Implementation of Positive Confirmation for RTGS transactions

Up till now, NEFT system has been providing a positive confirmation to the remitter of the funds regarding completion of the funds transfer, thus giving an assurance to the remitter that the funds have been successfully credited to the beneficiary account.  Now onwards same facility will be extended by the banks to the remitter of funds under the RTGS system as well.

As per RBI communication, initially, the positive confirmation feature in RTGS would be available for member banks wherein both remitter and beneficiary banks access RTGS through thick client interface / SFMS member interface. The positive confirmation feature would be subsequently enabled for member banks accessing RTGS through other channels as well.

For the above purpose, a new message format (camt.059) is being introduced to communicate an acknowledgement to the remitting bank containing the date and time of credit to beneficiary account. The beneficiary’s bank would communicate the confirmation of funds transfer through the SFMS and the remitting bank in turn initiates an SMS and/ or generates an e-mail to the remitter.

RBI circular further instruct all the banks to put in place systems to ensure straight-through-processing (STP) based confirmation processing. The beneficiary bank shall ensure that such confirmation message is sent as soon as the amount is credited to the beneficiary account in CBS while the confirmation message from the remitting bank shall be necessarily sent on a real time basis and in any case not beyond one hour after receipt of credit message from the beneficiary bank.

The system of sending positive confirmation to the customers shall be operationalised by banks at the earliest but not later than two months from the date of this circular.

Source: RBI circular:RBI/2018-19/76 /DPSS (CO) RTGS No.1049/04.04.016/2018-19 date: November 15, 2018