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Inward TTs -
Outward TTs
Real Time Gross Settlement (RTGS)
Benefits of Real Time Gross Settlement
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Fast and secure mode of transfer of funds (less than 10 minutes)
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It is a better method of monitoring financial transactions by involved parties
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Reduces the risk of frauds and forgeries that exist in other payment systems like cheques
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Reduces the need of bulk movement of cash as physical cash is not involved
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Enhances the safety and efficiency of payments
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It is a tool used by government to stabilize the economy through improved monetary policies
Telegraphic Transfers
This is an acronym for Society for Worldwide Inter-Bank Financial Telecommunication. It provides a means of facilitating interbank financial transactions and is fast, safe, secure and reliable
Benefits of Telegraphic Transfers
-
Fast and secure mode of transfer of funds (less than 10 minutes)
-
It is a better method of monitoring financial transactions by involved parties
-
Reduces the risk of frauds and forgeries that exist in other payment systems like cheques
-
Reduces the need of bulk movement of cash as physical cash is not involved
-
Enhances the safety and efficiency of payments
-
It is a tool used by government to stabilize the economy through improved monetary policies
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