- Inward TTs
- Outward TTs
Real Time Gross Settlement (RTGS)
Benefits of Real Time Gross Settlement
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
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