Payworld Yes Bank

Can you tell me in detail about the Domestic Money Remittance Service offered by Payworld India with YES Bank Ltd. (YBL)?

Payworld India has partnered with YES Bank Ltd. (YBL) to offer money payment services to the customers through its retailers.

Payworld India is YBL’s Business Correspondent (BC) and all its retailers who offer these services are called Business Correspondent Agents (BCAs).

These Agents assist the senders in making domestic remittances to beneficiaries’ bank accounts situated anywhere in India.

Money transfer is done the retailer on behalf of the sender.

This model is used only for domestic remittances across India.

Each sender is registered and his/her mobile number serves as a unique identifier.

Services

• The domestic money payment model is available to all the retailers of Payworld and for this one is required to fill in an application form and submit copies of r ID proof documents along with the application.

• The documents are then forwarded to YBL; where a thorough scanning and scrutiny of the retailer and business are carried out. After approval from YBL, the retailer come a Business Correspondent Agent (BCA) of YBL through Payworld. One then carries out the remittance transactions of the senders using Payworld’s retail application.

• The domestic money payment is facilitated through two modes of transfers - the IMPS IFSC mode – in which the money is credited in the end beneficiaries’ accounts in 3 seconds flat.

This mode is available all through the clock that is, it is available 24 X 7 and works on all Sunday, bank holidays and national holidays. This method is possible to be used only for banks which are IMPS IFSC enabled.

The system facilitates the transfer using the IFSC code of the beneficiaries’ accounts. Presently, only 44 banks are using this facility.

The second method is the NEFT mode - in which the transactions are processed in batches and the processing is done from 9 AM in the morning to 7 PM in the evening (Monday to Friday) and from 9 AM in the morning to 1 PM in the afternoon (on Saturdays). No processing is done on Sundays and on bank holidays.
It takes up to a maximum of 4 hours for the money to be credited in the beneficiaries’ accounts during processing times.

• Every sender must register on the system to be able to transfer money. One is required to pay registration charges to the BCA for availing this service.

• Once the registration is done; it holds good for a lifetime. A registered sender can transmit money via any approved BCA.

• The sender can transfer money to up to 10 beneficiaries’ bank accounts. The maximum limit of money that can be sent in a month is RS. 2 lacs (for non YES bank accounts) and Rs. 10 lacs (for YES bank accounts).

• The sender needs to get KYC documents approved in order to avail of higher limits for sending.

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Answered By StudyChaCha Member