Anytime Anywhere Any-amount Anybody to Anybody Real-Time Payment (5A-RTP) Dr. Biswas Ranjit Professor & Head, Department of Computer Science & Engineering, Hamdard University, New Delhi, India Online published on 7 January, 2015. Abstract This research work is a sequel to our work [11]. In [11] we proposed a real time banking instrument called by CD which is an instrument in paper format (like other paper format instruments viz. cheque, DD, traveller's cheque, etc.). In this paper, we make a Proposal to RBI on a new method of real time payment system, which is highly secured and fast, and 100% technology-based without any paper format or paper work. This breaking scheme is entitled as “5A-RTP scheme” which stands for Anytime Anywhere Any-amount Anybody to Anybody Real-Time Payment. The significance of 5A in this “5A-RTP Scheme” is clear from its expanded title. In this 5A-RTP scheme, there is no paper-work at all. It is completely secured, realization of payment (debit + credit) happens immediately very fast, without any man-hour or manpower of bank. The Work Flow Diagram is presented with a hypothetical example. It is claimed that 5A-RTP scheme, if incorporated in all the banks in India, will give the country a huge momentum of customers’ satisfaction, huge momentum in country's growth and economic progress. The algorithm is very simple and even an ordinary bank customer will understand the method in just one minute. The revolutionary breakthrough in 5A-RTP scheme is that it dominates each of the the existing banking instruments and facilities like Cheque, Draft, ATM machine, Credit Card, Debit Card, Internet Banking, Mobile Banking, Traveller's Cheque, etc. The 5A-RTP scheme may even slowly cause a natural death of the existing Cheque and Draft facilities from the country because of its huge application potential, in particular in a vast country like India. Top Keywords CD, 5A-RTP, RTP-Machine, RP code (of customer), Bank Code (of SBI, provided by RBI), DS button, remote sensor. Top |