Electronic fund transfer

Presentation By

E – banking CFMSECS

EFT

Bank cards

INFINET

NDS

NEFT

RTGS

SFMS

SWIFT

The clearing house is a voluntary

association of banks under the

management of a bank where settlement

accounts are maintained.

In the absence of an office of the RBI, the

clearing house is managed by SBI, its

associates banks and in a few cases by

public sector banks.

Wherever RBI has its office the clearing

house is maintained by it.

In India there are about 1050

cheque clearing houses, 840

clearing houses are managed by SBI

and its associates and the rest by

others.

The clearing houses clear and settle

transactions relating to various type of

paper based instruments like cheque,

draft, payment orders and

interest/dividend warrants etc..

From the days of manual clearing operations,

the Reserve Bank of India manages the

clearing houses at the key business centers

and has been at the forefront in driving the

initiatives towards a more electronic payment

and clearing system.

The first step taken by RBI were the introduction of the Electronic Clearing Services in the mid 1990’s.

One of the key challenges to the growth of ECS in India has been the degree of automation in the banking Industry.

ECS is now quite popular for making large –

volume payments. ECS was followed

by Electronic Fund Transfer

system.

The electronic banking is a banking system

where by banking services and products are made

available to consumers through electronic channels

.

It removes the consumer constrains regarding

branch location timing, geographical boundaries

etc.

It ensure value added services for basic

banking requirements .

E - banking is a an umbrella term for

the process by which a customer

may perform banking transactions

electronically without visiting the

institutions

DEFINITION

E-banking defined as the automated delivery of new and

traditional banking product and services directly to

customers through electronic interactive communication

channels .

E- banking includes the system that enable financial

institution, customers , individuals or business to access

accounts , transact business or obtain information on

financial product and services through public or a private

network , including the internet.

ECS is used by institutions for making bulk

payment of amounts towards distribution of

dividends, interest, salary, pension etc.. Or

for bulk collection of amounts towards

telephone / electricity dues , tax collection,

loan installment payments etc..,

electronically.

Requires expensive administrative machinery

Chances of loss of instruments in transit and

their fraudulent encashment

The customers also have to keep track of the

receipt/non receipt of the instrument

Bank find processing of such a large

volume of instruments not only error prone

and monotonous, but also a strain ion the

cheque clearing system.

Used for affording credit to a large number of

beneficiaries having accounts with bank branches at

various location with in the jurisdiction of a ECS centre by

raising a single debit to an account of a bank.

Enables payment of amounts towards distribution of

dividend, interest etc. of the user institutions

Savings in administrative cost

Reconciliation transaction is made automatic

by the time ECS cycle is completed.

Cash management becomes easier as

arrangement for funds is required to be made

only on the specified date.

Ensuring better customer service.

Paying the way the best companies in the world pay

to their shareholders/ investors/customers .

Loss of instruments in transit and their fraudulent

encashment thereof totally eliminated .

Freedom from paper handling and the resultant

disadvantage of handling , presenting and monitoring

paper instruments presented in clearing .

Smooth process of reconciliation for the sponsor

banks.

Cost effective.

Payment on the due date

Effortless receipt

In case of loss of instruments in trans it

and their fraudulent encashment there of and

consequent correspondent with the company

are totally eliminated.

Cost effective

The beneficiary has to furnish a mandate to

the user institution giving consent to avail the

ECS credit facility . The mandate contains details

of his / her bank branch , account particulars and

authorizes the user institution to afford credit to

his/her account with the destination bank branch

In case the information / account particulars

contained in the mandate undergo any change ,

the beneficiary has to notify the changes to the

user institution so that the correct information

can be incorporated in its records.

It is the responsibility of the user institution

to communicate to the beneficiary the details of

credit that is being afforded to his/her account,

indicating the proposed date of credit , amount

and related particulars of the payment

If a destination bank is not in a position to

credit the beneficiary account due to any reason

the same would be returned to the ECS centre

to enable the ECS center to pass on the

unaccredited items to the user institution

through the sponsor bank . The user institution

can then initiate alternate modes of payment.

There is no value limit on the amount of

individual transaction.

The RBI has deregulated the charges to be

levied by sponsor banks from user institutions.

The sponsor banks are however required to

disclose the charges in a transparent manner.

Method for affecting payment transactions in

respect of the utility – bill – payments such as

telephone bills, electricity bills insurance premium,

card payment and loan repayment etc. which

would obviate the need for issuing and handling

paper instruments and there by facilitate improve

customer service.

