HSBC has completed first live customer transactions on the National Automated Clearing House (NACH) debit platform.
NACH system, a cash management system initiated by National Payments Corporation India (NPCI), is a new payment system where customers can benefit from faster transaction settlement, wider coverage and superior mandate management system, resulting in greater efficiency and wider branch coverage across India, the bank said in a statement. .
Telecom service provider Vodafone India, HSBC Asset Management Company and Reliance Capital Asset Management are the first customers to use this new infrastructure.
Navin Gupta, Head of Payments and Cash Management, HSBC India, said: “The system allows global banks, like HSBC, to help companies looking to do business in India to manage their cash effectively and in line with a broader global cash management strategy.”