What does SPNS mean? What is the full form of SPNS?
The full form of SPNS is Shared Payment Network System.
A one time debit entry to the account of a receiver where the entry is initiated at an electronic terminal. The entry is initiated into a shared network where the originating depository financial institution (ODFI) and receiving depository financial institution (RDFI) have an agreement.
IBA has set up a Shared Payment Network System (SPNS) or SWADHAN network of ATMs of its member banks in Mumbai. The network went live on February 1, 1997. The objective behind the SWADHAN network is to provide 24 hours, 7 days in a week and 365 days in a year, electronic banking service to the customer of a member bank any where in the city of Mumbai.
SPNS
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Shared Payment Network System
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