Savings on administrative machinery and

costs of collecting the cheque from customers

,presenting in clearing ,monitoring their

realization and reconciliation.

Better cash management because of realization

and recovery of dues on the due dates promptly

and efficiently.

Avoid chances of loss / theft of instruments in

transit.

Cost effective.

Customers need not visit the bank branches /

collection centers of utility service providers.

Customers need not keep track of due date for

payment.

The debits to the customer accounts would be

monitored by the ECS user and the customers

alerted accordingly.

Freedom from paper handling and the resultant

disadvantage of handling , receiving and monitoring

paper instruments presented in clearing .

Ease of processing and return for the destination

bank branches

Smooth process of reconciliation for the sponsor

banks.

Cost effective.

Sponsors Bank

User Institution

Clearing

House

Destination

Bank’s service

Branches

Beneficiaries

Account

Destination

Branch

Data on

Day 1Reports on

Day 1

Encrypte

d Data

on Day 1

Reports on Day 1

Credit on Day 1

Bank cards are generally defined as

any cards issued by a bank even a

non – traditional bank that access a

customer financial resources.

Bank cards are form of customer loan, a

revolving credit account that has a credit

line of a specific amount that can be

borrowed against in part or in full.

As the outstanding balance is paid, the

available credit line is resorted for use

again.

ATM is an electronic machine which allows the

access to withdraw and lodge cash, pay bills,

request statements and other banking

transactions.

The requires an ATM card and identification

number to gain access to the machine.

Fast Cash

Cash Withdrawal

Balance Enquiry

Mini Statements

Pin Change

Other Services

• ATM cards extends banking convenience

to banking customers.

• ATM operates around the clock 24*7, 365

days a year.

Innovative, secure, competitive

Reduces customer visits in to bank

Inter bank reconciliation is immediately

Value added product to the bank

Better banking service

Draw cash outside banking hours

Issued free of charge

Complete security

Transfer of fund is easy

Can get details of last five transactions

Save time

ATM cum Debit Card is a bank card which

combines the advantages of both ATM and

debit card.

A smart card, chip card or integrated circuit

card (ICC) is any pocket sized card with

embedded integrated circuits.

Smart cards can provide identification,

authentication, data storage and application

processing.

debit cards, credit cards and smart cards

are collectively referred to as plastic

money, because they are made out of

plastic.

Transfer of fund from one source to another

through electronic media .

It enable transfer of fund in the following ways.

1.Transfer of fund with in the city

2.Transfer of fund between the cities

3.Transfer of fund between branches

4. Transfer of fund between banks

EFT introduced by Reserve bank of India to

help banks offering their customer money

transfer services from account to account of any

bank branch in places where EFT services are

offered.

The remitting bank transmits the fund transfer

message to RBI so as to reach National Clearing

Cell (NCC), the receiving banks account is

credited by RBI at the destination centre and

beneficiary gets credit on the same day.

The customer receives a written receipt

when an electronic transfer is initiated and

periodic statements describe each

transfer.

Electronic funds transfer is a transfer of funds

is initiated through an electronic terminal,

telephone, computer (including on-line banking)

for the purpose of ordering, instructing, or

authorizing a financial institution to debit or

credit a consumer’s account. (Section

205.3(b)).

1. Fast and secure direct deposit of your claim

payments

2. Reduced paperwork

3. E-mail notifications the day deposits are made

4. Easy reconciliation of direct deposits

5. No need to change the way you submit

claims or post payments

6. Easy online access to view, search, print and

download information

Nation wide system that facilitates individuals, firms and

corporate to electronically

Transfer funds from any bank branch to any individual, firm or

corporate having an account with any other bank branch in

the country.

for being a part of NEFT fund transfer network , a bank branch

has to be NEFT enabled.

Walk –in customers can also deposit cash at the NEFT enabled

branch

It is necessary for the beneficiary to have an account with

the NEFT enabled bank branch in the country.

NEFT system also facilitate one-way-cross-border transfer

of fund from INDIA to NEPAL known as INDO –NEPAL

Remittance Facility Scheme.

A remitter can transfer fund from any of the NEFT enabled

branch into NEPAL

Customer intending to remit money through NEFT has to furnish the

following particulars;

a. IFSC (Indian Financial System Code) of the beneficiary bank/

branch.

b. Full account number of the beneficiary.

c. Name of the beneficiary.

Customers can use this facility between 8 am and

7 pm on all week days

Between 8 am and 1 pm on Saturday.

