UPI Switching Services
UPI or “Unified Payment Interface” has been taken up by NPCI (National Payments Corporation of India) as a new initiative to simplify and provide a single interface across all NPCI systems, thereby creating interoperability and superior customer experience. UPI is expected to further ease instant payments via Mobile, Web and other applications. Unlike typical payment systems, UPI is innovative and unique in a way that one can identify a beneficiary customer by Virtual Payment address (VPA) in addition to regular bank account number and bank IFSC code. UPI is much more simplified and user-friendly than IMPS. Also, UPI is more secure than IMPS, as UPI enables the customers to perform transactions without sharing sensitive credentials.
Sarvatra® UPI Switch is based on the same proven robust switching platform as Sarvatra® IMPS Switch. It implements complete UPI functionality and has been operational since the launch of UPI in April 2016, with 150+ banks live on UPI.
UPI 2.0: Sarvatra is ready with UPI 2.0, launched on 16 August 2018 by NPCI. UPI 2.0 comes with new functionalities, which include Overdraft Facility, Invoice-in-the-Inbox, One-Time Mandate and helping customers check merchants authenticity by scanning QR code.
key aspects of upi
- Four-Party Model: The technical architecture and standard APIs specified by NPCI facilitate all types of transactions between these four entities:
1. Payer PSP
2. Remitter / Payer Bank
3. Payee PSP
4. Beneficiary / Payee Bank
- App Agnostic: UPI permits payments via mobile app, web, and other applications.
- Multiple Use Cases: Payments are both sender (payer) and receiver (payee) initiated.
- Most Secure: Payments are carried out in a secure fashion aligned with extant RBI guidelines.
- Single Identifier: Payments can be done using Mobile No., Aadhaar No., Virtual Address (VPA), or A/c No. & IFS code.
- Unique Features: 1-click 2-factor authentication, biometric authentication, use of payer’s smartphone for secure credential capture.
benefits to bank acting as psp
Banks can become PSPs (“Payment Service Providers”) and offer a common UPI mobile app to their own customers as well as customers of other banks.
- Customer Retention: Enhances customer satisfaction as it offers many benefits, viz. privacy, convenience, multiple utilities, and a single beneficiary identifier.
- Customer Acquisition: When it is used by customers of other banks, a properly designed app can help in the Bank’s customer acquisition strategy.
- Simplifies Digital Banking Strategy: For Banks as PSPs.
- Makes Digital Wallets Redundant: Banks need not compete with Digital Wallet Service providers or woo customers with extravagant digital wallets.
- Risk Mitigation: Authorization is split between PSP and Remitter Bank (first factor of authentication is with PSP, the second with Remitter Bank.
sarvatra upi switch
- Supports the Four-Party Model of NPCI UPI
- PSP mobile application on Android, iOS, and Windows platform with NPCI common library integration
- Mobile Application Web Server to route transaction requests from mobile devices to UPI Switch
- Based on the same proven robust switching platform as the NPCI award-winning Sarvatra IMPS Switch implemented in one of the largest banks in the country
- Implements complete UPI functionality and is operational since the launch of UPI in April 2016
- Working with top banks for UPI, has a head-start in UPI switch and mobile applications development and deployment
- Pay transaction
- Collect transaction
- Virtual Address Management: VPA to multiple A/c’s or vice versa
- Merchant transactions (Pull)
- Registration of multiple bank accounts
- Transaction status
- Mini Statement (last 5 UPI transactions)
- Balance Inquiry
- Supports all types of UPI transactions
- Supports all delivery channels
- Platform-independent Application
- Front-end Web-based User Interface
- Built-in MIS Reporting System
- Built-in OTP Engine or can connect to Third Party OTP engines
- Multiple bank registration