IMPS Switching Services
IMPS (Immediate Payment Service) is an instant, 24×7, interbank, electronic fund transfer service through mobile phones. IMPS facilitates use of mobile instrument as a channel for accessing bank accounts – thereby, enabling interbank fund transfers in a highly secured manner (with immediate confirmation). This facility is provided by National Payments Corporation of India.
Our continued endeavour in providing cost-effective technology based payment solutions and to serve an instant payment trend requirement has resulted in the creation of Sarvatra® IMPS Switch. Sarvatra® IMPS Switch is available for outright sale to banks. Sarvatra also offers IMPS Switching Services to Banks with existing CBS hosts.
In 2014, we pioneered the deployment of the IMPS Credit Facility service (under NPCI’s sub-membership model) at The Pandharpur Merchant Cooperative Bank (see the 1st IMPS Implementation certificate). We’ve also earned the credit of deploying an ward-wining IMPS Switch for ICICI Bank, one of the largest private banks in the country (see case study).
- Additional channel to bank customer for performing banking transactions.
- Increases mobile banking customer-base due to less dependency on mobile application
- Promotes Financial Inclusion since mobiles have a reasonably good penetration in rural, semi-urban, and unbanked/underbanked population.
- Beneficiary Banks earn Interchange Fee for every IMPS credit transaction from the Remitter Banks.
- Key advantages of IMPS service: a) Convenience b) Speed c) Efficiency d) Availability e) Cost Effectiveness
types of imps service
- IMPS Funds Transfer
- P2P: Using Mobile No. and MMID
- P2A: Using A/c No. and IFSC code
- P2U: Using Aadhaar No. of beneficiary
- IMPS Merchant Payments
- P2M (Send Payment): Using ‘push’ model
- P2M (Collect Request): Using ‘pull’ model
- Other Transactions Supported
Balance Enquiry, Mini Statement, Generate/Retrieve/Cancel MMID and Generate OTP.
sarvatra imps switch
- Fully tested and operational for more than three years. ICICI Bank, a major player in IMPS, uses Sarvatra® IMPS Switch for all types of IMPS transactions across all delivery channels.
- As per NPCI guidelines, the IMPS switch has been benchmarked to support 150 TPS (transactions per second). Based on first 6 months’ data, 3.5 Lac transactions per day were processed at ICICI Bank through Sarvatra IMPS Switch.
- Multiple messaging protocol acceptance.
- Certified by NPCI for all IMPS services.
- Ease in MIS structure, with customized/tailor-made reports through the Switch’s web-based user interface.
- Availability of Reconciliation Module.
30% of the total IMPS transaction volume in India is being delivered through Sarvatra IMPS Switch.
- Supports all Types of IMPS Transactions
- Supports all Delivery Channels for Bank Customers
- Inbuilt Software Security Module (SSM)
- Dynamic Application Manager
- Platform Independent Application
- Web Based User Interface Built-in MIS Reporting System
- Extensive Logging and Traces, and Automated Email Alerts
- Built-in Module for Synchronizing Data from CBS