|
Electronic Banking Internet Communication Standard
The Electronic Banking Internet Communication Standard (EBICS) is a German transmission protocol developed by the German Banking Industry Committee for sending payment information between banks over the Internet. It grew out of the earlier BCS-FTAM protocol that was developed in 1995, with the aim of being able to use internet connections and TCP/IP. It is mandated for use by German banks and has also been adopted by France and Switzerland. EBICS is used in the Single Euro Payments Area: the standard can be used as the secure communication channel to initiate SEPA Direct Debits and SEPA Credit Transfers using the Internet. SEPA concentrates on standardisation of clearing protocols in the inter-bank networks. The SEPA-Clearing guidelines do not supplant any national clearing transmission protocols. Theoretically the national banking transmission standards could be prolonged for decades. History In 2005, the German Zentraler Kreditausschuss (ZKA / ''Central Credit Committee'') initi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Communication Protocol
A communication protocol is a system of rules that allows two or more entities of a communications system to transmit information via any kind of variation of a physical quantity. The protocol defines the rules, syntax, semantics (computer science), semantics and synchronization of communication and possible Error detection and correction, error recovery methods. Protocols may be implemented by Computer hardware, hardware, software, or a combination of both. Communicating systems use well-defined formats for exchanging various messages. Each message has an exact meaning intended to elicit a response from a range of possible responses pre-determined for that particular situation. The specified behavior is typically independent of how it is to be Implementation, implemented. Communication protocols have to be agreed upon by the parties involved. To reach an agreement, a protocol may be developed into a technical standard. A programming language describes the same for computations, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Society For Worldwide Interbank Financial Telecommunication
Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, an international organization facilitating transactions between banks * Swift Engineering, an American engineering firm * Swift & Company, a meat processing company * Swifts (aerobatic team), a Russian aerobatic team Transportation companies * Swift Cooper, a British racing car manufacturer * Swift Leisure, a British manufacturer of caravans * Swift Motor Company, of Coventry, England * Swift Transportation, a US trucking company Places * River Swift, a river in England * Swift, Illinois, an unincorporated community in northeastern Illinois * Swift County, Minnesota, a county in west-central Minnesota * Swift, Minnesota, an unincorporated community in northern Minnesota * Swift, Missouri, a ghost town in southeastern Missouri As ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Routing Standards
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability assessmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment Interchange Standards
A payment is the voluntary tender of money or its equivalent or of things of value (economics), value by one Party (law), party (such as a person or company) to another in exchange for good (accounting), goods, or Service (economics), services provided by them, or to fulfill a legal obligation. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Payments can be effected in a number of ways, for example: * the use of money, cheque, or Direct debit, debit, Credit (finance), credit, or bank transfers, whether through mobile payment or otherwise * the transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another. In general, payees are at liberty to determine what method of payment they will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly effected in the local currency of the payee unless the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Communications Protocols
A communication protocol is a system of rules that allows two or more entities of a communications system to transmit information via any kind of variation of a physical quantity. The protocol defines the rules, syntax, semantics and synchronization of communication and possible error recovery methods. Protocols may be implemented by hardware, software, or a combination of both. Communicating systems use well-defined formats for exchanging various messages. Each message has an exact meaning intended to elicit a response from a range of possible responses pre-determined for that particular situation. The specified behavior is typically independent of how it is to be implemented. Communication protocols have to be agreed upon by the parties involved. To reach an agreement, a protocol may be developed into a technical standard. A programming language describes the same for computations, so there is a close analogy between protocols and programming languages: ''protocols are to co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real-time Gross Settlement
Real-time gross settlement (RTGS) systems are specialist Electronic funds transfer, 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 (economics), gross" basis. Settlement (finance), Settlement in "real time" means a payment Financial transaction, 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 net settlement, 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Online Banking
Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website. The online banking system will typically connect to or be part of the core banking system operated by a bank to provide customers access to banking services in addition to or in place of traditional branch banking. Online banking significantly reduces the banks' operating cost by reducing reliance on a branch network and offers greater convenience to some customers by lessening the need to visit a branch bank as well as the convenience of being able to perform banking transactions even when branches are closed. Internet banking provides personal and corporate banking services offering features such as viewing account balances, obtaining statements, checking recent transactions, transferring money between accounts, and mak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISO 20022
ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content. The standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and settlement information, credit and debit card transactions and other financial information. The repository contains a huge amount of financial services metadata that has been shared and standardized across the industry. The metadata is stored in UML models with a special ISO 20022 UML Profile. Underlying all of this is the ISO 20022 metamodel - a model of the models. The UML profile is the metamodel transformed into UML. The metadata is transformed into the syntax of messages used in financial networks. The first syntax supported for messages was XML Schema. ISO 20022 will be widely used in financia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Payments Framework
The International Payments Framework (IPF) was an initiative launched in 2010 to create a global framework for payment processing by the ''International Payments Framework Association'', a trade association headquartered in Atlanta, in the United States. The IPF standard is currently used by some organisations to process payments between the United States and Europe. IPF creates rules, processes, and inter-member agreements that allow IPF's members to minimize the cost of cross-border payments. Its members include the United States Federal Reserve and other central banks, as well as other payments industry entities such as financial institutions and ACH operators. IPF is similar to the Single Euro Payments Area (SEPA) in that both initiatives aim to facilitate international payments, base their standards on ISO 20022, and involve mostly banks as their main participants. IPF differs from SEPA because IPF is global rather than limited to Europe; IPF is market-based rather than ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bundesbank
The Deutsche Bundesbank (), literally "German Federal Bank", is the central bank of the Federal Republic of Germany and as such part of the European System of Central Banks (ESCB). Due to its strength and former size, the Bundesbank is the most influential member of the ESCB. Both the Bundesbank and the European Central Bank (ECB) are located in Frankfurt, Germany. It is sometimes referred to as "Buba" for Bundesbank, while its usual abbreviation is BBk in Germany and internationally DBB. The Bundesbank was established in 1957 and succeeded the Bank deutscher Länder, which introduced the Deutsche Mark on 20 June 1948. Until the euro was physically introduced in 2002, the Bundesbank was the central bank of the former Deutsche Mark ("German Mark", sometimes known in English as the "Deutschmark"). The Bundesbank was the first central bank to be given full independence, leading this form of central bank to be referred to as the ''Bundesbank model'', as opposed, for instance, to th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
German Banking Industry Committee
The German Banking Industry Committee (GBIC) (german: Die Deutsche Kreditwirtschaft / ''DK''), known until 2011 as the Central Credit Committee (german: Zentraler Kreditausschuss / ''ZKA'') is an industry association of the German banking industry. Its decisions are held normative for the national banking sector – either directly by interbank treaties or indirectly by preparing a corresponding ministerial or Bundesbank decision. History The Central Credit Committee was founded in 1932 as a common interest group of the five federal interest groups that represent the financial sector in Germany. Until August 2011, the association was known as the Central Credit Committee (german: Zentraler Kreditausschuss / ZKA) when it adopted a new name (after almost eighty years). Structure The five founding associations are: * Bundesverband der Deutschen Volksbanken und Raiffeisenbanken (BVR, ; est. 1864 as ) * Bundesverband deutscher Banken (BdB, ; est. 1901 as ) * Bundesverband Öffentl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
.jpg "Click for more on -> Online Banking")
