2. Domestic Low Value Payments-NEFT
This chapter contains the following sections:
l Section 2.1, "Overview of National Electronic Funds Transfer (NEFT)"
l Section 2.2, "NEFT Maintenances"
2.1 Overview of National Electronic Funds Transfer (NEFT)
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer in India. Retail and Corporate Customers make use of this mode of payment. It is done via electronic messages conforming as per SFMS standards.
Key features of National Electronic Funds Transfer (NEFT)
l Supports following transactions types and messages:
– Outbound, Inbound and Return transactions
– camt.059.001.06 Credit confirmation and F20,F25,F26 and F27 Acknowledgement messages
– End of Day (EOD) and Start of Day (SOD) messages
– Indo Nepal Remittances
– Inbound credit to Loan account and GL account
– Inbound transaction for Credit Card payments
– Outbound Prefunded transactions
l Supports following functionalities:
– 24x7 processing
– Legal Entity Identifier (LEI) validations
– Account Type validations - NRE Account
– Beneficiary registration for outbound transactions
– Non STP functionality for inbound transactions
– Bulking of individual Outgoing/Incoming pacs.008.001.09 messages (10 messages per bundle) and dispatching to SFMS
– Return processing as per settlement batches
– Notification to channels on transaction processing
l Initiation of NEFT Outbound transactions using following options:
– UI screens
– Single Payment Service
– Bulk file upload - C2B Pain.001 file
– GEFU Upload
l Supports maintenances for SFMS Connectivity
This section lists the key common maintenances that are required for processing of outbound and inbound NEFT Payments:
l India Payments Common Preferences (PMDNFTPF)
l Network Maintenance (PMDNWMNT)
l Source Maintenance (PMDSORCE)
l Source Network Preferences (PMDSORNW)
l Queue Connection Profile Maintenance (PMDQPROF)
l Beneficiary Registration (PMDBENRN)
l India Payment Account Preferences (PMDEXACP)
l India Tax Preference Detailed (PMDINTXP)
l Dispatch Parameters Maintenance (PADISPTM)
l IFSC Directory (PMDIFSMN)
l Branch and IFSC Code Mapping (PMDIFSBR)
For more details on above mentioned maintenance screens, refer to Payments Core User Guide and Common Core - Core Entities and Services User Guide.