FAQs on P27
Some basic FAQ’s on P27 and additional information on Project 27.
Basic
Book Transfers
Book Transfers We have heard about SEPA payments, Domestic payments and Global payments by now, another type of payment which we are learning today is “Bank Internal Transfers” or “Book Transfers“. Probably we may have seen family members having their account in same bank in the country. Here payer and payee belongs to same bank …
Domestic Payments
Domestic Payments Domestic Payments, as the name suggests within a single geographical jurisdiction transfers. When payer and payee resides in the same country and the transfers happening in local currency which uses a single common clearing system, then the payment becomes domestic in nature. They are also called as “Domestic Transfers“. Domestic payments general requirements: …
Global Payments
What are Cross Border Payments? Global Payments are also known as Cross Border Payments or International Payments. As the name suggests the payments made between payer and payee who resides in different geographical jurisdictions is generally called as “Global Payment”. As the jurisdiction is different, the currency in most of the cases will be different …
SEPA
What is SEPA? SEPA – Single Euro Payments Area, a program started by European Commission, The European Central Banks and European Banks helped in using Euro as single currency for any transactions/trade within the SEPA union. What is SEPA union? SEPA union is a list of member nations who are participating in SEPA program. Majorly …
Serial and Cover Payments
Serial Payments Vs Cover Payments: Whenever a customer to financial institution payment is made, it can either fall under serial mode of transfer or else under cover mode of transfer. Its very essential to know what is “Serial” and what is “Cover” and the messages related to them. Q: What are “Serial Payments”? Serial Payments …