Eleven hourly settlement on week days.

Five hourly settlement on Saturdays.

The money will be credited to the beneficiary’s

account on the same day or at the most next day

to be eligible to apply for admission, an applicant

1. Shall be a bank.

2. Shall be a member of RTGS.

3. shall have installed SFMS.

4. shall meet the other prescribed eligibility criteria /

conditions which are notified by RBI from time to time.

If a particular bank has defaulted in meeting its

settlement obligation or paying any charge or fees or

complying with any procedural guidelines, the letter of

admission issued to it is liable to be kept under

suspension for such period as may be specified in the

order of suspension.

Every order of suspension shall be notified

immediately to all participating banks and

institutions including a bank or institution against

which the order of suspension is passed.

An order of suspension may be reviewed and may

be revoked at any time by the Governor, Reserve

Bank of India upon representation received from

the concerned bank or on his own . every

revocation shall be notified immediately to all

participating banks.

A participating bank shall not , while any order

of suspension is in force against it, be entitled to

send or receive any NEFT message or otherwise

to effect any funds transfer in the NEFT system.

There is no limit either minimum or maximum on the amount of

funds that could be transferred using NEFT. However maximum

amount per transaction is limited to Rs 50000 for cash based

remittance and remittance to Nepal.

There is no restriction of centers or of any geographical area

within the country. The NEFT system takes advantage of the core

banking system in banks. Accordingly the settlement of funds

between originating and receiving banks take places centrally at

Mumbai , whereas the branches participating in NEFT can be

located any where across the length and breadth of the country.

The clearing centre sorts the funds transfer transactions

destination bank wise and prepares accounting entries to

receive funds from the originating bank and give the fund to

the destination bank

The destination banks receive the inward remittance

message from the clearing centre and pass on the

credit to the beneficiary customer’s account.

With effect from July 1 ,2011, the originating

banks are required to pay a nominal charge of

25 paise each per transaction to the clearing

house as well as destination bank as service

charge . However these charges cannot be

passed on to the customers by the banks.

The beneficiary can expect to get credit for the first

ten batches on week days and the first five batches on

Saturdays on the same day.

For transactions settled in the last two batches on

week days and the last batch on Saturdays

beneficiaries can expect to get credit either on the

same day or on the next working day morning

In case of non credit or delay in credit to the beneficiary

account , the NEFT customer facilitation centre of the

respective bank can be contacted

If the issue is not resolved satisfactorily , the NEFT help

desk at NCC , RBI , Mumbai may be contacted through e

mail or by addressing correspondence.

If it is not possible to afford credit to the account of the

beneficiary for whatever reason, destination banks are

required to return the transaction to the originating bank

within two hours of completion of the batch in which the

transaction was processed.

Besides personal fund transfer , the NEFT

system can also be used for a variety of

transactions including payment of credit card

dues to the card issuing banks.

1. The remitter need not send the physical cheque or DD to

the beneficiary.

2. The beneficiary need not visit his / her bank for depositing

the paper instruments.

3. The beneficiary need not be apprehensive of loss/ theft of

physical instruments or the likelihood of fraudulent

encashment there of .

4. Credit confirmation of the remittances sent by SMS or e

mail.

5. Remitter can initiate the remittance from his

home / place of work using the internet

banking also.

IFSC is an alpha numeric code that uniquely

identifies a bank branch participating in the

RTGS / NEFT system. This is a 11 digit code

with the first four alpha characters

representing the bank, and the last six numeric

characters representing the branch. The fifth

character is zero.

The INFINET is the communication backbone of the

Indian Banking and Financial Sector.

All banks – Public Sector, Private Sector, Foreign,

Cooperative etc., and premier Financial Institutions in

the country are eligible to become members of the

INFINET.

The revolution in the information technology

sector could develop wide area network of

computers the wan encouraged banking sector

to introduce core banking with a view to improve

the customer services .

Under this the database for the whole bank is

maintained at central point.

The database can be assessed from any part of the

world through internet.

The customer can transact their business though any

branch

The transfer from one branch to another is possible

on real time basis.

