Standard Chartered Bank launched ‘Unified Payments Interface’ (UPI) Solution
Posted on:11 Nov 2016 09:24:03
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11 November 2016 Current Affairs: Standard Chartered Bank has launched ‘Unified Payments Interface’ (UPI)solution for its corporate and financial institutional, and commercial banking clients.
This will enable clients to send and receive money using a Virtual Payment Address without entering additional bank account details.
The bank said UPI allows real time ‘push and pull’ of funds, thus providing companies with a collections mechanism that can be used in multiple industries to ease the payment process for end customers. Instead of just sending payment reminders, companies can now collect funds by sending a ‘pull’ request which the end customer can authorise on his smart phone using a UPI app.
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