Instant Money Transfer

Money Transfer.

Smarter, Faster.Prepared by :J.G.M.Jagadeesh Kumar,

Colleg:DJR CET

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?

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.

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.

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

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.

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

Step 4Once 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 5To 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.

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)