Taxas de cartão forex do tesouro de sbi

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Taxas do cartão forex do Tesouro Sbi
DALLAS _ O convite Home Inc. na quarta-feira registrou uma perda de US $ 46 milhões no quarto trimestre. A estimativa média de três analistas consultados pela Zacks Investment Research foi de 27 centavos por ação. Três analistas pesquisados ​​pela Zacks esperavam US $ 356 milhões.
SAN RAMON, Califórnia - A Five9 Inc. divulgou nesta quarta-feira uma perda no quarto trimestre de US $ 631.000, depois de reportar um lucro no mesmo período um ano antes. A estimativa média de oito analistas pesquisados ​​pela Zacks Investment Research foi de 4 centavos por ação. Para o trimestre atual que termina em abril, a Five9 espera que seu lucro por ação varie de 2 a 4 centavos.
WASHINGTON, 21 fev - O chefe republicano do comitê de supervisão da Câmara dos Deputados dos Estados Unidos buscou detalhes na quarta-feira sobre como o chefe da Agência de Proteção Ambiental, Scott Pruitt, obteve autorização para realizar inúmeros voos de primeira classe revelados em registros de viagem recentemente divulgados. Gowdy questionou uma declaração que o porta-voz da EPA, Jahan Wilcox, havia feito.
DETROIT, 21 de fevereiro - A Ford Motor Co. disse na quarta-feira que Raj Nair, seu presidente para a América do Norte, estava deixando a empresa imediatamente após uma investigação interna achar que seu comportamento era "inconsistente com o código de conduta da empresa". Ford não deu detalhes sobre o que esse comportamento implicava. "Tomamos essa decisão depois de uma revisão completa e cuidadosa.
A SM Energy Co. informou na quarta-feira uma perda de US $ 26,3 milhões no quarto trimestre. A estimativa média de 13 analistas consultados pela Zacks Investment Research foi de uma perda de 15 centavos por ação. Nove analistas pesquisados ​​pela Zacks esperavam US $ 328,9 milhões.
NOVA YORK, 21 de fevereiro - O temor de elevar as taxas de juros recaiu novamente na quarta-feira após a divulgação das atas do Federal Reserve, tornando o setor o de pior desempenho entre os Estados Unidos no dia e no ano, mas potencialmente marcando um bom momento para comprar . "Historicamente, o que você viu é que em ambientes de taxas de juros crescentes, se você vê o.
O DEPARTAMENTO DE COMÉRCIO FAZ A FINALIZAÇÃO FINAL AFIRMATIVA DO DESPEJO DE IMPORTAÇÕES DE BIODIESEL DA ARGENTINA, INDONÉSIA - DECLARAÇÃO.
MECHICSICSBURG, Pa. _ A Select Medical Holdings Corp. divulgou nesta quarta-feira lucro líquido de US $ 100,8 milhões no quarto trimestre. A estimativa média de quatro analistas consultados pela Zacks Investment Research foi de 19 centavos por ação. A Select Medical espera que os ganhos para o ano inteiro sejam de 97 centavos a US $ 1,12 por ação, com receita na faixa de US $ 5 bilhões a US $ 5,2.
O prejuízo líquido atribuível à Noble diminuiu para US $ 24,68 milhões no quarto trimestre encerrado em 31 de dezembro, de US $ 1,3 bilhão um ano antes, quando registrou uma perda de US $ 1,44 bilhão. Em uma base por ação, a perda foi de 10 centavos no último trimestre, em comparação com US $ 5,36 no ano passado. Excluindo itens, a empresa perdeu 29 centavos por ação, enquanto analistas em média tiveram.
LAKE MARY, Flórida - A Faro Technologies Inc. divulgou nesta quarta-feira uma perda de US $ 11,1 milhões no quarto trimestre, depois de reportar um lucro no mesmo período do ano anterior. A estimativa média de três analistas pesquisados ​​pela Zacks Investment Research foi de 36 centavos por ação. Três analistas pesquisados ​​pela Zacks esperavam 104,1 milhões de dólares.
SÃO PAULO, 21 de fevereiro (Reuters) - A petroquímica brasileira Braskem SA afirmou em uma ação na quarta-feira que um tribunal norte-americano aprovou uma proposta para acertar uma ação coletiva com um pagamento de US $ 10 milhões.
MANILA / XANGAI, 21 fev - Os produtores de aço da China estão ansiosos para liberar a capacidade de suas usinas quando a produção deste inverno terminar no próximo mês, esperando uma repetição dos lucros recordes do ano passado com base em altas margens e menos competição. A China fechou metade de sua produção de aço neste inverno em 28 cidades do país.
