RBI - Reserve Bank of India
As the name implies RTGS, is a system facilitating payment between banks thru out the day and in real time (if it is processed in that way by the participating banks). It is supposed to be a real time or near real time system, meaning when I pay someone with an account in another bank or another branch of the same bank, the recipient's account will be credited with in a matter of minutes or hours, instead of days.
How it works in terms of business, like settling the payment, covering the risks involved in settlement, cost of liquidity etc are not my cup of tea, so will instead see how it works technically.
Technically these are the systems that make up the RTGS,
INFINET - dedicated, secure communication backbone
SFMS (Structured Financial Messaging System) - Message format
IBM’s S/390 mainframe system - The RTGS and RBI's Core banking system
MQ Series - Messaging system
Participant interface (PI) - RTGS Client for the participating banks
IFTP - Inter-bank Funds Transfer Processor
IAS - Integrated Accounting System
CFMS - Centralised Funds Management System
INFINET - Indian FInance NETwork
SSS - Securities Settlement System
So when a bank needs to pay another bank, it uses the participant interface to send the payment request to IFTP. The IFTP will remove all information that is not needed by the settlement system and send the message to RTGS.
If the payment can be settled, the RTGS sends a response to the IFTP that the settlement is successful. The IFTP will construct a message with the RTGS information, add all the other information that came with the original payment request and then send the response to the Bank that initiated the request and the recipient bank.
If the payment can not be settled for any reason, the RTGS sends response to the IFTP that the settlement failed. The IFTP will construct a message with the RTGS information, add all the other information that came with the original payment request and then send the response the to the Bank that initiated the request.
Here Host means the banking system of the bank.
The details of the PI later.
Source: Reserve Bank of India
20 comments:
Awesome.. very informative.. thank u
really a good one.....
Good piece of information
good one but less graphical information.
really so nice every one can easily understand through this information thanks 4 this information
very fantastic, very informative, good one
Thank you for the information. There is a lot of technical jargon, but you were able to explain what a bank customer needs to know. Thanks again.
Thanks boss!!
Nice information for one's who are new to RTGS.need help with the technical configuration of PI Client
-Ranjit
FANTASTIC INFORMATION BOSS...THANKS LOT...
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