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RBI Plans To Take SWIFT's Homegrown Alternative SFMS Global

RBI will look to scale up SFMS, its homegrown alternative to messaging system SWIFT, as part of its broader goalposts for the year 2025. ....

Indian Financial Network , Immediate Payment Service , National Electronic Funds Transfer , Payments Vision , Reserve Bank , Structured Financial Messaging Solution , Indian Rupee , Continuous Linked Settlement ,

Amid Sanctions Against Russia, BRICS Can Lead the Change Towards National Currency Payments

The current crisis in Ukraine and the expansion of Western sanctions lend possibility to BRICS mechanisms finally breaking the hegemony of financing structures created by the West. ....

South Africa , United Arab Emirates , People Bank , International Affairs , Fitch Ratings , Central Bank , Development Bank , New Development Bank , Contingent Reserve Arrangement , Nathan Sheets , Under Secretary , Term Issuer Default Rating , Structured Financial Messaging Solution , Border Interbank Payment System , Brics Bank , Latest Headlines , Latest News , Russia And Swift , Sanctions Against Russia , Top Headlines , Top News ,

West cuts Russia off SWIFT, India explores alternatives

The West’s announcement about cutting off Russian major banks from the SWIFT payment system is an opportunity for both India and China to deploy their indigenous systems they had prepared for such an eventuality. ....

North Korea , New Delhi , Structured Financial Messaging Solution , Ukraine Crisis , Swift Payment System ,

UBI update on change in IFSC code for merged banks - The Hindu BusinessLine

UBI update on change in IFSC code for merged banks
March 06, 2021

Union Bank of India (UBI) on Friday said the IFSC codes of the erstwhile (e)-Andhra Bank and e-Corporation Bank branches will change with effect from April 1, 2021.
Customers of the erstwhile banks will have to get new cheque books with changed IFSC and MICR codes, UBI said in a statement.
The Indian Financial System Code (IFSC) is used to identify a participating bank branch in the National Electronic Funds Transfer (NEFT) Structured Financial Messaging Solution (SFMS) message. Magnetic Ink Character Recognition (MICR) Code is used for cheque processing.
The old IFSC codes of branches of these erstwhile banks will not be valid from April 1, 2021. Andhra Bank and Corporation Bank were amalgamated with UBI with effect from April 1, 2020. The IT integration of both the banks has been completed without changing the Account number of customers. ....

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