Electronic Payment System

SWIFT moved to its current IP network infrastructure, known as SWIFTNet, from 2001 to 2005 providing a total replacement of the previous X.25 infrastructure

Real time gross settlement systems (RTGS) are funds transfer systems where transfer of money or securities takes place from one bank to another on a real time and on gross basis.

SWIFT offers a public key infrastructure (PKI) service for issuing digital certificates to financial institutions for a trusted, provable and confidential end-to-end communication over SWIFTNet.

Maintaining manual records is a requirement of the manual system. It is not requires in SWS.

The initial success of internet banking services provided by traditional banks led to the development of internet-only banks or virtual banks

Structured financial messaging system (SFMS) are a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications. It is an Indian standard similar to SWIFT (Society for World-wide Interbank Financial Telecommunications) which is the international messaging system used for financial messaging globally.

IDBRT mail messaging system is the mail gateway for the Indian banking system.

A smart card, chip card, or integrated circuit card (ICC) is any pocket-sized card with embedded integrated circuits. The IC can be used for storing information.

Applications software are designed to allow the user of the system complete a specific task or set of tasks. They include programs such as web browsers, office software, games and so on. CBS is an application software.

The Indian financial network (INFINET) is the communication backbone for the Indian banking and financial sector.

RBINet is the present communication software of RBI. It is used for RBIEFT anf other banking functions.

National Financial Switch (NFS) was conceptualized, developed and implemented by Institute of Development and Research in Banking Technology (IDRBT), Hyderabad with a view to inter-connect the ATMs in the country and facilitate convenience banking for the common man.

A cheque guarantee card was essentially an abbreviated portable letter of credit granted by a bank to a qualified depositor in the form of a plastic card that was used in conjunction with a cheque. This allowed retailers to accept cheques and providing that the retailer wrote the card number on the back of the cheque, it was signed in the retailer's presence, and the retailer verified the signature on the cheque against the signature on the card, then the cheque could not be stopped and payment could not be refused by the bank.

BankNet is a packet X.25 based network. It has nodes at Mumbai, Delhi, Chennai and Kolkatta.

Cheque truncation speeds up the process of collection of cheques resulting in better service to customers, reduces the scope for clearing-related frauds or loss of instruments in transit, lowers the cost of collection of cheques, and removes reconciliation-related and logistics-related problems, thus benefitting the system as a whole.