Overview
The Immediate Payment Service (IMPS) provides a robust and real-time fund transfer solution, offering an instantaneous, 24x7, interbank electronic fund transfer service, that could be accessed on multiple channels like Mobile, Internet, ATM, SMS, Branch, etc. This facility is provided by the NPCI. To use IMPS for fund transfer, both Remitter, as well as Beneficiary, need to register their mobile number with the respective Bank account and get MMID (Mobile Money Identifier). To cater to a scenario where the Beneficiary’s mobile number is not registered with any Bank Account, IMPS funds transfer has been made possible using Beneficiary account number and IFSC code. The IMPS Fund Transfer API accepts the Remitter’s Name, Account Number, Mobile Number, etc. and the Beneficiary’s Account Number, Mobile Number and IFSC of the Beneficiary Bank’s branch. There are limits on the Amount that can be transferred, which varies between Bank to Bank. This is an asynchronous API such that, fund transfer may not be completed immediately. This API, hence, will respond with an Acknowledgement message immediately. When the transaction completes, the final transaction status message will be returned. This final message will have details of the fund transfer status, remitter’s and beneficiary’s account numbers, the amount transferred, etc. Based on the status code, RESPONSE_CODE, and description, the client application can take appropriate actions. Both the response messages will have the same ReferenceID, with which the client had invoked this API.