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How-National-Financial-Switch-(NFS)-works

 

How National Financial Switch (NFS) works

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Introduction-

NFS has established a strong and sustainable operational model with in-house capabilities and today can be compared at par with other major and well-established switch networks. NFS is the largest network shared Automated Teller Machines (ATMs) in India. It aims to interconnect all the ATM’s in the country and facilitate easy banking to the users. NFS connects the ATM of member banks under a single network.
 

Features-

  • NFS has introduced sub-membership model which enables smaller, regional banks including RRBs and local co-operative banks to participate in the ATM network.
  • The Dispute Management System (DMS), has benefitted members with high operational efficiency and ease of online transaction life cycle management (chargeback, representment, etc.) in the network apart from being compliant with local regulatory requirements.
  • NPCI has also tied up with International card schemes like Discover Financial Service (DFS), Japan Credit Bureau (JCB) and China Union Pay International (CUPI) which allows their cardholders to use ATMs connected to NFS network.
  • The Fraud Risk Management (FRM) solution is offered as a value added service to monitor transactions (in real time) and to generate alert or decline the transaction in the NFS network
 
See the related post : Eight ways to save Income tax
 

Services offered in NFS-

(A) NFS offers various basic transactions through its member banks, such as-

-Balance Enquiry

-Cash Withdrawal

-Change of ATM PIN

-Mini Statement

(B) Apart from basic transactions NFS also offers other Value Added Services, which enables cardholder of any participating member’s bank, to use ATM of another participating member’s bank. These services are as under-
  1. Mobile Banking Registration – You can use any ATM of participating member’s bank to register for Mobile Banking.
  2. Card-to-Card Fund Transfer – You can use any ATM of participating member’s bank for initiate funds transfer to the any other participating member bank’s cardholder’s account.
  3. Request for issuance of Cheque Book – You can use any ATM of participating member’s bank to request for issuance of Cheque Book.
  4. Statement Request – You can use any ATM of participating member’s bank for request of account statement.
  5. Aadhaar Number Seeding – You can use any ATM of participating member’s bank for request of seeding of Aadhaar number in the account linked to the card.
  6. Interoperable Cash Deposit – You can use NFS networked Cash Recyclers/Cash Deposit Machines of participating member banks for depositing cash in their own account or third party account.
  • The service is beneficial for banks as well as its customers as it will help banks to optimize cash handling cost and at the same time provide convenience to customers by allowing them to use any participating Bank’s Cash Recycler/Cash Deposit Machine to deposit cash into their own account or any third party account.
  • Interoperability will further help to optimised cash handling cost and earn higher fee income leading to enhance Return on Investment.

Some of the key features of this service are:

  • Real time credit to beneficiary account
  • Instant verification of notes by cash recycler/cash deposit machine
  • Optimize cash handling cost and reduce idle cash in machines
  • 24/7 availability of cash deposit facility
  • Limit per Transaction is restricted to less than Rs.50,000/-
  • Paperless Transaction



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