This document provides an overview of payment systems in banking in India. It discusses the history of payment instruments from coins to paper money to modern systems like cheques and electronic funds transfer. It outlines some key milestones in the evolution of payment systems in India such as the introduction of magnetic ink character recognition for cheque processing and real-time gross settlement. The document also describes the role played by the Reserve Bank of India in payment systems as a user, service provider, and regulator. It discusses the organizational structure established by RBI to oversee reforms to the national payment system, including the Payment Systems Group, Payment Systems Advisory Committee, and National Payments Council.
This presentation covers the Payments systems in India. It starts with Introduction and then cover paper payment systems like Cheque Truncation System (CTS), MICR, CTS 2010. In Electronic payment systems it covers RTGS, IFSC, UTR No, NEFT, IMPS & difference between them. It also covers the limitations of Indian Payment system. In last leg it covers in detail SWIFT in details with latest statistics
This presentation covers the Payments systems in India. It starts with Introduction and then cover paper payment systems like Cheque Truncation System (CTS), MICR, CTS 2010. In Electronic payment systems it covers RTGS, IFSC, UTR No, NEFT, IMPS & difference between them. It also covers the limitations of Indian Payment system. In last leg it covers in detail SWIFT in details with latest statistics
Payment and Settlement Systems Act, 2007 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India (Reserve Bank) as the authority for that purpose and all related matters.
The PSS Act, 2007 received the assent of the President on 20th December 2007 and it came into force with effect from 12th August 2008.
The Act also provides the legal basis for “netting” and “settlement finality”.
According to a survey, the ratio of e-payments to paper based transactions has considerably increased between 2004 and 2008.
For quick service click: https://enterslice.com/payments-banks-license
GET FREE CONSULTANCY
Helpline: +91 9069142028
Email: info@enterslice.com
Website: www.enterslice.com
Delivery Channels and Inter Bank Payment System, E-Payments, Types of Electronic Fund Transfer system, Real Time Gross Settlement,National Electronics Funds Transfer ,Immediate Payment Service, Credit Card, Automatic Teller Machine, Smart Card, E-Money, E- Wallet, E-Cheque
IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery.
Payment and Settlement Systems Act, 2007 provides for the regulation and supervision of payment systems in India and designates the Reserve Bank of India (Reserve Bank) as the authority for that purpose and all related matters.
The PSS Act, 2007 received the assent of the President on 20th December 2007 and it came into force with effect from 12th August 2008.
The Act also provides the legal basis for “netting” and “settlement finality”.
According to a survey, the ratio of e-payments to paper based transactions has considerably increased between 2004 and 2008.
For quick service click: https://enterslice.com/payments-banks-license
GET FREE CONSULTANCY
Helpline: +91 9069142028
Email: info@enterslice.com
Website: www.enterslice.com
Delivery Channels and Inter Bank Payment System, E-Payments, Types of Electronic Fund Transfer system, Real Time Gross Settlement,National Electronics Funds Transfer ,Immediate Payment Service, Credit Card, Automatic Teller Machine, Smart Card, E-Money, E- Wallet, E-Cheque
IndiaStack is a set of APIs that allows governments, businesses, startups and developers to utilise an unique digital Infrastructure to solve India’s hard problems towards presence-less, paperless, and cashless service delivery.
This is a class room presentation taught by Prof Chowdari Prasad to MBA (Banking) students on developments of Technology in Indian Banking. It was well received and needs to be updated. Any suggestions are welcome from bankers, students, researchers, etc.
Lecture part of the IAB Digital MasterClass 2015 held under the guidence of New Bulgarian University and IAB Bulgaria. The lecture covers the digital in banking and more specifically in electronic channels in banking. The lecture concerns case study of Alpha Bank Bulgaria and the e-channels used by the bank.
This presentation have the detailed analysis of the Indian banking sector, how it has evolved and reformes that have come gradually.It also has a classic case of merger of ICICI bank with BOM.
