RTGS, BEFTN, NPSB details Explain

How can you transfer money from one bank to another?/ RTGS, BEFTN, NPSB details Explain

RTGS is an electronic settlement system that allows for real-time, gross fund transfers from one bank account to another bank account. Real-time transactions are those that don't require any delay. As soon as a transaction is carried out, it is settled.

**RTGS can only be executed by Banks, not individuals.

BEFTN is a multilateral electronic clearing system where Scheduled Banks can exchange debit and credit payment instructions. At the conclusion of each processing cycle, the system transmits, reconciles, and calculates each participant's net position.

**BEFT can be performed by both Banks and Individuals through Online Banking, or FI Apps

NPSB: The domestic ATM sharing network known as National Payment Switch Bangladesh (NPSB) is controlled by the Bangladesh Bank. Customers of banks that are NPSB members are able to use their debit, credit, and ATM cards on the ATM terminals of other NPSB members through this network.

**NPSB can only be performed by individuals, not Banks.

THIS VIDEO COVERS THE BASIC CONCEPT OF THESE ONLINE TRANSFER PROCESS EXECUTION.

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