Empays, a provider company of multi-bank payment systems, on 17 December 2014 announced that its Instant Money Transfer (IMT) service has received authorisation from the Reserve Bank of India (RBI).
The company was awarded the IMT payment system certificate of authorisation under the Payments and Settlements Act 2007.
The certificate issued to Empays enables its IMT payment system to access clearing and settlement arrangements between member-banks directly under the RBI, making it work across banks.
IMT payment system
The IMT payment system is a multi-bank mobile transfer solution and it combines mobile phones and ATMs to reach the unbanked making it a unique milestone in money transfers, payments and financial inclusion in India.
Payments and Settlements Act, 2007 (PSS Act, 2007)
The PSS Act, 2007, that came into force on 12 August 2008, provides for the regulation and supervision of payment systems in India and designates the RBI as the authority for that purpose and all related matters. The Act also provides the legal basis for netting and settlement finality.