India's telecom regulator TRAI has issued new regulations for mobile banking to ensure faster and reliable communication for enabling banking through cellular phones in the country.
As per the new guidelines, the access service providers need to facilitate the banks to use SMS, USSD and IVR to provide banking services to its customers. The access service providers can also optionally facilitate the bank to use WAP or STK.
The response time for delivery of message for mobile banking services generated by the customer or the bank will be within the prescribed time frame of <= 10 seconds for SMS, IVR, WAP and STK and <= 2 seconds for USSD.
Every Access provider shall ensure that for availing the banking services
such as cash deposit, cash withdrawal, money transfer and balance enquiry, the customer is able to complete the transaction in not more than two stage transmission of message in the case of SMS or not more than two stage entry of options in the case of USSD and IVR.
TRAI said the regulations also mandate that if SMS sent by the bank is not delivered to the customer due to network or handset related problems, and USSD communication to the customer confirming the completion of the transaction should be sent.
For mobile banking, the service providers need to meet the quality of service standards laid by TRAI for Cellular Mobile Telephone Services and certain customer centric parameters are laid down in the new regulations.
The end-to-end encryption, integrity, authentication and non-repudiation of m-banking communication in the network of the Access Provider shall be in accordance with the standards certified by International Telecommunication Union (ITU) or European Telecommunications Standards Institute (ETSI) or Telecommunication Engineering Centre (TEC) or International standardization bodies such as Third Generation Partnership Project (3GPP) or Third Generation Partnership Project 2 (3GPP2) or Internet Engineering Task Force (IETF) or American National Standards Institute (ANSI) or Telecommunications Industry Association (TIA) or Interim Standard (IS) or any other international standard as may be approved by the Central Government.
Every access provider need to maintain record of mobile banking messages for six months for audit purposes.
Source !!
As per the new guidelines, the access service providers need to facilitate the banks to use SMS, USSD and IVR to provide banking services to its customers. The access service providers can also optionally facilitate the bank to use WAP or STK.
The response time for delivery of message for mobile banking services generated by the customer or the bank will be within the prescribed time frame of <= 10 seconds for SMS, IVR, WAP and STK and <= 2 seconds for USSD.
Every Access provider shall ensure that for availing the banking services
such as cash deposit, cash withdrawal, money transfer and balance enquiry, the customer is able to complete the transaction in not more than two stage transmission of message in the case of SMS or not more than two stage entry of options in the case of USSD and IVR.
TRAI said the regulations also mandate that if SMS sent by the bank is not delivered to the customer due to network or handset related problems, and USSD communication to the customer confirming the completion of the transaction should be sent.
For mobile banking, the service providers need to meet the quality of service standards laid by TRAI for Cellular Mobile Telephone Services and certain customer centric parameters are laid down in the new regulations.
The end-to-end encryption, integrity, authentication and non-repudiation of m-banking communication in the network of the Access Provider shall be in accordance with the standards certified by International Telecommunication Union (ITU) or European Telecommunications Standards Institute (ETSI) or Telecommunication Engineering Centre (TEC) or International standardization bodies such as Third Generation Partnership Project (3GPP) or Third Generation Partnership Project 2 (3GPP2) or Internet Engineering Task Force (IETF) or American National Standards Institute (ANSI) or Telecommunications Industry Association (TIA) or Interim Standard (IS) or any other international standard as may be approved by the Central Government.
Every access provider need to maintain record of mobile banking messages for six months for audit purposes.
Source !!