4 ms·
NEFT is not real time like IMPS (on which UPI is built). I don't think it is UPI that is unreliable, it is your bank. I have been using UPI on two accounts, SBI
by akritrime 6y ago
NEFT is not real time like IMPS (on which UPI is built). I don't think it is UPI that is unreliable, it is your bank. I have been using UPI on two accounts, SBI one is the one I face some problem from time to time. I agree with the closed source point, though.
- varbhat 6y agoWell, i was referring to IMPS(mistyped as NEFT) as i thought it is more reliable(on which UPI is built).
- captn3m0 6y agoNEFT now runs on 30 minute batches, and it is 24x7x365. RBI changed it December 2019. It’s still not real time, but NPCI doesn’t see your transactions :)
- akritrime 6y agoOh that's so convenient, I thought NEFT was still limited to working hours only. I wonder how the technology underneath changed to enable this.
- captn3m0 6y ago> wonder how the technology underneath changed 80% of fintech is excel sheets getting sent from one system to the other. A lot of these were baby-sit earlier, and RBI changed this over a year or so. They asked for banks to make sure the processes were automated first, then lots of test-runs. I think another important reason was that the morning rush (build-up of pending transfers) was causing issues and chokepoints. Smaller window-sizes helped fix that.
- akritrime 6y agoBy babysit, do you mean someone used to go thru the sheets and update all the accounting stuff? I know its a bit idiotic question but I won't be really surprised if that's how it was.