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IMPS version 3.5 (2 new Interesting Features coming soon)

Abhishek012

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IMPS version 3.5 (2 new Interesting Features coming soon):

NPCI has introduced 2 new features in IMPS with the revised Online Technical Specifications version 3.5. Both these features are non-financial transactions catering to the industry requirement and facilitating various business needs.

The 2 new enhancements in IMPS include the following:

1.) Check Status:


This is a non-financial transaction type introduced to address the challenges with respect to Deemed approved Transactions in IMPS. This will enable the providers to fetch the latest status of the transaction. The implementation shall improve the customer experience and thereby minimize customer complaints.

2.) Name Inquiry:

The non-financial transaction enables Remitter Bank to validate the beneficiary name on the basis of IFSC Code + Account Number (for P2A) and MMID (for P2P). This feature of beneficiary verification shall enable many business use-cases. Banks are directed to use this service only when a subsequent financial transaction has to be initiated in IMPS.

All member banks are requested to implement all above mentioned three enhancements by 15th November 2020. Banks are required to implement the above both as a Remitter and Beneficiary with due certification from NPCI before going live with these functionalities.
 
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