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Real-time Gross Settlement
Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross" basis to avoid settlement risk. Settlement in "real time" means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. "Gross settlement" means the transaction is settled on a one-to-one basis, without bundling or netting with any other transaction. "Settlement" means that once processed, payments are final and irrevocable. History As of 1985, three central banks implemented RTGS systems, while by the end of 2005, RTGS systems had been implemented by 90 central banks. The first system that had the attributes of an RTGS system was the US Fedwire system which was launched in 1970. This was based on a previous method of transferring funds electronically between US federal reserve banks via telegraph. The United ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Funds Transfer
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit and credit accounting entries necessary to complete the transaction. An electronic funds transfer starts when the sending customer send an electronic instruction with the purpose of making payment to the beneficiary or the receiving customer. Process According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account". EFT transactions are known by a number of names across countries a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Goods And Services
Goods are items that are usually (but not always) tangible, such as pens or Apple, apples. Services are activities provided by other people, such as teachers or barbers. Taken together, it is the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and Service (economics), services which underpins all economic activity and trade. According to Economics, economic theory, consumption of goods and services is assumed to provide utility (satisfaction) to the consumer or end-user, although businesses also Distribution (marketing)#Channels and intermediaries, consume goods and services in the course of producing their own. History Physiocracy, Physiocratic economists categorized production into productive labour and unproductive labour. Adam Smith expanded this thought by arguing that any economic activities directly related to material products (goods) were productive, and those activities which involved no ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Settlement Systems
Indian or Indians may refer to: Associated with India * of or related to India ** Indian people ** Indian diaspora ** Languages of India ** Indian English, a dialect of the English language ** Indian cuisine Associated with indigenous peoples of the Americas * Indigenous peoples of the Americas ** First Nations in Canada ** Native Americans in the United States ** Indigenous peoples of the Caribbean ** Indigenous languages of the Americas Places * Indian, West Virginia, U.S. * The Indians, an archipelago of islets in the British Virgin Islands Arts and entertainment Film * ''Indian'' (film series), a Tamil-language film series ** ''Indian'' (1996 film) * ''Indian'' (2001 film), a Hindi-language film Music * Indians (musician), Danish singer Søren Løkke Juul * "The Indian", an unreleased song by Basshunter * "Indian" (song), by Sturm und Drang, 2007 * "Indians" (song), by Anthrax, 1987 * Indians, a song by Gojira from the 2003 album '' The Link'' Other uses ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clearing House Automated Transfer System
The Clearing House Automated Transfer System, or CHATS, is a real-time gross settlement (RTGS) system for the transfer of funds in Hong Kong. It is operated by Hong Kong Interbank Clearing Limited (HKICL), a limited-liability private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks. Transactions in four currency denominations may be Settlement (finance), settled using CHATS: Hong Kong dollar, renminbi, euro, and United States dollar, US dollar. In 2005, the value of Hong Kong dollar CHATS transactions averaged HK$467 billion per day, which amounted to a third of Hong Kong's annual Gross Domestic Product (GDP); the total value of transactions that year was 84 times the GDP of Hong Kong. CHATS has been referred by authors at the Bank for International Settlements to as "the poster child of multicurrency offshore systems". History Prior to the launch of CHATS as a RTGS system, interbank settlements in Hong Kong relied on a multi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
T2 (RTGS)
T2 is a financial market infrastructure that provides real-time gross settlement (RTGS) of payments, mostly in euros. It is operated by the European Central Bank and is the critical payments infrastructure of the euro area. With turnover in the trillions of euros every day, it is one of the largest payment systems in the world. It is one of three so-called TARGET Services, together with TARGET2-Securities (T2S) for securities and TARGET Instant Payment Settlement (TIPS) for fast payments. The acronym TARGET stands for Trans-European Automated Real-time Gross-Settlement Express Transfer. T2 replaced its predecessor RTGS system, TARGET2 (itself introduced in 2007-2008), on . Overview Like other RTGS systems, T2 allows individual banks to submit payment orders and have them settled in central bank money, namely the euro. T2 settles payments between banks as well as those related to the Eurosystem's own operations. Member banks can connect to T2 either via SWIFT or via NEXI-Colt, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurozone
The euro area, commonly called the eurozone (EZ), is a Monetary union, currency union of 20 Member state of the European Union, member states of the European Union (EU) that have adopted the euro (Euro sign, €) as their primary currency and sole legal tender, and have thus fully implemented Economic and Monetary Union of the European Union, EMU policies. The 20 eurozone members are: : Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The seven non-eurozone members of the EU are Bulgaria, the Czech Republic, Denmark, Hungary, Poland, Romania, and Sweden. They continue to use their own national currencies, although all but Denmark are obliged to join once they meet the euro convergence criteria. Bulgaria is targeting to join the eurozone on 1 January 2026. Bulgaria is expected to become the 21st eurozone member from January 1, 2026. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cross-Border Interbank Payment System
