Turn Around Time and customer compensation for failed transactions using authorized Payment Systems

by banking financial,


Posted on 28-06-2021 by Admin


Turn Around Time and customer compensation for failed transactions using authorized Payment Systems

Digital banking: Harmonization of Turn Around Time (TAT) and customer compensation for failed transactions using authorized Payment Systems.What about Automated Teller Machines (ATMs) including Micro-ATMs

Automated Teller Machines (ATMs) including Micro-ATMs

Customer account debited but cash not dispensed.

Pro-active reversal (R) of failed transaction within a maximum of T + 5 days.

100/- per day of delay beyond T + 5 days, to the credit of the account holder.

Card to card transfer

Card account debited but the beneficiary card account not credited

Transaction to be reversed (R) latest within T + 1 day, if credit is not effected to the beneficiary account.

100/- per day of delay beyond T + 1 day.

 Point of Sale (PoS) (Card Present) including Cash at PoS

Account debited but confirmation not received at merchant location i.e., charge-slip not generated.

Auto-reversal within T + 5 days.

100/- per day of delay beyond T + 5 days.

 Card Not Present (CNP) (e-commerce)

Account debited but confirmation not received at merchant s system

Auto-reversal within T + 5 days

100/- per day of delay beyond T + 5 days.

Immediate Payment System (IMPS)

Account debited but the beneficiary account is not credited.

If unable to credit to beneficiary account, auto reversal (R) by the Beneficiary bank latest on T + 1 day

100/- per day if delay is beyond T + 1 day.

Unified Payments Interface (UPI)

Account debited but the beneficiary account is not credited (transfer of funds).

If unable to credit the beneficiary account, auto reversal (R) by the Beneficiary bank latest on T + 1 day.

100/- per day if delay is beyond T + 1 day.

Account debited but transaction confirmation not received at merchant location (payment to merchant).

Auto-reversal within T + 5 days.

100/- per day if delay is beyond T + 5 days.

Aadhaar Enabled Payment System (including Aadhaar Pay)

Account debited but transaction confirmation not received at merchant location.

Acquirer to initiate Credit Adjustment within T + 5 days.

100/- per day if delay is beyond T + 5 days.

Account debited but beneficiary account not credited.

Acquirer to initiate Credit Adjustment within T + 5 days.

100/- per day if delay is beyond T + 5 days.

Aadhaar Payment Bridge System (APBS)

Delay in crediting beneficiary s account.

Beneficiary bank to reverse the transaction within T + 1 day.

100/- per day if delay is beyond T + 1 day.

National Automated Clearing House (NACH}

Delay in crediting beneficiary s account or reversal of amount

Beneficiary bank to reverse the uncredited transaction within T + 1 day.

100/- per day if delay is beyond T + 1 day.

CORE BANKING

CORE Full Form - Centralized Online Real-time Exchange)


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