Latest news with #PSPs
India Gazette
3 days ago
- Business
- India Gazette
Adani Energy Solutions secures Rs 1,660 crore transmission project in Maharashtra to boost green power evacuation
Ahmedabad (Gujarat) [India], May 30 (ANI): Adani Energy Solutions Ltd (AESL) announced on Friday that it has won a significant Rs 1,660 crore inter-state transmission project in Maharashtra. The project aims to facilitate green energy evacuation from the Raigad region. AESL is a private-sector transmission and distribution company and part of the Adani Group. The project, awarded under the Tariff-Based Competitive Bidding (TBCB) mechanism and coordinated by REC Power Development and Consultancy Ltd (RECPDCL), will be implemented through a Special Purpose Vehicle (SPV) named WRNES Talegaon Power Transmission Ltd, which has now been formally transferred to AESL, the company said in a release. The transmission project involves creating 3,000 megavolt-amperes (MVA) of substation capacity and associated infrastructure. It is expected to be commissioned by January 2028, it said. Once completed, the project will support the evacuation of 1.5 GW of green power from upcoming hydro Pumped Storage Projects (PSPs) in the region, catering to the growing electricity demand in Mumbai and adjoining areas. This latest contract win takes AESL's overall transmission network to 26,696 circuit kilometers (ckm) and transformation capacity to 93,236 MVA. More notably, it boosts the company's transmission order book to approximately Rs 61,600 crore. 'The development underlines AESL's growing role in India's energy transition, as it continues to expand its footprint in sustainable infrastructure while contributing to the country's renewable energy goals,' the AESL release added. (ANI)
India.com
6 days ago
- Business
- India.com
UPI Big Update: NPCI to bring new rules from THIS date, issues new guidelines, asks users to...
New Delhi: In a significant development set to impact millions of UPI users, the Unified Payments Interface (UPI) system is expected to see major changes starting August 1, 2025. According to the reports, the National Payments Corporation of India (NPCI) will roll out new Application Programming Interface (API) usage rules for all banks and payment apps. These changes aim to make the system more secure and efficient—but users may face some restrictions. Here are some of the key details: The UPI users will only be able to check their account balance 50 times per day on each UPI. If they use two apps, they will get 50 balance checks on each. APIs allow Payment Service Providers (PSPs) to check if a transaction was successful. Under the new guidelines, PSPs should check transaction status only after a certain time delay. Users will now be able to check which bank accounts are linked to their mobile number only 25 times a day per app. This request will work only if the user selects their bank and gives consent. The NPCI has instructed all banks and payment service providers (PSPs), including Paytm, PhonePe, and others, to closely monitor their API usage. Violators may face penalties, usage restrictions, or even a ban on onboarding new users. All PSPs must also submit a system audit undertaking by August 31, 2025. NPCI says these limits will help improve system stability and security. 'PSP banks and/or acquiring banks shall ensure all the API requests (in terms of velocity and TPS — transactions per second limitations) sent to UPI are monitored and moderated in terms of appropriate usage (customer-initiated and PSP system-initiated)', highlights the circular dated May 21, 2025.
NDTV
6 days ago
- Business
- NDTV
Big Changes For UPI Users: NPCI To Roll Out New API Restrictions From August 1
Starting August 1, 2025, the Unified Payments Interface (UPI) system in India will undergo significant changes aimed at reducing system overload and preventing outages. In a circular, the National Payments Corporation of India (NPCI) has directed banks and payment service providers (PSPs) to limit the use of 10 key Application Programming Interfaces (APIs) on the UPI network by July 31, 2025. The 10 APIs include essential functions such as balance inquiries, transaction status checks, and autopay mandate executions. The goal is to reduce the load on the UPI system and prevent outages. By implementing these limits, NPCI aims to ensure a more stable and efficient digital payment experience for users. "Banks and Payment Service Providers must make sure they watch and control all API requests (in terms of speed and transactions per second limits) sent to UPI for proper usage (both customer-started and system-started requests)," the circular dated May 21, 2025, states. The NPCI circular warns that non-compliance with the new API usage guidelines may result in consequences such as API restrictions, penalties, suspension of new customer onboarding, or other measures deemed fit by NPCI. NPCI has prescribed the following restrictions: Balance Enquiries: Limited to 50 checks per app, per user, per day. This means if you're using multiple UPI apps like Paytm and PhonePe, you'll have 50 balance checks on each app. Linked Account Queries: Restricted to 25 queries per app, per day, with explicit user consent required. Autopay mandates will only be executed during non-peak hours (outside 10 AM-1 PM and 5 PM-9:30 PM). Each mandate will have 1 attempt with up to 3 retries, operating under controlled transaction rates. Transaction Status Checks: Banks and apps must wait at least 90 seconds before checking transaction status after authentication. Only 3 status checks are allowed within a 2-hour window per transaction. Non-user-initiated API calls will be restricted during peak hours (10 AM-1 PM and 5 PM-9:30 PM) to reduce system load. Compliance and Audits: Banks and payment service providers must submit undertakings by August 31, 2025, confirming they are queuing and throttling API calls properly. Acquiring banks are required to undergo annual system audits by CERT-In empanelled auditors, starting August 31, 2025. These changes aim to ensure the stability, speed, and reliability of the UPI system, particularly during high-traffic periods. Users may need to adjust their habits, especially heavy users, but the changes are designed to benefit the overall digital payments ecosystem.
