Which of the following is a method of transferring money from one account to another?
2.1 IntroductionAs the trend towards automated processing increases, and as the demands of the financial business become more complex, Oracle FLEXCUBE, a sophisticated package, breaks down these complexities by its quick, easy-to-use features, which are essential to successful financial management. Show
The Funds Transfer (FT) Module that constitutes a part of Oracle FLEXCUBE is a front office system that handles the processing of the transfer of funds (local and foreign) between Financial Institutions. Financial institutions or banks can initiate these transfers for themselves, or on behalf of their customers. The FT Module is a comprehensive transaction handling and management system, which integrates with the overall system for settlement of payments, charges, commissions and MIS. The system handles all the necessary activities during the life of a contract, once it is booked. All the relevant account balances will be updated when Transfers are processed. Exchange rate conversions are automatically effected in cases of Cross-currency Transfers based on the rate and method of conversion that you define. The essence of a funds transfer (i.e., transfer of money and the generation of messages) is handled comprehensively by this module. With regard to funds transfers, you will encounter some basic terms frequently, which are listed below:
2.2 Funds Transfer - An IntroductionA Funds Transfer is a sequence of events that results in the movement of funds from the remitter to the beneficiary. It is also defined as the remittance of funds from one party to itself or to another party through the banking system. It is an essential support function for other financial products such as loan repayment, settlement of trade bills etc., apart from being an important stand-alone function in a typical bank. Classifying Funds Transfers Funds Transfers can be classified as Incoming, Outgoing or Internal depending on the direction of flow of funds in the transfer. Incoming or Outgoing transfers are indicative of whether funds are coming in or going out of the bank. Internal transfers indicate funds being transferred within the bank itself (between two accounts within the Bank). No other financial institution is involved in such transfers. Based on the parties involved in the transfer, Funds Transfers can also be classified as customer transfer, bank transfer and bank transfer for own account. Customer Transfer: A customer transfer is a transfer in which either the ordering customer or the beneficiary customer, or both, are non-financial institutions, i.e. at least one party in the chain is not a financial institution. Bank Transfer: A bank transfer refers to the transfer of funds between the ordering institution and beneficiary institution. Here the originator and beneficiary and all intermediary parties are financial institutions. Bank Transfer for Own Account: A transfer initiated by a bank to transfer funds from one of its accounts (held in one Bank) to another account (held in another Bank). 2.2.1 Media SupportedMessaging which constitutes an important ingredient of a Funds Transfer is supported. In Oracle FLEXCUBE, FTs can be executed using any of the following media types:
The following SWIFT messages are supported for FTs:
Which way is used to transfer the money one account to another account?You can log in to online or mobile banking, select the transfer option, then choose each account from the menu. If you're sending money to another person's account, you'll need to know their name, account number and routing number.
Which of the following is a method of transferring money from one persons account to another Mcq?NEFT (National Electronic Fund Transfer)
Which of the following is a method of transferring money from one person's account to another a electronic check?Solution(By Examveda Team)
Electronic check is a method of transferring money from one person's account to another.
Which method is used for money transfer?RTGS. RTGS stands for Real-time Gross Settlement, meaning that through this method, the money is transferred from one bank account to the other in real-time, without any delay. RTGS works out as the best payment method if you need to transfer an amount equal to or more than Rs.
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