Bank of Baroda IMPS

Would you please give here detail about the Interbank Mobile Payment Service (IMPS) of Bank of Baroda ?

[Shaleen]

Interbank Mobile Payment Service (IMPS) is an real time inter bank electronic fund transfer service through mobile phones.

Pre-requisites for fund transfer through IMPS :

Both the remitter and beneficiary must have to register their mobile phones with bank account and get MMID upon registration.

IMPS Advantage

Instant:
Credit of funds happens instantly.

Anytime:
Availability 24x7 including weekends and holidays

Anywhere:
IMPS transfers can be executed on the go, on your mobile phone.

Simple:
IMPS transfer is very simple process .

Process flow of IMPS:

Step 1:
Remitter sends instruction from his/her mobile through his/her bank provided application or SMS.

Step 2:
Remitting bank validates the details of the remitter.

Then debits his/ her account.

This transaction is sent by remitting bank to NPCI switch.

Step 3:
Beneficiary bank validates the details of beneficiary customer.

Then credits the account and sends confirmation about transaction status .

Sends a SMS to the beneficiary customer informing him of the credit.

Step 4:
Transaction status is send to remitting bank which in turn informs the status of transaction to the remitter.

Step 5:
Remitting bank send a SMS confirmation of the transaction to the remitting customer