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Real-time gross settlement is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fastest possible money transfer system through the banking channel. Settlement in 'real time' means payment transaction is not subjected to any waiting period.
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account.
Immediate Payment Service is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later ...
The Clearing House is working with EBA Clearing and SWIFT for real-time USD-Euro payment called Immediate Cross-Border (IXB) that may launch in 2023. There are talks of payment corridor between IXB and UPI. [234] The US and India are developing a real-time payment linkage, and NPCI and banks in both countries are at an advanced stage of the talks.
Modern payment systems use cash-substitutes as compared to traditional payment systems. This includes debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and e-commerce payment systems. Payment systems may be physical or electronic and each has its own procedures and protocols.
Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s.
Shetab was introduced in 2002, and now all card issuing banks in Iran are required to connect to the system. [2]In 2005, the government obliged the Central Bank of Iran and the Iranian banks, mostly state owned, to set up all the necessary infrastructures (regulatory, hardware, software) for fully launching e-money in Iran by March 2005.
[1] In Indian Land record system, "Khatauni" is an account book, "Khasra girdawari" is a survey book and "Sajra" is the village map. At village level, patwari is appointed to update and maintain these land records.