GRAND RAPIDS, Michigan - A Spartan Stores Inc. divulgou nesta quarta-feira lucro no quarto trimestre de US $ 34,6 milhões. A estimativa média de três analistas pesquisados ​​pela Zacks Investment Research foi de lucro de 42 centavos por ação. A Spartan Stores espera ganhos anuais no intervalo de US $ 2,20 a US $ 2,32 por ação.
LONDRES - A Noble Corp. informou na quarta-feira uma perda de US $ 24,7 milhões em seu quarto trimestre. A estimativa média de 10 analistas consultados pela Zacks Investment Research foi de uma perda de 32 centavos por ação. Sete analistas entrevistados pela Zacks esperavam 284 milhões de dólares.
21 de fevereiro - A Whiting Petroleum Corp., produtora americana de óleo de xisto, registrou uma perda trimestral na quarta-feira que era menor do que Wall Street esperava, com cortes de custos e aumento dos preços do petróleo ajudando a impulsionar os resultados. A Whiting, maior produtora de petróleo da formação de xisto de Bakken, em Dakota do Norte, cobrou US $ 835 milhões para anotar o valor de seus ativos no Colorado.
TALAHASSEE, Flórida - O principal fundo de pensão da Flórida para funcionários públicos e professores tem uma participação de meio milhão de dólares na empresa que fabrica o fuzil usado no tiroteio na Marjory Stoneman Douglas High School. O Sistema de Aposentadoria da Flórida tinha mais de 41.000 ações da American Outdoor Brands Co. com um valor de mercado de US $ 528.000, de acordo com os títulos de 31 de dezembro.
CAMBRIDGE, Massachusetts - A Bluebird Bio Inc. anunciou nesta quarta-feira uma perda de US $ 117,2 milhões em seu quarto trimestre. A estimativa média de 10 analistas consultados pela Zacks Investment Research foi de uma perda de US $ 1,64 por ação. Seis analistas consultados pela Zacks esperavam US $ 7,2 milhões.
PHOENIX _ A Grand Canyon Education Inc. divulgou nesta quarta-feira lucros de US $ 68,3 milhões no quarto trimestre. A estimativa média de três analistas consultados pela Zacks Investment Research foi de ganhos de US $ 1,10 por ação. Para o atual trimestre encerrado em abril, o Grand Canyon Education disse que espera receita na faixa de US $ 274 milhões.
DETROIT, 21 de fevereiro - A Ford Motor Co. disse na quarta-feira que Raj Nair, seu presidente para a América do Norte, estava deixando a empresa imediatamente após uma investigação interna achar que seu comportamento era "inconsistente com o código de conduta da empresa". Ford não deu detalhes sobre o que esse comportamento implicava. "Tomamos essa decisão depois de uma revisão completa e cuidadosa.
LOS GATOS, Califórnia - A Roku Inc. divulgou nesta quarta-feira lucro líquido no quarto trimestre de US $ 6,9 milhões. Para o atual trimestre encerrado em abril, a Roku disse que espera receita na faixa de US $ 120 milhões a US $ 130 milhões. As ações da Roku caíram 1% desde o começo do ano.

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Taxas do cartão forex do Tesouro Sbi
Banco de Baroda Recrutamento de Diretor de Relações Públicas Regularmente na categoria de Senior Management Grade / Scale-V. A última data para o recebimento dos pedidos é 1 de março de 2018.
Diretor de Relações Públicas.
& # 8377; 28 Lacs por Annum.
Qualificação e Experiência:
(1) Graduação preferencialmente em Comunicação de Massa / Área de Jornalismo de uma Universidade / Instituição reconhecida.
(2) O mínimo de 10 anos de experiência na área de relações públicas é obrigatório.
CV contendo qualificação / experiência / exposição relevante para o cargo aplicado ser enviado para recruitment@bankofbaroda. co. in mencionando & quot; POST NAME & # 8211; Oficial de Especialistas em Relações Públicas & # 8217; na linha de assunto. A última data das inscrições é de 01/03/2018 até 23:59 horas. Para mais informações, contacte o número - 022-66985541.
Bank of Baroda, Zona de Ahmedabad, Ahmedabad convida solicitações de ex-militares para recrutamento de sub-funcionários para o posto de Guarda Armada em Cadre Subordinado. A data limite para o envio de inscrições on-line é 20 de dezembro de 2017.
