Transaction Codes
Transaction Codes
Transaction Codes:
1. IFSC Codes: IFSC stands for Indian Financial System Code. The payment system applications such as Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and Centralised Funds Management System (CFMS) developed by the Reserve Bank of India use these codes. The code consists of 11 characters
IFSC is being identified by the RBI as the code to be used for various payment system projects within the country, and it would, in due course, cover all networked branches.
2. SWIFT Codes: It is a standard format of Business Identifier Codes approved by the International Organisation for Standardisation (ISO). It is a unique identification code for both financial and non-financial institutions. These codes are used when transferring money between banks, particularly for international wire transfers and also for the exchange of other messages between banks. The codes can sometimes be found on account statements. The SWIFT code is 8 or 11 characters, made up of
(a). if the second character is "o", then it is typically a test BIC as opposed to a BIC used on the live network(b) if the second character is "1", then it denotes a passive participant in the SWIFT network(c) if the second character is "2", then it typically indicates a reverse billing BIC, where the recipient pays for the message as opposed to the more usual mode whereby the sender pays for the message
Where an 8-digit code is given, it may be assumed that it refers to the primary office.
SWIFT stands for Society for Worldwide Inter-bank Financial Telecommunication. (SWIFT) handles the registration of these codes. For this reason, Business Identifier Codes (BICs) are often called SWIFT addresses or codes.
Students / Parents Reviews [10]
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Om Umang
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