How Its Works

IMT is money transfer, made easy. It is the easiest and safest way to send money to a mobile phone, and obtain cash from an ATM. It uses your bank's current banking channels to send money from your account to another person, using only his mobile number. No need to remember the recipient’s account number, his bank address, his IFSC code, his SWIFT code… in fact, nothing but his mobile phone number!

The person receiving IMT can be anyone – a person with a bank account, or someone with no bank account at all. This is what makes IMT unique. All you need to know is the recipient’s mobile number.

The receiver can withdraw the money, at an ATM of any of the financial institutions affiliated to our network. The transactions are carried out through the commercial bank’s secure banking systems, which makes IMT a reliable and credible platform for money transfer.

• Commercial banks that agree to become affiliated to IMT based on a governance agreement that states rights and obligations.
  The most important amongst these are;
  
  • an agreement to honour a valid IMT transaction without exception,
  • the obligation to honour the settlement entries and respect settlement limits and bounds,
  • the willingness to connect the IT systems to IMT using the secure protocol,
  • the obligation to make the modifications necessary in the IT systems, and
  • the obligation to observe the good practices agreement.
• Senders, who are Account Holders in these commercial banks, who use the IMT channel as a way to send money to anybody with a valid mobile phone & number, in any part of the country
• ATMs of the affiliated banks, which are used to sending or receiving IMT orders, suitably modified to accept or to pay out an IMT order.
• KYC (Know Your Customer)-enabled Receiver who must be identified with one of the banks affiliated with IMT. The identification is either a specific registration or the possession of any KYC-enabled card issued by a regulated Indian commercial bank.
• Clearing Bank/Settlement Agent who provides the end-of-day clearing and settlement between the affiliated banks, or a designated Settlement Agent who performs the Net Settlement function with the affiliated banks.