IMT allows users to instantly transfer money from their bank account to another person's mobile phone. The sender only needs the recipient's mobile number, and does not need any other account details. After the sender initiates the transfer through their bank, the IMT system sends a unique code to the recipient's phone. The recipient can then go to any participating bank ATM, enter their phone number and code, and withdraw the cash. IMT makes money transfers fast, easy and secure by using the banking system and ensuring only the intended recipient can pick up the funds.

1. Instant Money Transfer
Money Transfer.
Smarter, Faster.
Prepared by :J.G.M.Jagadeesh Kumar,
Colleg:DJR CET

2. 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.
WHAT IS IMT?

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. 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.

5. Sending - Receiving
( Sending was easy, so he 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.

6. IMT Services and
 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

7. 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.

8. 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.
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.
Step 3

9. 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.

11. 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)