Here’s a step-by-step guide that will help you understand how IMT works –for the sender, receiver,
and for the bank.
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.
Step 3
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 4
Once 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 5
To 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.
Note:
As per RBI guidelines it is mandatory for the receiver to fill up a one-time “Know Your Customer” registration form wherein all the recipients’ details are registered.
The sender can send a maximum of Rs.5000 in a single transaction and a maximum of Rs. 1 lakh throughout the year to a single recipient
Step 1
The sender pre-arranges a code (PIN1) with the receiver and uses his bank channel (ATM, Internet banking account, Branch) to execute an IMT order.
Step 2
The issuer bank accepts the order, debits the sender’s account for the payment amount with the applicable fees and transmits the order to the IMT node.
Step 3
IMT generates another 4-digit code (PIN 2) unknown to the sender, known as “Reference Key” and sends an SMS to the receiver’s mobile number that was entered by the receiver specifying the amount and PIN 2 that was generated by IMT.
Step 4
Receiver gets the SMS on his mobile phone, goes to any ATM of the affiliated bank and enters:
His mobile number
Pre-arranged sender’s code (PIN 1)
The reference key code which was generated by
IMT and sent on the receiver’s mobile number(Pin 2)
Correct amount
Step 5
If the receiver is registered, he can perform a card-less withdrawal, else he is asked to enter either a card issued by any of the affiliated banks, or requested to get himself registered.
Step 6
Affiliated bank ATM queries IMT for verification and if it is successful, receiver gets the cash.
Step 7
At end of day, settlement is directly effected between or within the affiliated bank, using only a report from IMT.
A simple registration process has been put into place to enable an individual to receive IMT without possessing a bank account with any of the affiliated banks. To do so, he has to present himself at a bank branch of any of our affiliated banks and show the following documents:
Proof of address of the customer (any one document):
Telephone Bill
Ration Card
Bank Statement
Electricity Bill
Letter from any recognized public authority
Letter from Employer
Letter from gram panchayat or any government official
The state-of-the-art software that supports IMT is developed by Opus Soft and certificated by VeriSign.
Payment Technology:
Built by Hal-Cash in Spain
Extended to suit emerging market considerations similar to that of India
Compliant with regulation
Extensible to suit all forms of input and output scenarios
The system architecture of the payment system consists of the following key software elements:
The Empays Interface Bank Module
The Empays Interface Host Module
The Hal-Cash Node
The IMT system interfaces the bank systems to the Hal-Cash system and has two components - the EIBM (Empays Interface Bank Module) and the EIHM (Empays Interface Host Module).
The EIBM system resides inside the bank network and a copy of this system is deployed at each affiliate bank.
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.
The EIHM system serves as the nodal system to which each affiliate bank and its EIBM link.
It interfaces with the bank EIBM on one side and the back-end Hal-Cash node on the other.
It maintains beneficiary level limits and validation parameters which are intra-bank in nature.
It maintains registration information of beneficiary mobile numbers and provides APIs for the bank to interface with for registration and de-registration.
It does not store any bank customer or account specific information.
The Hal-Cash system is the back-end payment system which contains the payment processing logic.
IMT has the capability to do International (or Cross-border) remittances. The product can be integrated with Exchange Houses abroad and with a simple implementation effort, can be up and running in a short time. The concept behind International remittances is the same as that of Domestic Remittances. Using the IMT Product for International remittances overcomes the current process of repeated KYC'ing of the recipient (every time he receives a remittance). The process is instant and secure.
The process is compliant with RBI Guidelines. Currently, Empays is implementing a Cross Border Remittance solution with a large bank and exchange House, and in advanced stages of discussions with others
Customer Experience: A Sender walks into an Exchange House and requests to send money to a beneficiary in India. He gives the agent across the counter the equivalent in cash (in the local currency), the recipient’s mobile number and a 4-digit sender code (which is also shared offline with the recipient). The agent initiates the transaction. An SMS is instantly sent to the recipient’s mobile number, along with a system-generated PIN. The recipient can then immediately go to any channel of an IMT-enabled Bank, furnish the mandatory details (like Mobile number, the 2 Pins – Sender and SMS) and the exact Amount. The transaction is Validated and the cash is withdrawn.
