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How SWIFT works?  (The Society for Worldwide Interbank Financial Telecommunication) Tracking how money moves internationally from bank to bank thanks to the SWIFT messaging system. The SWIFT network doesn't actually transfer the money - it communicates transaction orders between institutions using SWIFT codes. Thanks to SWIFT, we have standardized IBAN (International Bank Account Number) and BIC (Bank Identifier Code) formats that are used for actual funds transfer. SWIFT assigns every financial organization a code which is unique and has 8 or 11 characters. This code is called the SWIFT code, ISO-9362, or the BIC code. It comprises the institution code, the country code, the location code (or city code), and an optional branch code for individual branches. Keep in mind that the IBAN code and SWIFT code are not the same things - while the SWIFT code only identifies a bank, the IBAN identifies both the bank and a specific account at the bank. The United States doesn't participat...

Messaging Payment System: Types of Payments International Payments (SWIFT)  Customer Transfer- 103 / 103 + Bank Transfer - 202 Transfer on Own Account  Straight Through Processing An initiative used by companies in the financial world to optimize the speed at which transactions are processed. This is performed by allowing information that has been electronically entered to be transferred from one party to another in the settlement process without manually re-entering the same pieces of information repeatedly over the entire sequence of events  One of the most important features of the Funds Transfer module of any system is the facility of processing incoming payment messages to their logical end without manual intervention/

 General Ledger:   User defined Format for the GL code, No Hard coded  GLs   Max 9  alphanumeric characters   Facilitates online posting   All GLs are multi–currency enabled with revaluation options   It supports Multi-level / Hierarchical GL structure   Flexible MIS reporting based on CCY- GL-MIS Class linkages    Comprehensive query options   Separate  Reporting Lines can be defined to facilitate alternate report requirements  General Ledger - Multilevel Structure: What is SLR Rate?  Statutory Liquidity Ratio    SLR (Statutory Liquidity Ratio) is the amount a commercial bank needs to maintain in the form of cash, or gold or govt. approved securities (Bonds) before providing credit to its customers. SLR rate is determined and maintained by the RBI (Reserve Bank of India) in order to control the expansion of bank credit.    How is SLR determined? SLR is determined as the percentage of tot...