The consumer need not go to the concerned branch

where he keeps the account

The customer can save time also with out visiting the

banking premises

It helps to achieve overall efficiency in banking

sector

Is a system set up, operated and maintained by the RBI

Enable operations on current accounts maintained at various offices of the

bank, through standard message format in a secure manner

It has two components

Centralized fund enquiry system(CFES)

Centralized fund transfer system(CFTS)

These have been made available through the following systems

Apex Level Server(ALS)

Local Fund Management System(LFMS)

Bank Level Fund Management System(BLFMS)

Local Banks Fund Management System(LBFMS)

ALS is a software component which resides in the mainframe computer

LFMS is the software component which would be functioning from the

server system at the regional offices of the RBI where the Deposits

Account Department (DAD) is existed

BLFMS is the software component provided by the RBI to the members

of the CFMS

LBFMS is the software component which would be given by the RBI to

the CFMS members for accessing the facilities at each local DAD.

Each entity , which maintains a current account with the RBI

and is a member of INFINET.

Admission to the CFMS may be granted , suspended or

revoked by the RBI at its own sole discretion . All applications for

the CFMS membership shall be addressed to the Regional

Director , Reserve Bank of India , Deposit Accounts

Departments, where the current account of the institution is

maintained with .

Enquiries relating to the operation of its current account

maintained with any of the DAD.

Fund transfer between accounts at different DADs

Normally be operational on all days on which at least to DADs of

RBI are working.

The bank may at its discretion , change the operating calendar .

Any changes to the operating calendar or any declaration of

unscheduled holidays will be communicated by the RBI to the

members by means of a broadcast message or otherwise.

REAL- TIME GROSS SETTLEMENT

The Real Time Gross Settlement System is the key

critical element and provides the missing link in the

process of the setting up of the integrated Payment and

settlement System in the country.

The world over, the Real Time Gross Settlement

System is now, the preferred mode of the settlement of

interbank payments, with more and more countries

moving towards it.

A settlement process, RTGS minimizes

settlement risks by setting individual payments in

real time in the books of account, held at the

Central Bank.

Under RTGS, practically instant settlement

ensures fast, secure, final and irrevocable

settlement of payment transactions.

The RTGS system is designed to provide large

value fund transfer and settlement in an on-line

real tine environment to the banking industry, with

settlement on a gross basis.

The system would have link with other netting

systems like Clearing, Automated Clearing House

transactions comprising Electronic Clearing

Services, Retail Electronic Fund Transfer, all

Plastic Money and Smart Card transactions.

A large value fund transfer system, whereby

financial intermediaries can settle interbank

transfers for their own accounts as well as for their

customers, the RTGS system effects final

settlement of interbank fund transfers on a

continues, transaction – by – transaction basis

throughout the processing day.

THE BENEFIT OF RTGS GOES TO

ECONOMY, BANKS AND CUSTOMERS

• It improves confidence of outside agencies

like World Bank on Indian Economy.

•It enables efficient settlements and avoids

settlement delays.

• It offers immediate and irrevocable settlement.

• It provides high value intra – bank and inter

bank fund transfer.

• It provides new opportunities for formulation of

innovative products.

• It provide sophisticated online banking

services.

• It offers reliable high – value fund transfer.

• It improves personal image with beneficiary.

Launched on December 14 ,2001 at IDRBT

Secure messaging standard developed to serve as a

platform for intra bank and inter bank applications.

Indian standard similar to SWIFT (Society for world –

wide Inter bank Financial Telecommunications) which

is the international messaging system used for financial

messaging globally.

Can be used practically for all purposes of secure

communication within the bank and between

banks.

The inter bank messaging part is useful for

applications like EFT,RTGS,CFMS etc..

SFMS has been introduced by RBI in November 2001

IDRBT and Tata Consultancy Services entered into an agreement on 15th

February 2001 for deploying a message solution for the Indian Banking

and financial Sector.

Its an application which would be riding on the backbone of the INFINET

SFMS provide security in the various EFT services introduced by RBI, such

as ECS and prevents its unauthorized usage

It brings the benefit of safe, secure and efficient fund transfers

In order to improve efficiency in the market, the

Reserve Bank of India took steps to automate the

process of trading and settlement of Government

securities transactions and the Negotiated Dealing

System (NDS) was introduced in February 2002.

The Negotiated Dealing System (NDS) has two

modules – one for the primary market and the

other for the secondary market.

The Reserve Bank uses the primary auction

platform (NDS Auction) for auction of both, dated

securities of the Government of India and the State

Governments as also, treasury bills.

This platform allows participants to electronically

submit their bids in the primary auctions and

receive allotment reports.

Creation of issues

Submission of bids

Processing of bids

Allotment advice

Settlement

• Secondary market trading in Government

securities can happen over-the-counter

(OTC).

