With seven billion mobile phone users(Source:International Telecommunication Union, May 2014), there are more mobile devices in the world than internet connections or bank accounts - which clearly marks m-commerce as the future of banking. Techno Brain’s Mobile Banking solutionprovides secure, real-time, mobile money transfer between individuals and institutions.
For several years, banks have been able to reduce the processing costs of funds transfer via the online National Electronic Funds Transfer (NEFT) system. NEFT, however, processes transactions in batches rather than in real time. The Interbank Mobile Payment Service (IMPS), introduced in 2010, enables instant, 24x7, mobile fund transfers.
Techno Brain has successfully implemented this solution in various banks and cooperatives. It is a tested product that meets central banks’ technical and functional requirements.The solution provides instant confirmations of credit and debit to sender and receiver, as well as instant or next-day reversal of transactions that cannot be completed. With the combination of mobile number and Mobile Money Identification Number (MMID), Techno Brain’s Mobile Banking solutionprevent funds from being sent to an incorrect recipient.