A milestone achieved, yet again

16 November 2021

Montran achieved another milestone with its Clearing gateway NEFT module, recording over 10 million transactions in a single day, an all-time high for a commercial bank.

Operated by RBI, the NEFT retail payment system became a 24×7 facility from December 2019. In order to provide an impetus to digital funds movement and promote digital transactions, RBI made NEFT available to customers 24×7. The facility enables movement of transactions of any value throughout the day. This flexibility supports businesses in terms of efficient cash flow management.

This achievement accentuates Montran’s NEFT infrastructure as an efficient and robust system, reliable for its efficiency and volume processing capabilities.

Encompassing the key features of 24×7 transaction processing capabilities, liquidity management, real-time monitoring, integration with core banking systems, auto-settlement and end-of-day reconciliation, Montran’s NEFT module provides an end-to-end functionality that caters to the dynamic requirements of the country’s digital payment vision.

This red-letter day witnessed an upsurge of over 45% of the day-to-day average transactions. To put this in numbers,

  • 11.3 MN transactions were processed in a day
  • 23 MN+ acknowledgement messages were processed
  • 10 MN SMSes and email notifications for customer payments were transmitted.

Montran’s NEFT system is categorized within the Clearing gateway suite of solutions that cater to commercial banking institutions across the country.

Join Our Mailing List

Please correct the marked field(s) below.