Tag Archives: technology

IMPS-Merchant Payment Service launch with Andhra Bank

 

Instant Safe Secure Smart 24x7x365

Andhra Bank has launched IMPS_MPS sub product this weekend.  With this launch, Andhra Bank is now having the full bouquet of Immediate Payment Services products i.s MMID, MPS, ATM channel and Account No with IFS Code

Now it is turn of Andhra Bank staff and customers to make the most of IMPS.

Andhra bank is one of few Indian Banks which has its own mascot i.e Dolle

Recently the Bank has won four awards in a row.  Andhra Bank is SLBC convenor bank for Andhra Pradesh.

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White Label ATMs (WLAs) in India – Guidelines

 

 

RBI on 19 October 19, 2012, announced the extension of the last date for submission of authorization requests for setting up White Label ATMs (WLAs), till 31st December, 2012.

As per DPSS.CO.PD. No. 2298 / 02.10.002 / 2011-2012 dated June 20, 2012,  prospective White Label ATM (WLA) operators were required to approach RBI for seeking specific authorization within four months from the date of issuance of the circular.

The extension of date was in view of the situation at the ground level. Prospective WLA operators had to multiple tie-ups in place, before they could approach RBI for the necessary authorizations.

The main difference between WLAs in India and abroad is that in India, the cash inside the ATM is the responsibility of the Sponsor Banks and not of the WLAs.

This is primarily to minimize complaints regarding a) shortage of cash b) menace of fake notes etc. As this is different from the normal practice, new innovative solutions have to implemented by the prospective WLAs.

 

 

RBI cautions Public Not to respond to Phishing Mail sent in its Name

As the internet usage has exploded for financial transactions, online swindlers have found a new hunting ground for their victims.

One of the most common scams is the usage of the respective countries’ central bank dummy email id, to ensnare customers to part with their financial details.

This has since become common in India too.

Since 2007, RBI has been issuing periodical advisories cautioning general public not to respond to any mails purported to have been sent by RBI, requesting for their personal financial details.

In 2012 itself, RBI has issued 4 advisories, the latest being today.

The latest email in circulation states that RBI’s Security Team has unveiled a ‘new online security protection’, tool.

Well, this is one more attempt by online conmen to ensnare some more innocent internet users into their fold.

RBI has made this clear that this is a phishing mail and accessing the mail in any manner could result in identity theft.

 

Additional resources

Online Conmen

The lure of easy money

 

Re-disseminated by Prashant N. Banker by daytime, Blogger by night.

Do you want me write on any something specific, if so mail me @ nshantin(at)gmail com

 

 

 

 

Barcode in Banking – A tool to minimize fraudulent documents.

The ‘Barcode’, celebrates its 60th anniversary this week. Barcode is a familiar sight for anybody visiting a supermarket. Majority of the items in a Supermarket are ‘Barcoded’, for ease of billing.

Barcode are distinctive black-and-white stripes which provide details relating to an object you purchase.

The first patent for ‘Barcode’, were filed in US on 7th October, 1952. But, they could make their commercial appearance only in 1974, as the laser technology to read them were not commercial viable till 1974.

In layman terms, Barcode is an optical machine-readable representation of data relating to the object to which it is attached.

In the initial phases, Barcodes were chiefly visible in supermarkets. Slowly, they spread to other industries, with Logistics being the early adapter.

Now-a-days, BarCodes are present everywhere, be it Books, Medicines, Postal Packages, Courier Packages, Hospitals, Education, you name the industry and Barcodes have a presence.

Financial institutions too have discovered the advantages of Barcodes. In financial institutions the Barcodes are primarily used for tracking Documents.

However, there are not many innovative applications of Barcodes in the financial institutions.

A common data format for ‘Barcodes’ in Documents valid for POI (Proof of Identity) and Address, will drastically reduce the hazards of  fake documents being part of the process cycle.

The Barcode Information should contain the Address mentioned in the Document.  The address/other details on the Document can be easily falsified, but to falsify the Barcode is difficult.

Of course, there will be always innovative scam-esters to beat the system, but that numbers will be less.

Barcodes can increase the confidence level amongst financial industry staff handling documents under Know your Customers norm.

Utility Bills i.e Telephone Bills, Electricity Bills, Credit Card  Statements, Bank Account Statements, Ration Cards, Driving Licence, PAN Cards, Partnership Deeds, Government Registration Certificates, UIDAI-Aadhaar are some of the documents which can be Barcoded and introduced in the Financial industry.

Of course, there should be common standards which have to be adopted by the respective Document generators.

Additional Resources

History of Barcodes

Barcodes to reduce frauds

 

Re-disseminated by Prashant N. Banker by daytime, Blogger by night.

Do you want me write on any something specific, if so mail me @ nshantin(at)gmail com