3 ms·
I send multiple payouts by file uploads on my bank regularly, but this doesn't work on weekends. Can you help here?
by salilpa 9y ago
I send multiple payouts by file uploads on my bank regularly, but this doesn't work on weekends. Can you help here?
- captn3m0 9y agoIf these payouts are over NEFT, it won't get processed on Sundays: Monday to Saturday (Except 2nd and 4th Saturday) is 8:00 AM to 6:30 PM. [0] I'm not sure if Cashfree is using NEFT or IMPS. If it is IMPS, it should be much faster. [0]: https://en.wikipedia.org/wiki/National_Electronic_Funds_Transfer#Settlement_Timings https://en.wikipedia.org/wiki/National_Electronic_Funds_Tran...
- akashindya 9y agoHi, Many banks support bulk transfers only over NEFT and thus it's limiting them to process your payouts on weekends. We send out most of our payouts over IMPS and can be used 24x7. IMPS has couple of restrictions though (a) We don't have as many banks as we have on NEFT network [List is here: https://www.npci.org.in/links-imps-members https://www.npci.org.in/links-imps-members] (b) single transaction can't be more than Rs. 200,000 (however, you can totally send multiple IMPS transfers to the same account). Checkout the banks at IMPS network. Do get in touch with us at care@gocashfree.com, if majority of your beneficiary accounts belong to those banks. Last we checked, most of the major banks (ICIC, HDFC, AXIS, SBI, YES, Kotak, RBL, BOI etc) are present.
- sandGorgon 9y agowhy IMPS and not UPI ? just curious since UPI looks to be the replacement for IMPS all over.