I do not think much about tag lines, but this is the only one which I found not only useful , but also usable. Linux for human beings
Ubuntu is the best linux distribution for normal people. FYI, I have seen a lot of linux distribution claiming to be, the right one. But this is the only one which passes all the desktop tests.
I recommend Ubuntu for the desktops of normal users.
The Participant Interface
The participant interface is given to all the participating banks and their branches.
The PI has got three interfaces,
- Online (Using IBM MQ)
- Offline (File import & Export)
- Quasi Online (Meaning human interface, where real people enter the details thru real keyboards)
If the participating bank uses the Online method, you might be making your payment in a matter of minutes.
If the participating bank uses the Offline method, you might be making your payment in a matter of hours.
If the participating bank uses the Quasi online method, god help you.
What is the RTGS initiative of RBI?
RTGS - Real Time Gross Settlement System
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
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
Subscribe to:
Posts (Atom)