BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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SWIFT
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TIPS
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NEFT
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MPIJ
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Detailed explanation-1: -To speed up the development of instant payments in euro, the ERPB invited the European Payments Council (EPC) to develop a pan-European instant payment scheme. The scheme is based on the EPC’s existing SEPA credit transfer (SCT) scheme and is called SEPA Instant Credit Transfer (SCT Inst).
Detailed explanation-2: -TIPS was developed as an extension of TARGET2 and settles payments in central bank money. TIPS currently only settles payment transfers in euro. However, the central banks of Sweden, Denmark and Norway have shown interest in joining TIPS and settle instant payments in their national currencies.
Detailed explanation-3: -TIPS offers final and irrevocable instant payments settlement in euro on a 24/7/365 basis. Participating payment service providers can open dedicated cash accounts (TIPS DCAs) in the books of their respective central bank. The NBB will assist Belgian TIPS participants in opening and maintaining their TIPS DCA(s).
Detailed explanation-4: -The SEPA harmonizes the way cashless payments are transacted between euro countries. European consumers, businesses, and government agents who make payments by direct debit, instant card transfer, and credit transfers use the SEPA architecture.
Detailed explanation-5: -Treasury Inflation-Protected Securities (TIPS) Explained.