Full Form Of ABPS & Its Benefits

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Full form of ABPS in Banking

The full form of ABPS Is Aadhaar Payment Bridge System. The main goal of ABPS is financial inclusion and provides opportunity to the government to attempt financial of its subsidy management system.

Benefits of ABPS

Eliminates inordinate delays, multiple channels & paper-work involved in the existing system
Transfers benefits & subsidies in a seamless & timely manner
Transfer directly into the Aadhaar Enabled Bank Account
Customer is not required to convey bank account details or change in bank details in the case of change in bank account
Customer not required opening multiple bank accounts to receiving benefits and subsidies.
Customer needs only one account with Aadhar number in the bank account

Features of APBS

Banks can upload/download transaction files through secured web access.
Banks can get connect to NPCI either through NPCINet or Internet
Transaction routing based on IIN issued by NPCI
Transaction processing by destination banks based on Aadhaar numbers
APB System supports ISO 20022 messaging standards.
APB System supports multiple intraday sessions.
APB System provides Direct Corporate Access (DCA) to Government Departments and Agencies.
Provides online Dispute Management System (DMS)
APB System capable to handle 10 million transactions per day