APBS its full form in banking refers to Aadhaar Payments Bridge System. It is connected to the different kinds of payment that the government makes to the consumers. It also includes matters like benefit direct transfers and subsidy. The recipient is identified with an Aadhaar number and their number is linked directly to an account at a bank.
The goal for this program is to pay for aid directly to the recipients through their bank accounts. Furthermore, they offer transparency and stop the pilferage of the distribution of funds which are funded through government officials. Central Government of India. With Aadhaar Payment Bridge, Aadhaar Payment Bridge process, the money is transferred directly from the bank into an account belonging to the individual.
- Banks are able to connect to NPCI through the Internet or through NPCINet
- Banks are able to download or transfer transaction reports using secure internet access
- Money routing for transactions is was based upon IIN that is issued by NPCI
- The transaction is dependent in the Aadhaar number, which is located directly in the bank account linked to it.
- APBS can be described as an ISO standard for messaging that supports the standards
- It also facilitates numerous daily sessions
- It provides Online Dispute Management System
- It benefits all participants in MIS
- It is capable of handling 10 million transactions per day
- It is a secure settlement and clearing process.
- It is able to process offus and onus transactions.