Andhra Bank launches IMPS for money transfer

Andhra Bank has launched Immediate Payment Service (IMPS) at all its branches.National Payments Corporation of India (NPCI) is associated with Andhra Bank in his step.IMPS makes payments possible within fraction of seconds without compromising security.
- Benefits:
1. facility will be available round-the-clock unlike the NEFT, which is available only for limited hours.
2. a real time instant fund transfer system for inter-bank remittances.
About IMPS
The IMPS (Immediate Payment Service) helps customer to access their bank account and transfer funds instantly and securely. Currently majority of interbank mobile fund transfer transactions are channelized through NEFT mechanism. Under NEFT, the transactions are processed and settled in batches, hence are not real time. Also, the transactions can be done only during the working hours of the RTGS system. IMPS offers an instant, 24X7, interbank electronic fund transfer service through mobile phones.
Objectives of IMPS:
IMPS is an emphatic tool to transfer money instantly.
1.To enable bank customers to use mobile instruments as a channel for accessing their banks accounts and remit funds.
2.Making payment simpler just with the mobile number of the beneficiary.         
3.To sub-serve the goal of Reserve Bank of India (RBI) in electronification of retail payments
4.To facilitate mobile payment systems already introduced in India with the Reserve Bank of India Mobile Payment Guidelines 2008 to be inter-operable across banks and mobile operators in a safe and secured manner.
5. To build the foundation for a full range of mobile based Banking services.   
ly within banks across India through mobile, internet and ATM which is not only safe but also economical both in financial and non financial perspectives.