"RTGS" stands for Real Time Gross Settlement. (=ساتنا in Iran)
RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a "real time" and on "gross (ناخالص)" basis. This is the fastest possible money transfer system through the banking channel. The transactions are settled as soon as they are processed. "Gross settlement" means the transaction is settled on one to one basis without bunching with any other transaction. Payment is taken as final and irrevocable.
EFT operates on a deferred net (معوق خالص) settlement (DNS) basis which settles transactions in batches. In DNS, the settlement takes place at a particular point of time. All transactions are held up till that time. Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. Contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours.
Ref: http://www.rbi.org.in/SCRIPTs/FAQView.aspx?Id=65
Monday, April 7, 2008
Thursday, April 3, 2008
FSTC | Financial Services Technology Consortium
FSTC sponsors noncompetitive collaborative research and development of interbank technical projects affecting the entire financial services industry.
http://www.fstc.org/index.php
Some of the projects:
Web site richness (for non-members): POOR
http://www.fstc.org/index.php
Some of the projects:
Web site richness (for non-members): POOR
Wednesday, April 2, 2008
More Standards
UNIversal Financial Industry message scheme
http://www.iso20022.org/
The UNIFI standard provides the financial industry with a common platform for the development of messages in a standardized XML syntax, using:
- a modelling methodology (based on UML) to capture in a syntax-independent way financial business areas, business transactions and associated message flows;
- a set of XML design rules to convert the messages described in UML into XML schemas.
There is two great presentations in the site.
Market Data Definition Language (MDDL)
http://xml.coverpages.org/mddl.html
is an XML specification designed "to enable the interchange of information necessary to account, to analyze, and to trade financial instruments of the world's markets. It defines an XML-based interchange format and common data dictionary on the fields needed to describe: (1) financial instruments, (2) corporate events affecting value and tradability, and (3) market-related, economic and industrial indicators.
AND More Standards:
FinXML, VRXML, RIXML, XBRL, FpML, TWIST, RosettaNet, OAGi, ACORD, CIDX
http://www.iso20022.org/
The UNIFI standard provides the financial industry with a common platform for the development of messages in a standardized XML syntax, using:
- a modelling methodology (based on UML) to capture in a syntax-independent way financial business areas, business transactions and associated message flows;
- a set of XML design rules to convert the messages described in UML into XML schemas.
There is two great presentations in the site.
Market Data Definition Language (MDDL)
http://xml.coverpages.org/mddl.html
is an XML specification designed "to enable the interchange of information necessary to account, to analyze, and to trade financial instruments of the world's markets. It defines an XML-based interchange format and common data dictionary on the fields needed to describe: (1) financial instruments, (2) corporate events affecting value and tradability, and (3) market-related, economic and industrial indicators.
AND More Standards:
FinXML, VRXML, RIXML, XBRL, FpML, TWIST, RosettaNet, OAGi, ACORD, CIDX
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