HSBC India has launched an Interbank Mobile Payment Service (IMPS) for its corporate customers, in partnership with National Payments Corporation of India (NPCI). IMPS is a payments platform that allows customers to use mobile technology as a channel for accessing their bank accounts and initiate interbank fund transfers in a fast, secure manner. Transfers can be person-to-person (P2P) or person-to-merchant (P2M).
IMPS benefits companies’ receivables function as it provides instant information to the corporate through email and SMS alerts, which will be sent on completion of the transaction. IMPS will also help in reducing the risk and cost associated with other existing modes such as cash and cheques.
Diane Reyes, global head of payments and cash management (PCM) at HSBC, said: “We are partnering with NPCI in this important initiative to help our clients’ improve the experience they can offer their customers. HSBC Group continues to show leadership in mobile payments across Asia. Our commitment to helping clients through IMPS, speeds up the time taken for companies to receive cash – giving treasurers greater clarity and simplicity in running their businesses.”
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