Micro-ATM Payments (AEPS) Solution

Micro-ATM Payments (AEPS) Solution is a new payment service offered by the National Payments Corporation of India to banks, financial institutions using ‘AADHAAR’. AEPS is an Inter-operable system along with Network of BCs and micro-ATM allows beneficiaries to receive money at doorstep which brings efficiency in public expenditure.

Challenge

Micro-ATM Based Payment (AEPS) is a bank led model which allows online interoperable financial inclusion transaction at PoS (Micro-ATM) through the Business correspondent of any bank using the Aadhaar authentication.

  • To empower a bank customer to use Aadhaar as his/her identity to access his/ her respective Aadhaar enabled bank account and perform basic banking transactions like balance enquiry, Cash deposit, cash withdrawal, remittances that are intrabank or interbank in nature, through a Business Correspondent.
  • To enable banks to route the Aadhaar initiated interbank transactions through a central switching and clearing agency
  • To facilitate inter-operability across banks in a safe and secured manner

Solution

  • Full compliance with NPCI AEPS Specifications and ISO 8583
  • Processes “On-Us” as well as “Not-on-Us” Transactions for Acquirer Banks
  • Detect AML related validations for Funds Transfer transaction
  • Fraud Check and Reporting

Micro-ATM Based Payment (AEPS) is a bank led model which allows online interoperable financial inclusion transaction at PoS (Micro-ATM) through the Business correspondent of any bank using the Aadhaar authentication.

Benefits

  • Provides Last mile Banking support Beneficiary can receive money at doorstep as well as other banking transactions
  • Banks do not need to invest in enabling capture of biometrics
  • Perform the KYC (Know Your Customer) related activities at the Customer’s Home and Open New Bank Accounts instantly
  • Secure and encrypted data communication with NPCI
  • Supports Cash Withdrawal, Cash Deposit, AADHAAR to AADHAAR Funds Transfer and Balance Enquiry over Interoperable system so customer is not tied to one bank’s BC

 

Features

  • Supports Network, Basic Auth., KYC, Four Core Transactions, Reversal & BFD messages
  • Interface with leading CBS systems
  • Supports wide range of STQC certified Micro-ATM devices

Agency Compliance

National Payments Corporation of India (NPCI)
http://www.npci.org.in/

Micro-ATM Based Payment (AEPS) is a bank led model which allows online interoperable financial inclusion transaction at PoS (Micro-ATM) through the Business correspondent of any bank using the Aadhaar authentication.

1) What is AEPS?
AEPS is a new payment service offered by the National Payments Corporation of India to banks, financial institutions using ‘Aadhaar’. This shall be known as ‘Aadhaar Enabled Payment System’ and may also be referred to as “AEPS”.

2) Does the customer need to have a bank account for availing AEPS?
Yes, the customer needs to have a bank account for availing AEPS.

3) Does the customer specifically need to register to conduct transactions through AEPS?
No. Customer should have an Aadhaar (Unique ID as issued by UIDAI) number linked with any bank account (bank should be a part of AEPS network) where customer has an account. The registration process shall be as per the procedures laid down by the bank providing AEPS service.

4) How does the customer conduct an AEPS transaction?
A Customer may visit a BC Customer Access Point. The BC using the Point of Sale (Micro-ATM) device will be able to process transactions like Cash Withdrawal, Cash Deposit, Balance Enquiry and Fund Transfer by selecting the transaction of their choice. The Customer needs to provide their Aadhaar Number and their bank name or bank IIN number.

5) What is a Business Correspondent (BC)?
Business Correspondent (BC) is an approved Bank Agent providing basic banking service using a Micro-ATM (terminal) to any bank customer wishing to avail their bank BC service.

6) Is there any limit on the value of transactions in AEPS?
Aadhaar based accounts would be opened on the basis of simplified KYC guidelines. The bank with which you have linked your Aadhaar number would set the appropriate limit per transaction or in a given day.

7) Which banking services can the customer avail using AEPS?
A customer can avail the following four services using AEPS:

  • Cash Withdrawal
  • Cash Deposit
  • Balance Enquiry
  • Fund Transfer