Case Study On The Growing Saga of E - Payment SystemVARUN KESAVAN
Every country has a financial system of its own that serves as backbone of its entire development. A financial system is a set of institutional arrangements through which financial surplus in the economy is mobilized from surplus units and transferred to deficit spenders. The financial system of any country consists of banking and non banking financial institutes, these institutes are providing various types of financial services to the customers. In the financial services, financial clearing and fund transfer service is most important service than other services. Payment systems improve financial intelligibility, stimulating business growth and consumption .The success of the banking system has depends upon the efficient and quality of clearing system of the industry. If we overlook the worldwide this system has changing drastically with technological advancements. Last few years evident that, Information and Communication Technology (ICT) have become a mean for improvement of financial system worldwide. In India, most of banks and financial institutions are offering ICT based financial products and services to improve their business efficiency and speed of services e.g. called e - banking, internet banking, electronic fund transfer, electronic clearing, mobile banking etc.
Implementing a Secured E-Payment Authorisation System Using Two-Factor Authen...IJRESJOURNAL
ABSTRACT:Most of the current payment methods that can be used in conducting transactions on the Internet have major drawbacks either in terms of functionality, usability, costs or security. The only widely accepted way of securely and reliably authorizing electronic payment transactions is through the use of digital signatures in a public key infrastructure (PKI) framework which is computationally expensive. This paper presents an electronic payment(E-Payment) authorization system where two factor authentication (T-FA) was utilized for the authorization of payment transactions. The description approach is based on UML notation ,the functional processes are presented as use cases, the classes that make up the system structures were presented and the system was implemented on java technology with MS ASP for the web presentation and MS SQL for the DBMS. The system enables securely authorizing payment transactions using the Internet channel.
Revolutionary developments in marketing, information and
communications technology continue to transform the banking and
financial industry. Distribution of banking services through the Internet is
an important part of this transformation. The objectives of this thesis are
mainly to assess the potential functions of e-clearing with respect to error
free fast funds settlement and to evaluate the competitive advantages of
Electronic Clearing House over Automated Clearing House. The study
explores the Electronic Clearing House in the perspective of time savings,
various costs elimination and maximization of profit for all the
stakeholders. The security measures in terms of digital signature to secure
data and information exchange over the internet would also be examined.
My research work during (Executive MBA 2006 ~ 2008) has been internationally published (Apr-2012) by LAP Publishing Germany. The topic of research was “Comparative Study of Automated Clearing House (ACH) AND Electronic Clearing House (ECH)”
https://www.morebooks.de/store/gb/book/comparative-study-of-ach-and-ech/isbn/978-3-8383-9439-8
Epayments system in India and globally iit project abhiROCKS1103
IIT project on epayments. Including all the method uses and innovations in e payments and the growth of epayments in the modern world and rapid growth in india after demonetization.
The vast spreading of information in the last decade has led to great development in e-commerce. For instance, e-trade and e-bank are two main Internet services that implement e-transaction from anyplace in the world. This helps merchant and bank to ease the financial transaction process and to give user friendly services at any time. However, the cost of workers and communications falls down considerably while the cost of trusted authority and protecting information is increased. E-payment is now one of the most central research areas in e-commerce, mainly regarding online and offline payment scenarios. In this paper, we will discuss an important e-payment protocol namely Kim and Lee scheme examine its advantages and delimitations, which encourages the author to develop more efficient scheme that keeping all characteristics intact without concession of the security robustness of the protocol. The suggest protocol employs the idea of public key encryption scheme using the thought of hash chain. We will compare the proposed protocol with Kim and Lee protocol and demonstrate that the proposed protocol offers more security and efficiency, which makes the protocol workable for real world services.
This study notes will give you the complete knowledge about Centralized Online Real-Time Environment Banking System. From initially required knowledge to like how the bank works with the list of primary operation it also explains the detailed architecture of banking system with all relevant parameters. In addition, it also gives you the detail like audit procedure with relevant controls. Also gives you the required knowledge of IT Act and Cyber Frauds and more.
