UNIT 9 REMITTANCE PRODUCTS
v The parties to a funds transfer under NEFT System are
the sending bank,
the sending Service Centre,
the NEFT Clearing Centre,
the receiving Service Centre and
the beneficiary branch.
v NEFT messages generated for destination banks will be transmitted
to the service centre of each receiving banks using SFMS.
v In case of a holiday at the beneficiary branch, the credit will
have to be effected on a value dated basis wherever feasible or latest at the
commencement of business on the next working day.
v Customers can complain to the Banking Ombudsman if the complaint
is not resolved within thirty days.
v As per Payment System Bill,
2002, a 'payment system' means "a system that enables payment to be
effected between a payer and a beneficiary and includes clearing, settlement or
payment service".
v In RTGS The
remittances are credited on a dynamic basis and settlement also made on a
dynamic basis
v In "Customer Payment Transaction", customer information
along with the payment message can be transmitted in a structured format.
v Electronic Clearing Services (ECS) is a mechanism to effect
payments to a desired beneficiary on a periodical basis for the monies payable
to them.
