Money Transfer

Users can add beneficiaries as payment templates with associated financial address (such as UPI VPA, Bank account details, Mobile number etc) and save them with nicknames for ease of use. Beneficiary addition often needs OTP / Beneficiary codes for activation. In case of Agent assisted money transfer, Remitter is registered using the relevant KYC guidelines and with customer consent (via OTP). Beneficiaries added by an Agent is always for specific to a Remitter. Once Remitter details are entered, existing beneficiaries of the Remitter are shown for quick / repeat payments. System also supports Beneficiary account validation functionality.

Agents can perform Cash to account Money transfer operations - either as an ad hoc payment or payment to a pre-registered beneficiary. Such payments can be done by instantaneously leveraging IMPS or in batch mode leveraging NEFT. Per Beneficiary, Per Remitter limits can be defined in the system. This module supports full lifecycle of money transfer transactions, including staging of transactions for future processing, Reversals, Refunds & Status inquiry of a transaction. Retail consumers can send money to their beneficiaries using a mobile App in self-service mode from their account to a beneficiary account.

Refunds and reconciliation features allows the system to ingest a payment transaction file from the network. Based on final status shown, system can perform reconciliation of money transfer and trigger automated refunds to customer accounts. In case of refunds in cash, the refund transaction is notified to the end customer. Once the physical exchange of cash is captured in Agent App, agent account is credited with refund amount.

Our Solution provides for Apps to perform assisted transaction (Agent Apps) and self-service transactions (Customer Apps). Such Apps provide various features like Beneficiary Addition, Deletion, Perform a DMT transaction, Inquire transaction status, Process refunds, View past transactions, View limits etc.