Banking · Payment Systems
The National Financial Switch (NFS), managed by NPCI, primarily facilitates interoperability for ATM transactions. Which of the following is an advanced and critical function supported and routed through the NFS network, which historically was not possible through individual standalone bank switches?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Processing of inward NEFT transactions by the beneficiary bank's switch.
- 2Cheque clearing for physical cheques deposited into an ATM (which requires CTS).
- 3Interoperable Card-to-Card (C2C) Fund Transfer, where funds are transferred instantly from an ATM card to another beneficiary bank's card number.✓
- 4Transferring funds from one bank's ATM to the same bank's savings account (On-Us transactions).
Correct answer
Interoperable Card-to-Card (C2C) Fund Transfer, where funds are transferred instantly from an ATM card to another beneficiary bank's card number.
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