Pioneering Instant Payments through Montran’s IMPS solution

Montran successfully implemented the IMPS real-time payments system for one of the top ten private sector banks in India. A synopsis into the features and advantages of Montran's IMPS solution, designed to facilitate instantaneous and secure transactions for the financial sector.
03 March 2024

The Immediate Payment Service (IMPS) real-time payment system, a payment rail operated by the National Payments Corporation of India (NPCI), facilitates inter-bank domestic fund transfers and foreign inward remittances to beneficiaries. A channel-agnostic system, the IMPS solution caters to diverse user preferences by offering multiple channels for fund transfers. The system ensures widespread accessibility by operating seamlessly on mobile and internet banking platforms, ATMs, SMSs, and other convenient banking methods.

Montran’s xml-based IMPS solution adheres to the specifications outlined by NPCI, thereby fostering a payment environment that seamlessly integrates with the broader financial ecosystem. The application is cloud native and is benchmarked to process 2000 Transactions Per Second (TPS).

The IMPS solution integrates with multiple channels via MQ, API, SFTP and webservice interfaces. With the capability to act as a switch, IMPS facilitates Straight-Through-Processing for P2P, P2A and foreign inward remittances. The IMPS switch facilitates 3-way reconciliation between Core Banking, Regulator and Montran’s IMPS.

The following are the key features and aspects provided by Montran’s IMPS application:

  • Connectivity: IMPS connects with various channels, the bank’s Core Banking System (CBS) and NPCI switch, via standard APIs, to complete the IMPS payment processing. The system caters to retail customers, merchants and corporate customers and facilitates payment processing for these systems.
  • Straight Through Processing: As a part of payment processing, the application processes outward and inward P2P, P2A and foreign inward remittances via Financial APIs. It also seamlessly handles non-financial APIs, as defined and required by the IMPS application.
  • IMPS enquiry messages API support: For IMPS transaction enquiry initiated by the Corporates, the IMPS switch provides appropriate transaction statuses based on the NPCI adjustment file.
  • Automated Reports & Dashboards: The solution seamlessly integrates powerful Reporting features, providing unparalleled data insights.
    o Bulk upload of Retrieval Reference Numbers (RRN), providing users with a swift means to access and view the payment statuses
    o Dashboards with NPCI Response code and session-wise transactions processed for the day.
    o Summary dashboards based on the transaction’s status.
    o Reports with date filters for different categories of processed transactions
  • In-built reconciliation with NPCI recon files: Reconciliation of the transactions is done between all the 3 integrations – CBS and NPCI along with TPH IMPS Switch. It provides a summary of reconciled transactions along with a report of unreconciled transactions for business users to act on.
  • Processing of Adjustment files: Automated adjustment file processing in the IMPS switch enables customers to obtain updated status via status enquiry, for raised and deferred chargeback cases.
  • Configurable Payments Reversal: With customizable parameters, the bank can navigate and govern the payment reversal processes for original and verification requests.
  • Value-Adds: Montran IMPS’s value-added features include beneficiary account validation, account posting, narrations, alerts, cycle-wise reconciliation, consumption and status updates based on the NPCI RAW file and MMID generation/validation/ cancellation.

Montran’s IMPS solution for banks encapsulates the essence of speed, security and innovation. By addressing the evolving needs of the digital era, Montran empowers banks to navigate the future of finance seamlessly. Join us on this transformative journey, where instant payments redefine the payments experience.

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