Page 5 - Settlement Systems News Today

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The need of the hour is to take steps to ensure the security of such banking transactions as threats may arise that need a cooperative and collaborative security model

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Mumbai, Feb 15: The Reserve Bank on Thursday asked card network Visa to stop making payments through intermediaries to entities which do not accept card payments, saying a large amount of funds are involved in the activity without legal sanction, according to sources. As per information available, only one card network has operationalised this arrangement

Mumbai, Feb 15: The Reserve Bank on Thursday asked card network Visa to stop making payments through intermediaries to entities which do not accept card payments, saying a large amount of funds are involved in the activity without legal sanction, according to sources. As per information available, only one card network has operationalised this arrangement

The Reserve Bank of India (RBI), on Thursday issued orders restraining commercial transactions routed through intermediaries by a card network. The central bank, without naming the card network, said the intermediary with an arrangement with the network, did not have the authorisation to function under the Payment and Settlement Systems (PSS) Act. This led the regulator to suspend the arrangement till further notice.

According to the RBI, the payment intermediary was accepting card payments from corporates for their commercial payments, and then remitting the funds via IMPS/RTGS/NEFT to non-card accepting recipients

According to the RBI, the payment intermediary was accepting card payments from corporates for their commercial payments, and then remitting the funds via IMPS/RTGS/NEFT to non-card accepting recipients

RBI restrained card network which enabled businesses to make card payments through certain intermediaries to entities that do not accept card payments

Reserve Bank of India (RBI) has issued order restraining payments by companies through intermediaries to non-card accepting recipients for violation of section 4 of Payment and Settlement Systems (PSS) Act