Automatic selection of centralised IFSC Code 🏦

Hello Everyone,

I’m Arjun, a Product Manager here at Niyo. We’ve been continuously working at making the banking experience simpler for you all and one such initiative is bringing in the centralised IFSC Code list in our IDFC Niyo app.

Currently, there are over 30+ banks in India with a centralised IFSC code, which means, when you select ‘Bank Name’ while adding a new Beneficiary, and if their Bank has a centralised IFSC Code, it is auto filled and you don’t have to manually enter their branch IFSC code.

Now here’s where we need your inputs:

Do you feel confident about going ahead with the fund transfer when we automatically select the centralised IFSC code for you? If not, why?

Let us know your thoughts.
Thanks in advance!

I am not sure if I get it . What we generally do is enter account no, select bank and enter the IFSC code of the branch.
Are you proposing that after selecting bank you will auto populate the IFSC code with some special IFSC code and we will not need to enter branch specific IFSC code and the amount will be credited successfully.
I mean this will work in a similar manner swift code works ?

@goneo - IFSC codes are used to identify the payee branch. For Few Banks, even if centralised IFSC Code is selected, internally Beneficiary Bank will credit the transfer amount into correct account number. Swift Codes are primarily used for international transfers and basis it - beneficiary bank ,country & branch could be identified.

Do you feel confident about going ahead with the fund transfer when we automatically select the centralised IFSC code for you? If not, why?

No, not at all. IFSC is a branch indicator. It should not be auto populated. Nobody gives their Account Number without IFSC. Users will not proceed without entering this detail as they fear that their amount will get credited to someone else or the transaction will fail.

This is exactly how swift code works. Not all branches of any bank have swift code but we use some centralised swift code of the bank while initiating a fund transfer from abroad and the amount is credited.
So according to you centralised IFSC code also works in a similar way. The only difference is that IFSC code is for domestic transfers while the other is for international.

PS: You can go ahead with the feature but let the ifsc field be editable so that users having an iota of doubt can change it.

Hi Animesh - The centralised IFSC code has been introduced by over 30+ banks so the user doesn’t have to go over the hassle of entering the branch IFSC code manually. This will drastically reduce time and effort. Be rest assured, as long as the account number is correct, the amount will get transferred to the right account irrespective of the IFSC code.

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@goneo - Noted, the editable option feature is already in our product pipeline.