CAIIB-BFM (TOPIC: INTERNATIONAL COMMUNICATIONS PAYMENT SYSTEMS)
SWIFT (Society for World wide Inter-Bank Financial Telecommunications): SWIFT an acronym is a Joint, being exchanged physically. All Foreign Currency 3rd country Commercial Payments are settled electronically.
FEDWIRE (USA): System of Inter-Bank settlement operated by Federal Reserve Bank of USA. The facility is available to member Banks throughtout USA. The facility is available for paper instruments like Cheques, DD also apart from online transactions. Its therefore available in Online & Offline formats. However its restricted to USD instruments only. Its not a general Inter-Bank System but is restricted to Federal Reserve Bank & Banks having their A/c's with Federal Bank. It's meant for domestic settlements within USA.
CHAPS (UK): Clearing House Automated Payments System (CHAPS) is the British equivalent to CHIPS, handling receipts & payments in London. This system also works on the Net Settlement System. Non-Profit Co-Operative society owned by about 250 Banks. Most of these are European & North American Bank with Headquarter at Brussels. SWIFT is a World wide, computer based secure Net Work System & each Member has access to all the Other Members. It operates on a Secure Network. It is a Large Network of interconnected Banks & Financial Institutes facilitating secure International dealings. It eliminates the need to maintain multiple coding systems with various correspondents & totally removes the Risk of theft of Code Books, errors creeping as a result of not updating of Code Books etc. Messages are delivered in Uniform Perform or Formats. This reduces the chamber of misinterpretation or confusion. Besides being confidential, safe, self authenticated & SWIFT in real sense, the system reduces the cost of the transaction too.
CHIPS (USA): CHIPS stand for Clearing House Inter-Bank Payment System. Its an Electronic Payment System & is jointly owned by New Work house clearing association members. It processes more than a million instruments daily without.
TARGET (EURO): Trans-European Automated Real-time Gross Settlement Express Transfer system is a EURO. Payment System comprising 15 National RTGS Systems working in Europe.
RTGS+ & EBA (EURO): These are other EURO clearing system. RTGS+ is a German Hybrid Clearing System operating as a European Oriented Real-time Gross Settlement & Payment System with over 60 participants. The EBA-EURO-1 with a membership of over 70 Banks in all EU member countries works as a netting system with focus on Cross Border EURO Payments. for Retail Payments, EBA has another system called STEP-1 with over 200 members across EU Zone. STEP-2 is also in use in EU Zone, which facilities Straight Through Processing (STP) to member Banks, using Industry Standards...
SWIFT (Society for World wide Inter-Bank Financial Telecommunications): SWIFT an acronym is a Joint, being exchanged physically. All Foreign Currency 3rd country Commercial Payments are settled electronically.
FEDWIRE (USA): System of Inter-Bank settlement operated by Federal Reserve Bank of USA. The facility is available to member Banks throughtout USA. The facility is available for paper instruments like Cheques, DD also apart from online transactions. Its therefore available in Online & Offline formats. However its restricted to USD instruments only. Its not a general Inter-Bank System but is restricted to Federal Reserve Bank & Banks having their A/c's with Federal Bank. It's meant for domestic settlements within USA.
CHAPS (UK): Clearing House Automated Payments System (CHAPS) is the British equivalent to CHIPS, handling receipts & payments in London. This system also works on the Net Settlement System. Non-Profit Co-Operative society owned by about 250 Banks. Most of these are European & North American Bank with Headquarter at Brussels. SWIFT is a World wide, computer based secure Net Work System & each Member has access to all the Other Members. It operates on a Secure Network. It is a Large Network of interconnected Banks & Financial Institutes facilitating secure International dealings. It eliminates the need to maintain multiple coding systems with various correspondents & totally removes the Risk of theft of Code Books, errors creeping as a result of not updating of Code Books etc. Messages are delivered in Uniform Perform or Formats. This reduces the chamber of misinterpretation or confusion. Besides being confidential, safe, self authenticated & SWIFT in real sense, the system reduces the cost of the transaction too.
CHIPS (USA): CHIPS stand for Clearing House Inter-Bank Payment System. Its an Electronic Payment System & is jointly owned by New Work house clearing association members. It processes more than a million instruments daily without.
TARGET (EURO): Trans-European Automated Real-time Gross Settlement Express Transfer system is a EURO. Payment System comprising 15 National RTGS Systems working in Europe.
RTGS+ & EBA (EURO): These are other EURO clearing system. RTGS+ is a German Hybrid Clearing System operating as a European Oriented Real-time Gross Settlement & Payment System with over 60 participants. The EBA-EURO-1 with a membership of over 70 Banks in all EU member countries works as a netting system with focus on Cross Border EURO Payments. for Retail Payments, EBA has another system called STEP-1 with over 200 members across EU Zone. STEP-2 is also in use in EU Zone, which facilities Straight Through Processing (STP) to member Banks, using Industry Standards...
No comments:
Post a Comment