Finextra
23-05-2025
- Business
- Finextra
RT1 and STEP2 participants across 14 countries to adopt EBA's VOP solution
EBA CLEARING announced today that over 55 RT1 and STEP2 Participants across 14 countries are preparing to adopt its Fraud Pattern and Anomaly Detection (FPAD) Verification of Payee (VOP) solution to deliver VOP checks in compliance with the Instant Payments Regulation (IPR). 1 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. These participants will connect hundreds of payment service providers (PSPs) across Europe, already representing more than 40% of the traffic in STEP2 and RT1. This strong uptake is positioning FPAD as the leading pan-European VOP solution and building up significant reach for VOP across Europe in preparation for the upcoming IPR deadline in October 2025. At the same time, a new release of the VOP functionality has been delivered in May 2025. With this release, EBA CLEARING has integrated the European Payments Council (EPC)'s Directory Service (EDS) into its VOP offering and aligned its VOP interface with the EPC application programming interface (API). To ensure maximum flexibility and choice for PSPs, the release has further enriched the solution with additional requesting and responding options. It has also extended the available connectivity options, including managed connectivity over SWIFTNet and SIANet. Developed with the support and input from fraud experts across EBA CLEARING's multinational user community, the VOP solution builds on FPAD's capabilities to offer flexible options for both sending and receiving VOP checks. FPAD VOP reach will be significant amongst STEP2 and RT1 users and complemented with the EPC VOP Scheme reach. This will allow PSPs to evolve their VOP strategies over time while ensuring pan-European reach from day one. By using FPAD for VOP, PSPs can meet compliance requirements, reduce user friction and strengthen their fraud risk management. Dr. Patrik Pohl, Managing Director, Head of Corporate Cash Management Germany at Deutsche Bank, said: 'FPAD VOP stands out by going beyond standard VOP checks. We will be able to enrich account checks with additional FPAD indicators, which offer deeper insights to help us prevent fraud and avoid unnecessary friction for our corporate customers. With distinct user needs driving the design and development of FPAD, EBA CLEARING has delivered a comprehensive set of VOP solutions that provides stronger results, greater security and an improved client experience.' Sophie Giorgi, Head of Payment System and Infrastructure Relationships at Crédit Agricole Payment Services, said: 'For us, FPAD VOP is the best solution for cross-border transactions and provides a reliable back-up. What is more, with FPAD, we are not only getting a scheme-compliant, IPR-compliant VOP solution, but also access to a fully-fledged fraud detection solution leveraging a pan-European network view.' Tanja Konrad, Head of Daily Banking Services at Erste Group, said: 'Thanks to the pan-European approach and coverage of FPAD VOP, we will be able to roll out a single VOP solution across our network of banks in Central and Eastern Europe. We look forward to combining the VOP check with other FPAD indicators to strengthen our risk controls, while also making the VOP experience as smooth as possible for our customers.' Erwin Kulk, Head of Service Development and Management at EBA CLEARING, said: 'FPAD VOP is real and ready. PSPs have ample time to introduce the mandatory VOP in all their channels. By providing options and choice, we will be servicing a diverse and large group of PSPs. This formula has proven its value in operating pan-European market infrastructures. The broad adoption that FPAD VOP is already seeing today demonstrates the importance of a not-for-profit, user-driven approach to solve infrastructure challenges in the SEPA ecosystem.' EBA CLEARING's FPAD functionality was developed in 2023 with the support of fraud experts from STEP2 and RT1 Participants across Europe, following the release of a blueprint and subsequent RT1 and STEP2 user consultation in Q4 2022. STEP2 and RT1 are pan-European retail payment systems processing SEPA Credit Transfers and Direct Debits (STEP2) and SEPA Instant Credit Transfers (RT1) respectively. Both systems are operated by EBA CLEARING, a European-owned, European-governed and European-overseen financial market infrastructure provider providing cost-effective solutions to the SEPA payments ecosystem.
