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Money Transfer

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Money Transfer

SISS
 

Transactions

Set of transactions supported by Symbolic India Software Solutions APIs

Symbolic India Software Solutions's API allows you to:

1.   Create a customer.
2.   Enquire about customer profile.
3.   Add entity, like recipient bank account, to a customer profile.
4.   Process financial transactions on behalf of customers via IMPS/NEFT.
5.   Collect repayment of loans.
6.   Enable verification of bank account details.
7.   Verify your customers/merchants via eKYC.
8.   Process biometric-based cash-out transactions via AePS (Aadhaar enabled payment system).
9.   Verify your customer's PAN card for KYC.
10.   Verify account details.

 

Limits

IMPS/NEFT limit is:
1.   Rs 5,000 per sender per transaction.
2.   Rs 25,000 per sender per month.

 

In case of Indo-Nepal remittance, the limit is:
1.   Rs 50k per sender per transaction.
2.   Rs 6 lakh per sender per year.
3.   12 transactions per customer per year.

 

Limits for AePS transaction:
1.   Upto Rs. 10,000 per transaction.
2.   Number of transactions per Aadhaar per day: 5.

 

Payment Flow

Describes the transaction flow for a money transfer transaction

 

Any financial transaction has the following flow:

1. CUSTOMER ENQUIRY :
For an existing customer, an inquiry can be made to check if a customer with a mobile number exists or not on the platform. If the customer does not exist then the customer needs to be created.

2. CUSTOMER CREATION :
A customer is created with a mobile number and name. The mobile number needs to be verified via OTP or by doing a missed call to a defined number.

3. FETCHING LIST OF RECIPIENTS :
For an existing customer, the list of recipients can be fetched for a customer.

4. RECIPIENT ADDITION :
For transferring money to a bank account, a recipient (bank account) needs to be added to a customer profile. The bank account number can be verified by returning the name of the beneficiary bank account. This functionality also needs to be developed for an existing customer who wants to add a new bank account.

5. TRANSACTION :
A transaction can be initiated into a bank account via IMPS/NEFT for a customer.

6. REFUND :
For a cash to digital transaction, if the transaction fails then the customer can take refund via OTP.

7. TRANSACTION ENQUIRY :
For a transaction which is in pending state, an inquiry can be made on the system to check the current status of the transaction using Eko transaction id or client's unique reference id.

 
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