• These trades generally happen over phone.

Players are required to report secondary

market trades on the NDS.

• Once they complete the reporting process and the

system accepts trades, the data automatically flows

to the Clearing Corporation of India Ltd. (CCIL) for

clearing and settlement.

• This avoids paper based settlement

process. Paper based system required

participants to exchange subsidiary general

ledger (SGL) forms for transfer of securities

and cheques for transfer of funds.

The Reserve Bank introduced the Negotiated Dealing

System-Order Matching system or NDSOM as it is

called, in August 2005.

The NDS-OM is an electronic, screen based,

anonymous, order driven trading system for dealing

in Government securities.

The Reserve Bank owns NDS-OM and CCIL

maintains it.

The platform is in addition to the existing facility of

over-the-counter (OTC) or phone market in

Government securities.

The NDS-OM brings transparency in secondary

market transactions in Government securities.

Members can place bids (buy orders) and offers

(sell orders) directly on the NDS-OM screen.

Being order driven, the system matches all bids

and offers on price/time priority, that is, within the

orders of the same price, it matches the oldest

order first.

The system ensures complete anonymity among

the participants as CCIL acts as the central

counter party (CCP) for settlement of all the

trades.

The NDS-OM also facilitates straight-

through-processing (STP), that is, all the

trades on the system are automatically sent

to the CCIL for settlement.

With the efficiency and ease of its operations,

the NDS-OM has today captured over 80 per

cent of the trading volume in Government

securities.

• There are two kinds of participants in NDS-OM –

direct and indirect.

• Direct members have current and SGL accounts

with the Reserve Bank and can directly settle

their trades on NDS-OM.

• Indirect members are those players who do not

have current and SGL accounts with the

Reserve Bank and therefore have to trade on

NDS-OM through members who have these

accounts with the Reserve Bank.

• More specifically, currently banks, including state

cooperative banks, primary dealers (PDs),

insurance companies, mutual funds and larger

provident funds have current and SGL accounts

with the Reserve Bank and therefore can directly

trade on NDS-OM.

• Banks and PDs provide custodial services to

indirect members by opening their securities and

funds accounts.

• Indirect members can place orders through their

custodian using client accounts.

• Such trades would finally settle through the

Constituent SGL (CSGL) account and current

account of the custodian who is a direct

member.

• NDS-OM currently has direct membership from

more than 130 financial institutions.

Following are the prerequisites of obtaining

membership of the NDS-OM:

• SGL account with the Reserve Bank

• Current account with Reserve Bank*

• INFINET (Indian Financial Network) connectivity

• Membership of CCIL

Why trade on NDS-

OM? • NDS-OM ensures anonymity of participants and,

therefore, ensures objective pricing in the

market.

• Reporting happens simultaneously with trades

on NDS-OM; whereas in the OTC market

participants need to report the transactions

separately.

• The system provides information, both pre-trade

and post-trade on real time basis.

• This assures transparency and better price

discovery as against the OTC market where

there could be a delay of up to 30 minutes in

information dissemination.

• Trading happens in standardised lot size

of Rs.5 crore and in multiples of Rs.5 crore

providing enough liquidity in the system.

• To facilitate trading in small lot sizes of

less than Rs.5 crore, a separate ‘odd lot’

segment (with the minimum trading lot size

being only Rs.10,000) is also available.

• Participants get to know the depth of the

market as the system shows the order

depth in terms of number and total amount

of sell/ buy orders for each security. This is

not possible in OTC market.

• There is a high level of operational ease

as the entire cycle of placing orders,

trading and settlement of trades is fully

automated.

• Once the trade is concluded on the

system, it is treated as confirmed for

settlement. In the OTC market, deals have

to be confirmed on NDS and only then

they are accepted for settlement.

SWIFT provides a network that enables financial

institutions world wide to sent and receive

information about financial transactions in a secure,

standardized and reliable environment.

SWIFT was founded 1973 and was supported by

239 banks in 15 countries.

fundamental operating procedures, rules for

liabilities etc were established in 1975 and the first

message was sent in 1977

As on September 2011 SWIFT linked more than

9000 financial institutions in 209 countries and

territories who were exchanging an average over 15

million messages per day.

The chairman of SWIFT is Mr. Yawar Sha, who is

from Pakistan

The CEO is Mr. Gottfried Leibbrandt, who is from

Netherland

SWIFT transport financial messages in a highly

secure way but does not hold accounts for its

members and does not perform any form of

clearing or settlement

Majority of International Interbank Messages

use the SWIFT network.

