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Engr. Abdul-Rahman MahmoodMS, PMP, MCP, QMR(ISO9001:2000)
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VC++, VB, ASP
PRISM & NEFT
Teaching skills, Project Management
Course portal http://alphapeeler.sf.net/me
Class Policies
Class Policies
By Engr. Abdul Rahman Mahmood
Contents REAL TIME GROSS SYSTEM-RTGS
Broad Features of PRISM
OUTPUTS
FEATURES OF THE MODULE
FEATURES OF BANK INTERFACE
PROTOTYPES
ANALYSIS
REAL TIME GROSS SYSTEM-RTGS
Broad Features of PRISM
OUTPUTS
FEATURES OF THE MODULE
FEATURES OF BANK INTERFACE
PROTOTYPES
ANALYSIS
CONSTRAINTS
RTGS (Real Time Gross Settlement)
National Electronics Funds Transfer System (NEFT)
Minimum / Maximum amount for RTGS /NEFT transactions
RTGS & NEFT service availability durations
Essential Information needed
Track the remittance transaction
Conclusion
REAL TIME GROSS SYSTEM-RTGS
The system that we are proposing is an extension to the current RTGS that is implemented at SBP. We are calling it a consumer banking module of RTGS.
Real Time Gross Settlement Systems (RTGS) are mechanisms that enable banks to make large-value payments to one another in real-time using online telecommunication facilities.
This allows the monetary authorities to ensure that systemic risks inherent in any netting based payment systems are effectively minimized, if not eliminated. And above all it facilitates customers of banks full and immediate utilization of their liquidity by enabling them to transfer their large payments across banks immediately.
SBP took a decision to implement RTGS in early 2002 primarily with assistance from the World Bank. The RTGS in Pakistan has been named as Pakistan Real-time Interbank Settlement Mechanism (PRISM).
Broad Features of PRISM Thirty nine (39) commercial banks and DFIs would be the initial
direct participant members of PRISM. The participant banks will have the facility of online
monitoring of their interbank payments via one settlement account and their status (like settled, queued, or rejected). They would also be able to change their payment priority (if transaction is queued) giving them more control over their funds.
SBP departments will have the ability to monitor the inter-bank transactions and take immediate action as and when required.
Intraday Liquidity Facility (ILF) would be offered to banks collateralized against Government Securities so that the payments may be cleared immediately.
The system also has queue management features and mechanisms for Grid Lock resolution.
Broad Features of PRISM The system will also hold government securities portfolios and
will enable securities trade matching for Delivery Vs Payment and intra-day liquidity management.
The IT security component of the system will provide PKI infrastructure and transactional and link encryptions for data security.
“Centralized Multilateral Netting” of retail clearing was a mandatory pre-launch requirement for smooth functioning of the PRISM System. Previously the country-wide retail clearing operations were settled in the sixteen field offices of SBP across the country. Now with the help of National Institutional Facilitation Technologies (NIFT )-an institution responsible for the clearing operations of retail cheques- SBP has started country-wide multilateral netting and centralized settlement of cheque clearing.
OUTPUTSThere will be 1 master file with different tables for all
the banks in the database. The basic purpose of the
system is reporting. The main outputs of the system
Include:
The system projects the annual amount of sales using the figures provided by the bank
Automatically generated alerts are sent if the bank exceeds the limit set by the state bank
Receive notification sent to the system by others
FEATURES OF THE MODULE
The features of the module from the client interface
will include:
View board
Register new bank
Edit policy
View notification
Send notification
CLIENT INTERFACE SBP
FEATURES OF BANK INTERFACEThe client interface of banks will have the following
features:
View board
Enter data (the sales data)
View notification
Send notification
CLIENT INTERFACE BANK
PROTOTYPEThe development team has used Microsoft Visual Basic 6.0 to develop
a prototype of the system showing how clients can login into the
system using their User Id and Password. The screen shots of this
prototype are show below.
USER INTERFACEThe form above shows the screen that will be displayed after
the user enters the system. All the buttons on the screen when
clicked will perform the appropriate functions.
