A payment compliance is a protocol that all companies must stick to while developing new payment portals.
NEFT, IMPS, and RTGS are some of the popular payment modes under Third Party Transfer that will help customer remit funds to a beneficiary.
Both RTGS and NEFT have their strengths. Let’s understand these strengths and decide which mode to use and most importantly, when.
Currently, there are over 150,000 IFSC Codes operating in India, with more than 1,400 banks all over the country.
RTGS is one of the most reliable fund transfer methods available today, with most people choosing it for its real-time fund transfers.
RTGS is a convenient transaction mode that is ideal for high-value transactions. Individuals can use this form of payment for large investments & payments.
RBI has set up 21 ombudsman offices to facilitate the settlement of complaints regarding digital transactions.
The characteristics of NEFT can help customers in spite of the dawn of faster payment solutions like IMPS in India.
One of the most important IMPS features is that it offers real-time transfers of funds that occur on an electronic platform.
NEFT allows people to transfer funds electronically from one bank account to another and is relevant to those who wish to transfer large sums of money.