SWIFT is a co operative society under Belgian law and it is

owned by its member financial institutions.

It has offices around the world, SWIFT headquarters is at

Belgium near Brussels

SWIFT secure messaging network is run from two

redundant data centers, one in the US and one in Netherland

In case of a failure in one of the data centers

the other is able to handle the traffic of the

complete network.

SWIFT opened a third data centre in

switzerland which started operation in 2009

1. To analyze the perception of Banking Employees

and Banking Customers towards EFT.

2. To study the fund transfer in UAE Exchange.

YES NO

0 % 100%

YES NO

0 % 100%

YES NO

0 % 100%

YES NO

0 % 100%

BENEFITS RANK

Increases customer access V

Reduce workload of employees III

Reduce paper work II

Time and cost savings I

Attract new customers IV

Facilitate offering new services VI

70

30

No. of Respondents

Male

Female

Technologies Fully aware Partly aware Unaware

RTGS 40 % 40 % 20 %

NEFT 40 % 40 % 20 %

ECS 40 % 35 % 25%

NDS 30 % 25 % 45%

SWIFT 20 % 10 % 70 %

Source %

Friends and Relatives 55

Bank Officials 15

Advertisements 20

Website 10

YES NO

90 % 10 %

Features Rank

Ease of use 2

Time saving 1

Any where banking 3

Quick and Prompt Settlement System 5

Error free transaction 6

Convenience 4

YES NO

100 % 0 %

YES NO

0 % 100 %

YES NO

100 % 0 %

YES NO

20 % 80 %

Type – Limited Liability Company

Industry – Financial Services

Founded – 1980

Founders - Bavaguthu Raghuram Shetty and Abdulla Humaid

Al Mazroei

Headquarters - Abu Dhabi, United Arab Emirates

Over three decades of service excellence

Conveniently located branches with customer-friendly working

hours

Direct operations spanning five continents with 660+ direct

offices

6% - Our market share of global remittance business

Correspondent bank network covers over 150 leading global

banks

Over 8,000 people employed worldwide

Workforce diversity of over 40nationalities

The first exchange house to get the SWIFT membership

More than 4 million registered customers worldwide

Global net worth of more than US$ 300 million

SWIFT membership, ISO quality certifications,

Dubai Quality Appreciation Programme award,

Dubai Service Excellence Scheme Award, MRM

Business Excellence Award, UAE Emiratisation

Award, Deutsche Bank STP Excellence Award,

quadruple Superbrand status

Y. Sudhir Kumar Shetty

COO - Global Operations

Promoth Manghat

VP - Global Operations

Gopakumar Bhargavan

Chief Marketing Officer

Ashwin Shetty

VP - Dealing

Sarath Chandra M

Chief Information Officer

Money2anywhere offers you an online remittance

experience with a combination of competitive

exchange rates, quick processing of the remittance

request and a friendly customer service team. We

use cutting-edge technology to store your

information in secure database and ensure total

security to each of your transactions.

Smart Pay is a unique payroll processing and

salary disbursement platform built in-house by

our expert technology team. Its highly secure

database stores critical information of corporate

entities with dynamic functionalities like Salary

Information File (SIF) generation and uploading.

The high-end technology also ensures secure

salary disbursement through user-friendly Cash

Dispensing Machines.

Flash enables real-time credit of

money in any bank account. Our

strong technology infrastructure

and secure back-end processes

empower you to send money

directly to your loved one’s bank

account, real-time.

XPay facilitates you to pay for

your purchases using your

mobile phones conveniently.

This secure payment gateway

allows you to pay without

carrying hard cash, credit

cards or even without a bank

account.

Xpress Money is simply the fastest way you can

send money to anywhere! Our secure, state-of-the-

art technology infrastructure and reliable back-end

processes enable your money to reach your loved

ones instantly and safe.

• N.Subramani, M.Murugesan etal, 2008, E’ – Banking and ‘E’ –

Commerce, Abhijeeth Publications, New Delhi.

• Nidhin Kapoor, 2008, Computerized Banking System in India ,

Sublime Publications , Jaipur.

• K. Sohani , 2009, Technology in Banking Sector, Icfai

University Pres,

– E – Banking and E – Commerce –

• Vikas Taneja and Sakshi Parashar, 2011, Alfa

Publications, New Delhi.

• www.rbi.org

• www.npci.org

• www.uaeexchange.com

• www.