Finextra
23-05-2025
- Business
- Finextra
RTI and STEP2 participants across 14 countries to adopt EBA's VOP solution
EBA CLEARING announced today that over 55 RT1 and STEP2 Participants across 14 countries are preparing to adopt its Fraud Pattern and Anomaly Detection (FPAD) Verification of Payee (VOP) solution to deliver VOP checks in compliance with the Instant Payments Regulation (IPR). 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. These participants will connect hundreds of payment service providers (PSPs) across Europe, already representing more than 40% of the traffic in STEP2 and RT1. This strong uptake is positioning FPAD as the leading pan-European VOP solution and building up significant reach for VOP across Europe in preparation for the upcoming IPR deadline in October 2025. At the same time, a new release of the VOP functionality has been delivered in May 2025. With this release, EBA CLEARING has integrated the European Payments Council (EPC)'s Directory Service (EDS) into its VOP offering and aligned its VOP interface with the EPC application programming interface (API). To ensure maximum flexibility and choice for PSPs, the release has further enriched the solution with additional requesting and responding options. It has also extended the available connectivity options, including managed connectivity over SWIFTNet and SIANet. Developed with the support and input from fraud experts across EBA CLEARING's multinational user community, the VOP solution builds on FPAD's capabilities to offer flexible options for both sending and receiving VOP checks. FPAD VOP reach will be significant amongst STEP2 and RT1 users and complemented with the EPC VOP Scheme reach. This will allow PSPs to evolve their VOP strategies over time while ensuring pan-European reach from day one. By using FPAD for VOP, PSPs can meet compliance requirements, reduce user friction and strengthen their fraud risk management. Dr. Patrik Pohl, Managing Director, Head of Corporate Cash Management Germany at Deutsche Bank, said: 'FPAD VOP stands out by going beyond standard VOP checks. We will be able to enrich account checks with additional FPAD indicators, which offer deeper insights to help us prevent fraud and avoid unnecessary friction for our corporate customers. With distinct user needs driving the design and development of FPAD, EBA CLEARING has delivered a comprehensive set of VOP solutions that provides stronger results, greater security and an improved client experience.' Sophie Giorgi, Head of Payment System and Infrastructure Relationships at Crédit Agricole Payment Services, said: 'For us, FPAD VOP is the best solution for cross-border transactions and provides a reliable back-up. What is more, with FPAD, we are not only getting a scheme-compliant, IPR-compliant VOP solution, but also access to a fully-fledged fraud detection solution leveraging a pan-European network view.' Tanja Konrad, Head of Daily Banking Services at Erste Group, said: 'Thanks to the pan-European approach and coverage of FPAD VOP, we will be able to roll out a single VOP solution across our network of banks in Central and Eastern Europe. We look forward to combining the VOP check with other FPAD indicators to strengthen our risk controls, while also making the VOP experience as smooth as possible for our customers.' Erwin Kulk, Head of Service Development and Management at EBA CLEARING, said: 'FPAD VOP is real and ready. PSPs have ample time to introduce the mandatory VOP in all their channels. By providing options and choice, we will be servicing a diverse and large group of PSPs. This formula has proven its value in operating pan-European market infrastructures. The broad adoption that FPAD VOP is already seeing today demonstrates the importance of a not-for-profit, user-driven approach to solve infrastructure challenges in the SEPA ecosystem.' EBA CLEARING's FPAD functionality was developed in 2023 with the support of fraud experts from STEP2 and RT1 Participants across Europe, following the release of a blueprint and subsequent RT1 and STEP2 user consultation in Q4 2022. STEP2 and RT1 are pan-European retail payment systems processing SEPA Credit Transfers and Direct Debits (STEP2) and SEPA Instant Credit Transfers (RT1) respectively. Both systems are operated by EBA CLEARING, a European-owned, European-governed and European-overseen financial market infrastructure provider providing cost-effective solutions to the SEPA payments ecosystem.