UML DIAGRAMS
SBP Bank
set policy
policy accepted
request data
sales data entered
Send notification
SEQUENCE DIAGRAM
Bank SBP
Veiw Board
Register Bank
Enter Data
Edit Policy
View Notification
Send Notification
«uses»
«uses»
«uses»
«uses»
«uses»
«uses»
«uses»
«uses»
«uses»
USE
CASE
Register Bank
Edit Policy
Send Notification
View notification
ACTIVTY
DIAGRAM
CLASS DIAGRAM
Specify Branch ID
Please enter your ID and password:•Login•Password
User ID and Password entered Please select the Bank:
•Bank Name
Please select the service required:•View Board•Register Bank•Edit Policy•Send Notification
View Board selected
•Select Bank•View Notifications•Logout
Thank you for using our service
Welcome to PRISM Banking System Service
Logging out
STORYBOARD
CONSTRAINTS
The limitations that may be faced during the
development of the project are:
TIME
SKILL
TECHNOLOGY
INFORMATION
COST
Understanding ‘NEFT & RTGS
How does one transfer
money from one bank to
another?
Obvious answer :By Cheque
How long does it take for money to move into
your account after depositing the Cheque ?
Probably a day or two
In essence it does take some time?
Is there no other option for money transfer which quickly transfers money from one bank account to
another bank account?
NEFT and RTGS are two convenient modes of money
transfer between banks in Pakistan
RTGS stands for “Real Time Gross
Settlement” – It enables transfer of
money in real time.
NEFT stands for “National
Electronic Funds Transfer” which is
an online system of transferring
funds between financial
institutions,
RTGS
(Real Time Gross Settlement)• The acronym 'RTGS' stands for Real Time Gross Settlement
• RTGS system is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis
• This is the fastest possible money transfer system through the banking channel
• Settlement in 'real time' means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed
• 'Gross settlement' means the transaction is settled on one to one basis without bunching with any other transaction
• Considering that money transfer takes place in the books of the State Bank of Pakistan, the payment is taken as final and irrevocable
National Electronics Funds Transfer System (NEFT)
• The acronym “NEFT” stands for National Electronic Funds Transfer.
• Funds are transferred to the credit account with the other participating
Bank using SBP's NEFT service.
• SBP acts as the service provider and transfers the credit to the other
bank's account.
NEFT operate on a deferred net settlement (DNS) basis which settles
transactions in batches. (e.g., 1EOD)
In DNS, the settlement takes place at a particular point of time. All
transactions are held up till that time
Minimum / Maximum amount for RTGS /NEFT transactions
Type Minimum Maximum
RTGS Rs. 2 Lakh No Limit
NEFT No Limit No Limit
* HOWEVER MAXIMUM AMOUNT PER TRANSACTION IS
LIMITED TO RS 2,00,000
RTGS & NEFT service availability durations
RTGS transactions will be sent to SBP based on the following schedule:
Day Start Time End Time
Monday to Friday 9:00 hrs 16:00 hrs
Saturday 9:00 hrs 13:30 hrs
NEFT transactions will be sent to SBP based on the following schedule:
Day Start Time End Time
Monday to Friday 8:00 hrs 19:00 hrs
Saturday 8:00 hrs 13:00 hrs
REMITTING
CUSTOMER
BENIFICARY
CUSTOMER A/C
BENIFICIARY
BRANCH
National
Clearing
Company of
Pakistan LTD
(SBP)
ORIGINATING
BRANCH
Head Office a/c of
Remitting BankHead Office a/c of
Beneficiary Bank
PROCESS
Essential Information needed• The essential information that the remitting customer would have to
furnish to a bank for the remittance to be effected
Amount to be remitted
Account number which is to be debited
Name of the beneficiary bank
Name of the beneficiary customer
Account number of the beneficiary customer
Sender to receiver information, if any
The SWIFT Code of the receiving branch
Track the remittance transaction
It depends on the arrangement between the remitting customer and the
remitting bank.
Some banks with internet banking facility provide this service.
Once the funds are credited to the account of the beneficiary bank, the
remitting customer gets a confirmation from his bank either by an e-
mail or by a short message on the mobile
Majority of commercial banks have employed RTGS and it is available in
over 30472 branches
NEFT facility is available in 32407branches of banks. These branches
may be in remote corner of the country also
BENEFITS
Available to all
All our Net banking (existing & new) users are eligible to utilize this on-line facility.
It's simple, convenient, quick and secure
Users can transfer funds to the beneficiaries in other banks in a simple, convenient and seamless manner.
Funds transfer to other banks is faster, secure and safe
Anytime, anywhere...
Simple and easy to operate - from home / office anytime, anywhere
Save time and energy
Get more for less
RTGS/NEFT cost less than the conventional modes of remittance such as DD/MT
To conclude I’ve tried to summarize the key differentiation in these concepts
through diagrams in the next 2 slides
Money transfer
happens in real
time and directly
through the
banking system
Money is
aggregated in
clusters for
reconciliation and
settlement
Conclusion
Thanks for listening!