A Complete Model of the Payment Service BusinessFrank Steeneken
This slide deck provides a complete picture of the underlying skeletal structure that holds every payment service business together while achieving its goals.
The model introduces a comprehensive framework for managing the complexity of the payment service business structure, and a reusable blueprint for visualizing how a payment service business enterprise actually does business. The model’s clearly-defined core-processes and their functions provide a powerful baseline for improving business performance.
By viewing the payment service business as a single system, fully independent of its implementation, the nature of its underlying core processes becomes clear. Then by managing and improving them as parts of a single system, substantial improvements can be made on critical success factors.
Presented by Rahul Kumar Jain, law student, Disha Law College, Raipur at IJSARD (International Journal of Socio-legal Analysis and Rural Development) International Virtual Conference 2017 On Law and Social Sciences.
Financial Crime and Investigation- Finacial FraudsJayakumar PP
Financial Fraud and crime investigation to law enforcement agencies. This document will give complete picture on online payment methods in India, various payment schemes. precautionary measures while doing digital and online payments. Different types of financial frauds reported. How to mitigate financial frauds. Tips for investigating officers. Including Credit card and debit card and its scams. Cover various sections related with IPC and Information Technology section for taking action against fraudsters. Modus of operand for Financial Fraud. Internet and cyber space evolution. Internet connectivity evolution. IoT and its ecosystem.
A Deep Guide to Real Time Payments- ITIOITIO Innovex
Real-time payments and white-label payment gateway solutions providers have emerged as transformative forces in the world of finance, offering unparalleled speed, accessibility, and efficiency. Visit us at: https://itio.in/
2. PAYMENT SYSTEM: Under bank of international settlement(BIS) definition, a payment system consist of instruments, banking procedures and typically interbank funds transfer that ensures and facilitate the circulation of money. In essence, it facilitates corporation, businesses and consumers to transfer funds to one other.
14. CONTINUED.. The Computerized Cheque Clearing Process has been further consolidated through the introduction of magnetic media based input settlement as an Electronic Banking and Payment System – Reading Material 31 intermediate step towards complete automation of cheque clearing through MICR processing especially to facilitate the high-value and inter-bank clearing. Greyscale Imaging Technology has been introduced (in 2000) as a value added service to the members of the Clearing Houses in some cities which will serve as a forerunner for the introduction of electronic presentment and cheque truncation.
15. CONTINUED… The Electronic Clearing Service (ECS) was introduced (in 1994) whereby a series of electronic payment instructions are generated to replace paper instruments to meet the requirement of a cost-effective system which would serve as an alternate method of effecting bulk, low value, recurring payment transactions, thereby obviating the need to issue and handle paper instruments. Another development that took place in the payments system scenario was the introduction of the Electronic Funds Transfer Scheme (in 1998) which is a retail funds transfer system and enables an account holder of a bank to transfer funds to another person having an account with any of the participating banks, without any physical movement of instruments from one center to another.
16. CONTINUED… Centralised Funds Management System (CFMS) – was introduced (in 2002) to facilitate better funds management by account holders with RBI byproviding on-line consolidated information about their transactions / balances across accounts maintained with Deposit Accounts Departments in different offices. Negotiated Dealing System / Securities Settlement System - NDS/SSS – was developed (in 2002) as a system to provide an electronic platform for trading and reporting of transactions in government securities market and to facilitate settlement of these transactions through the delivery versus payment mechanism.
17. CONTINUED… Clearing of Forex transactions – was instituted (in 2002) as a system to provide net settlement arrangement for forex transactions between members /entities in the foreign exchange market in the country. The process of settling only net obligations reduced the liquidity requirements of foreign currency, sought to reduce transaction costs (SWIFT related) and also take care of settlement related risks since the mechanism was facilitated by guaranteed settlement through central counter party arrangement of the Clearing Corporation of India.
