Empays' instant money transfer service gets RBI stamp

MUMBAI: Empays Payment System today said its instant money transfer service has received authorisation from the Reserve Bank of India.

"The Reserve Bank has awarded the IMT payment system certificate of authorisation under the Payments and Settlements Act 2007," Empays, a provider of multi-bank payment systems, said in a release here.

The IMT payment system is a multi-bank mobile transfer solution that combines mobile phones and ATMs to reach the unbanked, making it a unique milestone in money transfers, payments and financial inclusion in India.

The certificate enables the IMT payment system to access clearing and settlement arrangements between member- banks directly in the RBI, thereby enabling the system to work across banks, the release added.