New Banking Defination

By | December 5, 2016
(Last Updated On: December 5, 2016)

 Beneficiary Bank: Refers to the IMPS member bank where the Beneficiary‘s Account is held in a mobile Payment request.

 Customer: Customer should refer to an account holder of a bank who registers to avail of the Mobile Remittance service of the Bank or wallet holder of PPIs.

  IMPS: Immediate Payment Service of NPCI

  NFS: National Financial Switch

 NPCI: National Payments Corporation of India – NPCI provides its Switch (NFS) to route the ATM and mobile remittance transactions between banks and arranges for the settlement of net dues directly in the RTGS settlement accounts of the member Banks with RBI.

MMID: Mobile Money Identifier- A seven digit code assigned to an account of a customer that will be used for sending and receiving mobile remittances

NBIN: National Bank Identification Number for Mobile Remittances.NBIN is assigned by NPCI to the members participating in NPCI‘s Mobile Remittance Service (IMPS). This is used for identifying members in the context of Mobile Remittances for routing transactions through the IMPS.

MPFI: Mobile Payment Forum of India

MPSP: Mobile Payment Service providers – refers to the Mobile Phone Service providers who offer their platform to members to facilitate mobile remittances from their customers.

Remitting Bank: Refers to a member bank that first debits the amount remitted from a requesting customer‘s account and sends a remittance request to IMPS for routing to the beneficiary‘s Bank for credit to the account of the beneficiary.

RBI: Reserve Bank of India

RRN: Retrieval Reference Number refers to the unique number assigned to a mobile remittance transaction that helps in subsequent retrieval for reference.

RTGS: Real Time Gross Settlement System

SGF: Settlement Guarantee Fund – Funds contributed by banks to guarantee settlement of Payments made on their behalf by other banks.

SFTP: Secured File Transfer Protocol.

PPI: Prepaid Payment Instrument

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