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Interoperable Internet Banking Product .... soon in India, says RBI
- Thread starter RAMESH BABU N
- Start date
- Replies 10
- Views 970
MrJJ
TF Ace
Something like Open Money ?
RAMESH BABU N
TF Legend
Open Money is chargeable per year (or Month), handled by a fintech based in BLR and it offers only limited options to link a few banks. Hopefully, this new product - approved by RBI/IBA might have onboarding facility for all banks. I prefer to have my data handled by established banks/RBI/IBA than by some unknown fintech startup. I never trust such fly-by-night operators.
Interesting .
Following.
Following.
Sahilhenzy
TF Legend
What's extraordinary in this?
RAMESH BABU N
TF Legend
Read the article.
And, wait for the launch.
It's not useful for everyone
Sahilhenzy
TF Legend
Oh go it. But nothing extraordinary to customer. It's for small businesses which is good.
Now BBPS (also called NBBL) offer interoperable payment system for internet banking:
RBI gives approval to NPCI to launch interoperable payment system for internet banking in CY24
The Reserve Bank of India (RBI) Governor Shaktikanta Das on March 4 said the central bank has given approval to NPCI Bharat BillPay Ltd (NBBL) to launch interoperable payment system for internet banking to facilitate quicker settlement of funds for merchants.
The Governor said the launch of this facility will be done this calendar year.
“We have given approval for implementing such an interoperable system to NPCI Bharat BillPay Ltd (NBBL),” Das said at the Digital Payments Awareness Week celebrations at RBI in Mumbai.
This measure will further boost the user confidence in Digital Payments. As a regulator, we are committed to play our part in India’s journey in digital payments, Das said.
Further, the governor urged all stakeholders like industry, payment system operators, media, digital payment users, and others to take up the responsibility of fulfilling the mission of ‘Har Payment Digital’.
Das said that internet banking is one of the oldest modes for online merchant payment transactions. It is a preferred channel for payments like
income tax, insurance premium, mutual fund payments, ecommerce, etc.
He added at present, such transactions processed through Payment Aggregators (PAs) are not interoperable, i.e., a bank is required to separately integrate with each PA of different online merchants.
As a result, if a customer wants to make payment from his bank account to a certain merchant, the merchant’s PA and customer’s bank must have an arrangement. Given the multiple number of payment aggregators, it is difficult for each bank to integrate with each PA, Das added.
RBI gives approval to NPCI to launch interoperable payment system for internet banking in CY24
The Reserve Bank of India (RBI) Governor Shaktikanta Das on March 4 said the central bank has given approval to NPCI Bharat BillPay Ltd (NBBL) to launch interoperable payment system for internet banking to facilitate quicker settlement of funds for merchants.
The Governor said the launch of this facility will be done this calendar year.
“We have given approval for implementing such an interoperable system to NPCI Bharat BillPay Ltd (NBBL),” Das said at the Digital Payments Awareness Week celebrations at RBI in Mumbai.
This measure will further boost the user confidence in Digital Payments. As a regulator, we are committed to play our part in India’s journey in digital payments, Das said.
Further, the governor urged all stakeholders like industry, payment system operators, media, digital payment users, and others to take up the responsibility of fulfilling the mission of ‘Har Payment Digital’.
Das said that internet banking is one of the oldest modes for online merchant payment transactions. It is a preferred channel for payments like
income tax, insurance premium, mutual fund payments, ecommerce, etc.
He added at present, such transactions processed through Payment Aggregators (PAs) are not interoperable, i.e., a bank is required to separately integrate with each PA of different online merchants.
As a result, if a customer wants to make payment from his bank account to a certain merchant, the merchant’s PA and customer’s bank must have an arrangement. Given the multiple number of payment aggregators, it is difficult for each bank to integrate with each PA, Das added.
The NPCI Bharat Billpay is likely to enable interoperable payment system for net banking as early as next month
NPCI In Talks With Banks, Fintechs To Implement Interoperable Payment System for Net Banking
It is pertinent to note that HDFC Bank, ICICI Bank, and SBI are among the major players in this space.
The development comes weeks after the RBI governor said that an interoperable payment system for net banking was likely to be launched in 2024
NPCI In Talks With Banks, Fintechs To Implement Interoperable Payment System for Net Banking
It is pertinent to note that HDFC Bank, ICICI Bank, and SBI are among the major players in this space.
The development comes weeks after the RBI governor said that an interoperable payment system for net banking was likely to be launched in 2024
