Glossary / Also known as

IMPS transfer

Another name for IMPS (Immediate Payment Service).

What does IMPS transfer mean?

IMPS transfer is another name for IMPS (Immediate Payment Service). India's 24x7 instant interbank transfer system - money in the beneficiary's account within seconds, any day, any time.

The two names mean the same thing. You will see "IMPS transfer" in some ledgers, reports and contracts and "Immediate Payment Service" in others. The full entry covers how it works, with examples.

Read the full definition of IMPS (Immediate Payment Service)

Topics

Payments and banking

From the glossary

Related terms.

Payments and banking IMPS (Immediate Payment Service) India's 24x7 instant interbank transfer system - money in the beneficiary's account within seconds, any day, any time. Also called IMPS transfer Payments and banking RTGS (Real Time Gross Settlement) RBI's system for instant, irrevocable, high-value transfers - mandatory for payments above Rs 2 lakh. Also called RTGS transfer Payments and banking UPI (Unified Payments Interface) India's real-time payment revolution - send money instantly using just a phone number or UPI ID, 24x7, for free. Also called UPI payment, BHIM UPI Payments and banking Digital Payment Any payment made electronically - via UPI, cards, net banking, or wallets - without physical cash changing hands. Also called electronic payment, e-payment, online payment Bank reconciliation Bank Reconciliation Statement The detective work of matching your books against the bank's records to find every missing rupee. Also called BRS, bank reconciliation, bank rec Payments and banking ACH Transfer Batch-processed electronic bank transfers powering payroll, EMIs, and recurring payments across India. Also called Automated Clearing House transfer, ACH payment, ACH

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