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Q.

I wish to know the term SWIFT and RTGS connected with banking about transfering amount to other person in other city.
a question about tranfering money was replied here, and i wish to know more of these two words.
thank you sirs.

Tags: money, relationships, wish
Asked by sharad sharad, 17 Mar '12 11:51 am
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Answers (2)

 
1.

The Society for Worldwide Interbank Financial Telecommunication ("SWIFT") operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes (BICs) are popularly known as "SWIFT codes".
'RTGS' stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting). 'Real Time' means the processing of instructions at the time they are received rather than at some later time.'Gross Settlement' means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
Answered by jameel ahmed, 17 Mar '12 11:55 am

 
  
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2.

SWIFT or the Society for Worldwide Interbank Financial Telecommunication is a worldwide network for financial messages through which its members can exchange messages related to money transfer for their customers.
RTGS is a payment system in which both processing and final settlement of fund transfer instructions happens on real time basis.
Answered by jasmine, 17 Mar '12 11:59 am

 
  
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