AePS is a bank-based model, which conducts online interoperable financial inclusion transactions at PoS (Micro ATMs) through business correspondents of any bank using Aadhaar authentication. AePS allows six types of transactions. The information required for the customer to transact under this situation is
(a) bank name
(b) Aadhaar number and
(c) figure print captured at the time of entry.
Purpose of AePS
To allow bank customers through business correspondents to access their respective Aadhaar enabled bank accounts and perform basic banking transactions such as cash deposits, cashed withdrawals, intrabank or interbank fund transfers, balance checks and receiving mini statements using Aadhaar as their identity. to empower. • To help achieve the goal of the Government of India and the Reserve Bank of India in promoting financial inclusion.
for.
Aadhaar initiated by Central Switching and Clearing Agency to Banks to meet RBI target in Electrification of Retail Payments
To enable interbank transactions to proceed.
To facilitate disbursement of government entitlements like any central pension etc. using Aadhaar and its authentication supported by UIDAI. or NREGA, Social Security Pension, Disability of State Government Institutions
To facilitate safe and secure inter-operability among banks.
Banking services offered by AePS include road deposits, cash withdrawals, balance checks, mini statements, Aadhaar to Aadhaar fund transfers, authentication and BHIM Aadhaar Pay. Other services offered by AePS include eKYC, enhanced finger detection, demo authentication, tokenization and Aadhaar seeding status.
For • Banks employ BCs with devices and build their front-end, back-end and accounting systems for the customer.
These BCs own micro-ATMs and operate them with gir print scanners to upload “transaction requests” from the micro-ATMs.
The bank system sends NPCI (for off-us) transactions or fingerprint scans (for on-us transactions) to the devices for transactions on the devices.
Banks play the role of Authentication User Agency (AUA). brat
NPCI acts as an Authentication Service Agency (ASA) and KYC Service Agency (KSA), i.e. they receive data from banks, send the UID, send feedback back to the banks according to the transaction flow (to Molnar or to the bank maintaining the customer account).
The ASA is connected to the UID through leased lines. Similarly, AUA is linked to ASA. There may also be sub-AUAs, i.e. agencies/BC entities with their own systems collecting authentication data from their field devices and exchanging with banks.
NPCI, as an ASA, also offers customer authentication gateway services to banks and non-bank financial companies, as well as clearing and settlement activities (for off-us), and AEPS DMS (Dispute Management System) to manage interbank disputes.
The AePS or Aadhaar Enabled Payment System is the initiative of the Government of India and the National Payments Corporation of India (NPCI) that is used to provide each and every individual with a bank account. It is the mode of digital transactions through a biometric method that is integrated with the Aadhaar number of the user that is attached to his/her bank account number. It is a service that provides individuals with banks’ service simply by their bank’s yes and biometric authentication without them needing to bring any other documents.
Key Features AePS
1. Biometric Authentication
Consumer Aadhaar number and fingerprint are used as identifiers to finalize the transactions so that both are believed to be safe and also they are easier to carry for the customers.
2. Services Offered
Cash Withdrawal: Bank account holders can withdraw cash or make transactions through micro ATMs.
Cash Deposit AePS
Bank account holders can deposit cash into their bank accounts.
Balance Inquiry
Bank account holders can view their bank statements.
Mini Statement
Bank account holders can look at their mini statement of the account.
Fund Transfer
Customers can transfer the amount between the Aadhaar accounts.
Benefits
Accessibility
Enrolling on Aadhaar is a unique way to make even the remote and off-the-track access of the financial sector possible to the area’s inhabitant.
Convenience
The user does not carry a physical card thus is not subject to fraud use or loss; instead, the only biodata transaction is performed through bank services.
Security
User authenticity is assured through biometric verification which is a strong device for security; thus, the risk of fraud is reduced.
How It Works AePS
1. The customer goes either to a bank correspondent (BC) or a micro-ATM to begin with the process.
2. The product is dedicated to the very bank’s specific Aadhaar number and the name of the bank is the ownership details provided by the customer for customer verification.
3. The card is made in the desired design and material; it can be made transparent, in a shape of a rectangle with round edges, it can be credit card size or business card size, etc.
4. The customer’s fingerprint is captured and the transaction is confirmed.
5. The transaction is processed and the client will be notified right after the synchronization of the collected data.
Financial inclusion, especially in the hinterland and developing regions, is the major influence from AePS as it is the first step toward the establishment of a traditional banking infrastructure, but it is not yet fully developed in such areas. This is a consequence of the available mechanism that makes it secure, and the trustworthiness provided will make it very easy for people accessing banking services through the means of the Aadhaar infrastructure in India.
Go to more Details: https://ankudigitalbazzar.in/
