Do you know how ISO 20022 gained supremacy over SWIFT messages?

Foreign Exchange, Information TechnologyLeave a comment

ISO 20022 (pronounced ‘ISO twenty-oh-twenty-two’) or Universal financial industry message scheme (also called” UNIFI”) is a global standard for exchanging electronic messages between financial institutions. The ISO 20022 standard covers financial information transferred between financial institutions that include payment transactions, securities trading, and settlement information, credit as well as debit card transactions, Foreign Exchange transactions,…

SWIFT Financial messages: authentic and universal

Foreign Exchange, Information Technology2 Comments

The SWIFT financial messages are trusted as the most authentic and universal financial messages worldwide. SWIFT financial message is also the most convenient and fastest medium through which banks can meet customer’s requirements to send and receive messages to and from any country. Reasons for trusting SWIFT messages by banks and financial institutions: SWIFT stands…

What is ECS (Electronic Clearing system)?

Information TechnologyLeave a comment

Electronic Clearing Service (ECS) in bank transaction is a simple, faster and cost effective solution for repetitive bulk transactions. The system was first introduced by Reserve Bank of India in April 1995 to facilitate speedier bulk inter-bank transactions. It is most useful to facilitate repetitive payment transaction such as salary, pension, interest, commission, dividend etc. ECS…

Electronic/Digital Payments:Know the 45 types of digital payment systems in India

Information Technology, PPBLeave a comment

A digital payment sometimes called an electronic payment, is a good alternative to traditional methods of cash payment and speeds up transaction cycles from person to person, person to business, person to government, Government to person, business to business, business to Government, etc. “Faceless, Paperless, Cashless” is one of the professed roles of the Digital…

Whistle-blowing in Banks explained

Compliance, EthicsLeave a comment

The banks are financial institutions licensed to receive deposits and make loans. Apart from collecting deposits and lending banks are handling cash transactions, Ancillary Services to their customers. To gain the confidence of customers’ banks need to maintain the highest standards of honest and ethical conduct in the course of all their operations. Although profitability…

RBI Guidelines on Due Diligence and Onboarding of AePS Touchpoint Operators

Information TechnologyLeave a comment

Introduction The Aadhaar Enabled Payment System (AePS) is a bank-led model developed to promote financial inclusion by enabling basic banking transactions using Aadhaar-based biometric authentication. AePS allows customers to access services such as cash withdrawals, balance inquiries, and fund transfers at micro-ATMs operated by Business Correspondents (BCs). This system significantly improves access to banking services…

What is internet banking facility?

Information Technology

Gone are the days, when bank customers used to wait for a long spell at the banking hall, for their turn to complete banking transactions. Internet banking, also known as online banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range…