The Cross-border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. CIPS is backed by the People's Bank of China and was launched in 2015 as part of a policy effort to internationalize the use of China’s currency. In 2022, CIPS processed around 96.7 trillion yuan ($14.03 trillion), with about 1427 financial institutions in 109 countries and regions having connected to the system. In 2023, the CIPS processed 6.6133 million transactions, totaling RMB123.06 trillion($17.09 trillion), increasing by 50.29 percent and 27.27 percent y-o-y, respectively. On a daily basis, the system processed 25,900 transactions, totaling RMB482.602 billion($67.028 billion). As of March 2025, CIPS has 170 Direct Participants and 1497 Indirect Participants. Among Indirect Participants, 1091 participants are from Asia (including 560 from Chinese Mainland), 260 from Europe, 5 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bangladesh Bank
Bangladesh Bank (BB; ) is the central bank of Bangladesh and is a member of the Asian Clearing Union. It is fully owned by the Bangladesh, Government of Bangladesh. The bank is active in developing green banking. and financial inclusion policy and is an important member of the Alliance for Financial Inclusion. Bangladesh Financial Intelligence Unit (BFIU), a department of Bangladesh Bank, is a member FIU of the Egmont Group of Financial Intelligence Units. Bangladesh Bank is the first central bank in the world to introduce a dedicated hotline (16236) for people to complain about any banking-related problem. Moreover, the organization is the first central bank in the world to issue a "Green Banking Policy". To acknowledge this contribution, then-governor Dr. Atiur Rahman was given the title 'Green Governor' at the 2012 United Nations Climate Change Conference, which was held at the Qatar National Convention Centre in Doha. History On 7 April 1972, after the Bangladesh Liber ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reserve Bank Of Australia
The Reserve Bank of Australia (RBA) is Australia's central bank and banknote issuing authority. It has had this role since 14 January 1960, when the ''Reserve Bank Act 1959'' removed the central banking functions from the Commonwealth Bank. The bank's main policy role is to control inflation levels within a target range of 2–3%, by controlling the unemployment rate according to the 'non-accelerating inflation rate of unemployment' (NAIRU) by controlling the official cash rate. The NAIRU was implemented in most western nations after 1975, and has been maintained at a target of 5–6% unemployment. The average unemployment rate in Australia between the end of the Second World War and the implementation of the NAIRU was consistently between 1 and 2%. Since the implementation of the NAIRU, the average unemployment rate in Australia has been close to 6%. The RBA also provides services to the Government of Australia and services to other central banks and official institutions. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pan-African Payment And Settlement System
The Pan-African Payment and Settlement System (PAPSS) is a Pan-African real-time gross settlement (RTGS) infrastructure for cross-border payments in distinct local currencies. It was publicly launched on January 13, 2022 by the African Union (AU) and the African Export-Import Bank (Afreximbank) to compliment trading under the African Continental Free Trade Area (AfCFTA) with further future planned rollout in the Caribbean region by end of 2024. History of PAPSS PAPSS was first mentioned on the 7 July 2019 at the 12th Extraordinary Session of The African Union Assembly in Niamey, Niger to support the launch of the operational phase of AfCFTA. It started as a pilot project among the 6 countries in the West African Monetary Zone (WAMZ) before it became publicly available. In 2023 several nations of the Caribbean Community began to implement a pilot framework for using the Pan-African Payment and Settlement System to facilitate trade between the Caribbean and Africa. The move ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Large Value Payment Systems
Large means of great size. Large may also refer to: Mathematics * Arbitrarily large, a phrase in mathematics * Large cardinal, a property of certain transfinite numbers * Large category, a category with a proper class of objects and morphisms (or both) * Large diffeomorphism, a diffeomorphism that cannot be continuously connected to the identity diffeomorphism in mathematics and physics * Large numbers, numbers significantly larger than those ordinarily used in everyday life * Large ordinal, a type of number in set theory * Large sieve, a method of analytic number theory ** Larger sieve, a heightening of the large sieve * Law of large numbers, a result in probability theory * Sufficiently large, a phrase in mathematics Other uses * ''Large'' (film), a 2001 comedy film * Large (surname), an English surname * LARGE, an enzyme * Large, a British English name for the maxima (music), a note length in mensural notation * Large, or G's, or grand, slang for $1,000 US dollars * Large, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SIA S
Sia Kate Isobelle Furler ( ; born 18 December 1975) is an Australian singer and songwriter. Born and raised in Adelaide, she started her career as a singer in the acid jazz band Crisp in the mid-1990s. When Crisp disbanded in 1997, she released her debut studio album, ''OnlySee'', in Australia. Sia moved to London and provided vocals for the British duo Zero 7. She released her second studio album, '' Healing Is Difficult'', in 2001 and her third, '' Colour the Small One'', in 2004. Sia moved to New York City in 2005 and toured the United States. Her fourth and fifth studio albums, '' Some People Have Real Problems'' and '' We Are Born'', were released in 2008 and 2010 respectively, and both were certified gold by the Australian Recording Industry Association and attracted wider notice than her earlier albums. Uncomfortable with her growing fame, she took a hiatus from performing and focused on songwriting for other artists, producing successful collaborations "Titanium" (wi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