18. CONTINUED… Real Time Gross Settlement (RTGS) System – was introduced (in 2004) to facilitate predominantly the settlement of inter-bank payments on a real-time and gross basis so as to reduce the incidence of risks in the payment systems.
19. ROLE OF RBI IN PAYMENT SYSTEMS: The Reserve Bank of India participates in the payment systems as a user of the system, as the service provider for various components of the systems and is also the regulator of the systems in many instances.
20. CONTINUED… As a user, the RBI submits instruments for clearing in the cheque-based clearing operations. RBI also participates as an user in the ECS and EFT systems for making its own internal payments to its employees, vendor payments etc. Similarly, RBI transactions in Repo / Reverse Repo under LAF, Open Market Operations etc.,would also be settled through the respective components of payment systems.
21. Type of Payment Systems Data collected by pearson education in one of its survey.
22.
23. Checking Transfer Funds transferred directly via a signed draft or check from a consumer’s checking account to a merchant or other individual Most common form of payment in terms of amount spend Can be used for both small and large transactions Some float Not anonymous, require third-party intervention (banks) Introduce security risks for merchants (forgeries, stopped payments), so authentication typically required.
24. Credit Card Represents an account that extends credit to consumers, permitting consumers to purchase items while deferring payment, and allows consumers to make payments to multiple vendors at one time Credit card associations – Nonprofit associations (Visa, MasterCard) that set standards for issuing banks Issuing banks – Issue cards and process transactions Processing centers (clearinghouses) – Handle verification of accounts and balances.
25. Stored Value Accounts created by depositing funds into an account and from which funds are paid out or withdrawn as needed Examples: Debit cards, gift certificates, prepaid cards, smart cards Debit cards: Immediately debit a checking or other demand-deposit account Peer-to-peer payment systems such as PayPal a variation
26. Accumulating Balance Accounts that accumulate expenditures and to which consumers make period paymentsExamples: utility, phone, American Express accounts
27. Current Online Payment Systems Credit cards are dominant form of online payment, accounting for around 80% of online payments in 2002 New forms of electronic payment include: Digital cash Online stored value systems Digital accumulating balance payment systems Digital credit accounts Digital checking
28. E-commerce payment system facilitates the acceptance of ELECTRONIC PAAY MENT for ONLINE TRANSACTIONS. Also known as ELECTRONIC DATA INTERCHANGE(EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.
29. FACTS AND EXAPMLES: In the early years of B2C transactions, many consumers were apprehensive of using their credit and debit cards over the internet because of the perceived increased risk of fraud. Recent research shows that 30% of people in the United Kingdom still do not shop online because they do not trust online payment systems.
32. ORGANISATION STRUCTURE: In order to usher in and establish a modern, robust payments and settlement system consistent with international best practices, the Reserve Bank has adopted a three-pronged strategy of Consolidation of existing Payment Systems, Development of Payment Systems and Integration of the Payment and Settlement System. In order to drive this Payment System reform process an institutional framework and structure has been created within the Reserve Bank.
33. PAYMENT SYSTEMS GROUP: The base layer of this structure consisted of the Payment Systems Group, which included an exclusive team of inter-disciplinary professionals representing IT, Banking Operations, Supervision, Legal, Economics, Government & Bank Accounts, and Foreign Exchange operations.
34. PAYMENT SYSTEMS ADVISORY COMMITTEE: The next tier in the institutional framework is the Payment Systems Advisory Committee which is a permanent body and oversees the operations of the Payment Systems Group and reviews the developments in the area of Payment Systems.
35. NATIONAL PAYMENTS COUNCIL: The apex layer in the institutional structure is the National Payments Council. The council lays down the broad policy framework and guidelines for the implementation of a sound and efficient payments and settlement system for the country.
36. OVERSIGHT ARRANGEMENTS: Continuous efforts are being made by the Bank to ensure that the systems operated by it are complying with the requirements of the core principles – both in case of already existing payments systems and the ones being introduced newly. Broadly, the RBI derives its regulatory and supervisory powers over the banking system through the provisions of Banking Regulation Act, 1949.