In order to increase the adoption of connectIPS, BFI customers can now self-verify and activate the bank account that they link with their connectIPS username, such that user will not require to go to the bank/branch counter for account verification and activation process.
However, this will initially be implemented to allow transaction up to certain maximum limit that individual bank can further reduce based on the risk. (The maximum limit has been setup equal to Rs. 10 Lakh per day and Rs. 50 Lakh per month).
- The feature has to be enabled by the respective member BFIs, hence the feature will be available only for the customers of such respective BFIs who have enabled this feature for their customers. So the feature will be available to the users only for the linked account maintained at the bank in which self-verification is enabled.
- While enabling the BFIs, an additional verification engine will be made available at the BFI’s end. The bank will also have to maintain a separate funded internal account for processing of micro deposit transaction, as a part of the user authentication.
- The account selected for self-verification will be verified upon the authorization of the user based on 2FA; (i) OTP sent to the registered Mobile Number/Email ID available at BFI’s KYC, which should also match with the mobile number used for connectIPS. (ii) Confirmation of two micro deposits made in the user’s linked bank account.
- Two micro deposits will be initiated in the customer’s link requested bank account as part of self-verification that will be reversed to banks internal account based on reversal parameter configured Such micro deposit verification will be valid for 24 hours only and for certain number of attempts.
- On successful entry of the OTP and the micro deposits by the user, the linked bank account will be self-verified.
- For enabling the linked account of transaction limit above the maximum limit, the user will have to follow the existing manual process of downloading the form and visiting the bank/branch for full verification.
- For easy rollout, this feature will initially be available in retail module (connectips.com) and will be activated in the mobile app later.
1. Mobile number mentioned in connect IPS must match with mobile number registered in Mobank.
2. This service is only available for Mobank with transaction facility.
3. Account number and name mentioned in connect IPS must match with the banking system.
4. Transaction Limit : Rs. 2 lakhs per day and Rs. 10 lakhs per month only. To increase limit, customer has to visit branch.