What is National Financial Switch or NFS?

Posted By:
Subscribe to GoodReturns

NFS is the largest interoperable network of ATMs in the country which was developed by the Institute of development and research in Banking Technology (IDRBT), Hyderabad under the aegis of RBI in 2004.

What is National Financial Switch or NFS?

For laymen's the facility is solely responsible for helping us with our ATM transactions on a nationwide basis. NPS now being run by the NPCI or National Payments Corporation of India enables interconnectivity in a way that transaction executed at any of the bank's ATM is routed to the connected banks. So, the banking and the payment system is rendered easy, accessible, affordable and feasible with NFS.

ATMs have now become a multi-lateral shared network with a multitude of service offerings.

What NFS does?

NFS with its primary facility in Mumbai and a special disaster recovery site at a strategic site in a different seismic zone offers its service to each of the ATM across the country.

1. It allows for a robust network, data security and back of critical data using highly equipped infrastructure facility.

2. Faster grievance redressal with zero down time and zero data thefts or loss.

3. Through its special and real time Fraud Management enables member banks to inform their customers with respect to any suspicious transaction on a real-time basis

The recently zero charge bank project is aiming at more checks and measure to help banks acquires status of their complaints on their ATMs. Further every possible attempt is being made to increase the cost efficiency of ATMs.

NFS extends service to non-banking entities with White Label ATMs

To provide the ATM services to all financial entities, the service is also available to non-banking entities who can own, deploy as well as manage the White label ATMs. So, with it the services are being aimed at the remotest of locations in India irrespective of the conditions and terrain.

GoodReturns.in

Read more about: banking, nfs, npci, atm, payment solution
Story first published: Friday, June 9, 2017, 14:51 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC

Get Latest News alerts from Goodreturns