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Non-Tech : ICICI Ltd - (Nyse: IC) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (192)	2/20/2000 8:40:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 494

Global Tele to unveil inter-bank payment gateway in two weeks -ICICI for its own gateway gtl.co.in Anurag Joshi Mumbai, Feb 20: The country's first-ever payment gateway enabling real-time online inter-bank fund transfer and settlement over the Internet will take off over the next fortnight. The pilot project for setting up the payment gateway infrastruture (PGI) over the Web is promoted by Global Tele-systems Ltd (GTL). The company has targeted 10 banks to utilise the payment gateway by the end of this financial year. GTL has tied up with HDFC Bank, Citibank, Deutsche Bank and Dena Bank. "Six more banks would join the consortium for utilising the gateway by the March end. We are targeting at least 10 more banks to join in by the end of the year," sources said. The State Bank of India has opted out of participating in any payment gateway as the bank is still to achieve full inter-branch connectivity. The payment gateway will provide third party transaction processing for enabling inter-bank, business-to-business (B2B), business-to-consumer (B2C) and other e-commerce transactions over the Web. The infrastructure will enable inter-bank fund transfer over the Internet for settlement for the next day. The gateway will also support B2B models based on supply chain management and manufacturer-vendor relationship. On the B2C side, it will enable web shopping, utility bill payments and financial portals for marketing retail products. The IPS payment processor/switch-developed by GTL-will serve as the central point for enabling fund transfer among participating banks on a real time gross settlement basis. "The settlement of inter-bank transactions will occur on a real-time basis, though clearing of transactions will continue to be routed through the clearing house of the RBI," sources said. In a related development, ICICI Bank has initiated plans of launching a parallel payment gateway for inter-bank transfer and settlement of funds and support other e-commerce transactions. The new generation private sector bank has reportedly approached a number of other banks to join its gateway."However, these banks are reluctant to tie up with ICICI Bank as they feel that transaction processing through its network may lead to compromising on data and other information of their customers," sources said. "In such a situation, only a third party transaction processing house, which is data neutral to all banks stands out as an ideal choice," they added."The pilot runs are presently going on for HDFC Bank and Citibank. The PGI will be fully operational during the first or second week of March," sources said. The gateway supports multiple payment models for various banks simultaneously. Transfer of funds can be made through credit, debit or smart cards and cheques, with the IPS payment switch enabling the transactions. "The gateway will function on a system for enabling authentication and certifying of transactions with firewalls against misuse in place," a source said. The gateway will enable bank customers to log on to the web commerce server of GTL, which sends the payment instruction to the IPS processer. The message is transmitted to the payer's bank and upon authentication this is across to the payee's bank. Upon confirmation from the payee bank, the transaction is settled. Subsequently, both banks convey the transaction to the RBI's clearing house, which clears the transaction. -Financial Express