Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.

UPI is built over Immediate Payment Service (IMPS) for transferring funds. Being a digital payment system, it is available 24*7 and across public holidays. Unlike traditional mobile wallets, which takes a specified amount of money from user and stores it in its own accounts, UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested. It uses Virtual Payment Address (a unique ID provided by the bank), Account Number with IFS Code, Mobile Number with MMID (Mobile Money Identifier), Aadhaar Number, or a one-time use Virtual ID. An MPIN (Mobile banking Personal Identification number) is required to confirm each payment.

UPI Reconciliation is the biggest pain point for the banks these days, Ascent Technology Consulting provides an end to end fully atomised UPI Reconciliation solution for the Banks. As the Banks are required to do UPI Reconciliations for the daily basis so that they can make certain bulk uploads and can make proactive reversals to the customers.

AutoRecon is a fully atomised UPI reconciliation solution provided by Ascent Technology consulting, AutoRecon is able to read all the available file formats of the raw data files and CBS files and performs the UPI Reconciliation process within minutes and provide MIS reports for the management and generate all Bulk uploads to be uploaded to NPCI portal and generate TTUM required to run through the CBS of the bank and showcase all the reconciled and unreconciled data of the UPI Reconciliation graphically i.e in the form of Bar graph and pie-charts.

Enthused by the quantum jump in the volume and value of transactions in the last one-and-half years, the National Payments Corporation of India (NPCI) is examining the feasibility of introducing the next version of Unified Payments Interface (UPI).

This version will allow transaction authorisation using Aadhaar-based biometric and mandate generation/recurring payment authorisation through one-time authentication.

Banks, under the aegis of NPCI (the umbrella organisation for operating retail payments and settlement systems in the country), are closely examining the next version of UPI (UPI 2.0) keeping in view the aspects of user convenience and security.

With the NPCI plans to upgrade the product, we are also upgrading AutoRecon in order to make the UPI Reconciliation process updated with the NPCI norms.