Book TransferA book transfer is used to pay to another account within the bank in the same country. Only the beneficiary name and account number is required to process the payment.
Outward Telegraphic TransferOutward Telegraphic Transfers are used to make payments to another bank in foreign currency. Full beneficiary account details are necessary to complete the transaction. For payments to beneficiaries within the European countries, IBAN information MUST be provided in the payment instruction.
Real Time Gross SettlementAn RTGS is used to pay urgent high value transactions to an account with other banks within the country. Finality of settlement is immediate and usually in local currency. Full beneficiary details are necessary to complete the transaction.
ACH (SLIPS)A direct Credit is used to pay non urgent low value transactions at a high volume to accounts maintained in other local commercial banks in local currency. Finality of settlement is 0 to 1 days. Full beneficiary account details are necessary to complete the transaction.
CEFTThis payment mode has similar characteristics to ACH except the settlement period which will be “real time” and 24*7 availability.
Payroll (PAY)A “PAY” uses the same payment mechanism as ACH, CEFT and BT. Channel handling of PAY transactions will ensure that only authorized personnel can have access to the information, which makes it suitable for payroll payments.
Local Bank ChequesLocal Bank Cheques are used to make general and payroll payments when guaranteed funding is necessary. Clients are debited up-front for the issuance of Local Bank Cheques. Only the beneficiary name is required to issue a Local Bank Cheque.
Corporate Cheque Outsourcing