What are the Services under NIP that customers can utilize?

NIP provides a number of APIs that allows customers to process instant payment transactions, such as:

• Name Enquiry: enables the source institution validate the details of the beneficiary based on account number
• Funds Transfer (Direct Credit): enables a sender to move funds from his/her own account into the account of the beneficiary
• Funds transfer (Direct Debit): a standing order for sending debit instruction to a financial institution to debit its customer account for a scheduled payment
• Transaction Status Query: enables the bank to query the status of a transaction sent earlier.
• Balance enquiry: enables customers to get balances on their accounts.