InfotainmentGuru

Payments Terminologies – Part 02

Terms and definition used in Payments   Debtor (Originator, Ordering Party Buyer): The Party whose account is debited with the payment Creditor (Beneficiary, Seller): The Party whose account is credited with the payment Initiating Party: The Party on the initiative of which the payment data is established. This might be the payer itself, an agent, or the company service …

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Correspondent Banking

Correspondent Banking Explained: In banking “Correspondence” refer to a ‘Bank to Bank’ relationship. In general one financial or non-financial institution can have relationship with other institution (financial or non-financial).A bank in one country opens an account with another bank in other (or same) country this is called as correspondent banking.Correspondent Banking also refer to an arrangement …

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SWIFT

SWIFT in Banking: SWIFT stands for the “Society for Worldwide Inter-bank Financial Telecommunications“. It is a messaging network that the institutions uses to securely transmit information and instructions through a standardized system of codes.   SWIFT assigns each organization (Both FI and Non-FIs) a unique code that has either eight characters or 11 characters. The code …

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BIC – The SWIFT ID

“BIC“, stands for “Bank Identification Code” or “Business Identifier Code”. BIC is an unique code for each bank. BIC can be of 8 or 11 characters, if branch is not know then it can be marked as “XXX”. Standard: ISO 9362 (Modified in 2009, 2014) Example: SBININBB230 SBIN – Institution Code (Financial or Non-Financial), here …

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Verification and Change Tracking Process

Process of  Verification and Change Track (Audit Trial/Event Logging) in Banking: Verification: “Verification”, is a process of confirmation, this is a critical activity which a bank operator performs by carefully examining the result of a each activity which needs approval. Based on the number of verification required at Bank level or System or Area level, …

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