There are many type of payment gateway
through which we payment and transfers fund from one bank to another, one country to
another.
1.
SWIFT
Ø
It is a society, stands for Society for
Worldwide Interbank Financial Telecommunications.
Ø
Owned by member banks and financial institutions
Ø
Built in security system with an automatic
authentication of financial message, through Bilateral Key Exchange (BKE) , 24
hour & 365 day.
Ø
Authentication key exchange between themselves through
RMA ( Relationship Management Application) or BIC ( Bank Identification Code)
Ø
Comprised of 8 or 11 alphanumeric character
2.
CHIPS
Ø Stands
for Clearing House Interbank Payment System.
Ø
The system uses CHIP participant code to identify
the participants and UID numbers to identify the beneficiary account.
Ø
It is operative only in New York and mainly used
for foreign exchange Interbank settlement and Euro dollar settlement.
3.
FEDWIRE
Ø
Another US payment system operated by Federal
Reserve Bank
Ø
All US banks maintain account with Federal
Reserve Bank and allotted an “ABA number” to identify and receivers of payments
4.
CHAPS
Ø
Clearing House Automated Payment System
(CHAPS) , is a British equivalent to CHIPS.
Ø
Payment in London with 16 member bank
5.
TARGET
Ø
Trans-European Automated Real-time Gross
Settlement Express Transfer system is an EURO payment system comprising 15
national RTGS system working in EUROPE.
6.
RTGS-plus and EBA
Ø
Euro clearing system with RTGS plus
7.
RTGS/NEFT in India
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