The service ensures that Sub member bank (SMB) like Co-operative bank customers get to transfer money through payment modes which are not available to them otherwise.
Co-operative banks who are sub members (SMB) of commercial banks are users of this API. They can use this service for their own interbank payments too. Integration with SMB’s core banking system makes it real time.
With the implementation of API, SMBs will stop using file upload method for payments. Process automation will lead to faster turnaround time. More co-operative banks will become sub members.