:-
 The receiver prefers cash
 The receiver needs money instantly / needs
emergency cash
 The receiver doesn't have a bank account
 When you don't know the receivers bank account
details
 The receiver is not within easy distance (to deliver
cash or send a cheque by hand)