Limite de idade: mínimo de 18 anos e máximo de 26 anos a partir de 20 de dezembro de 2017. O relaxamento da idade superior - 05 anos para ST, 03 anos para OBC-NCL, período real de serviço prestado nas forças de defesa + 3 anos sujeitos a uma idade máxima limite de 45 anos para Ex-recrutas.
Salário e Subsídios: Remuneração Básica na Escala de Tempo & # 8377; 9560 - 325/4 - 10860 - 410/5 - 12910 - 490/4 - 14870 - 570/3 - 16580 -655/3 - 18545. O Subsídio de Carência, HRA e outros Subsídios serão pagos a taxas aplicáveis.
(1) Mínimo 10º padrão / Passe de Exame de Matrícula ou equivalente em 20 de dezembro de 2017.
(2) O candidato deve ser capaz de ler e escrever em linguagem vernacular local. Conhecimento de Inglês será dado weightage adicionado.
Taxa de inscrição: & # 8377; 100 / - Apenas cobranças de intimação. A taxa pode ser feita & # 160; através de pagamento online (Cartão de Crédito, Cartão de Débito e Net Banking) / Pagamento Offline (Bank of Baroda Challan).
Processo de Seleção: Exame Online.
Como Candidatar-se: Candidatos interessados ​​elegíveis aplicam-se online através do site do Bank of Baroda. A última data para apresentação de candidaturas online é 20/12/2017.
O Bank of Baroda convida as inscrições on-line para o recrutamento de recursos humanos com base no contrato para serviços de gestão de patrimônio na BoB. A última data para inscrição online é 12 de dezembro de 2017.
Min - 35 anos Max - 50 anos.
Min - 35 anos Max - 45 anos.
Min - 28 anos máx. - 40 anos.
Gerente Sênior de Relacionamento.
Min - 23 anos Max - 35 anos.
Gerente de Aquisição (Afluente)
Mínimo - 22 Anos Máximo - 35 Anos.
Executivo de Atendimento ao Cliente.
Min - 20 anos Max - 35 anos.
Remuneração: A Remuneração oferecida será baseada no CTC, de acordo com as referências do mercado, e é negociável com base nas qualificações, experiência e adequação geral do candidato para os respectivos cargos. O CTC será corrigido, no entanto, o candidato selecionado será elegível para remuneração variável vinculada ao desempenho, que estará acima e além do salário fixo, mas estará vinculado ao alcance de metas específicas.
Qualificação e Experiência em Educação:
Chefe de grupo - & gt; 2 anos em tempo integral, MBA ou equivalente, de renomadas faculdades. Experiência pós-qualificação - mínimo de 10 anos de experiência de trabalho relevante.
Chefe de Operações - & gt; 2 anos em tempo integral, MBA ou equivalente, de renomadas faculdades. Experiência pós-qualificação - mínimo de 10 anos de experiência.
Territory Head - & gt; Pós-graduação da Universidade ou Instituição reconhecida pelo governo, preferencialmente 2 anos em período integral, MBA ou equivalente, de renomadas faculdades. Experiência PQ - Mínimo de 6 anos de experiência como Gerente de Relacionamento na Gestão de Patrimônio, com um mínimo de 2 anos de experiência como líder de equipe.
Gerente Sênior de Relacionamento - & gt; Pós-Graduação da Universidade ou Instituição reconhecida pelo Governo, preferencialmente de 2 anos em período integral, MBA ou equivalente, de renomadas Faculdades. Experiência PQ - Mínimo de 3 anos de experiência como Gerente de Relacionamento em Gestão de Patrimônio com as principais empresas públicas / privadas / estrangeiras / empresas de Broking / Segurança.
Gerente de Aquisição (Afluente) - & gt; Graduado pela Universidade ou Instituição reconhecida pelo governo. Mínimo 2 anos de experiência.
Executivo de atendimento ao cliente - & gt; Graduado pela Universidade ou Instituição reconhecida pelo governo. Experiência em requisitos de documentação de produtos financeiros e boas habilidades de comunicação seria desejável.
Processo de Seleção: Os candidatos selecionados serão chamados para Teste de Aptidão Escrita, Entrevista Pessoal e / ou Discussão em Grupo.
Taxa de inscrição: uma taxa não reembolsável de & # 8377; 600 / - para candidatos das categorias Geral e OBC; & # 8377; 100 / - (Apenas cobranças de Intimação) para candidatos SC / ST / PWD. O pagamento pode ser feito usando Cartão de Débito / Cartão de Crédito / Internet Banking, etc., fornecendo informações conforme solicitado na tela. As taxas de transação para pagamento on-line, se houver, serão pagas pelos candidatos.
Como Candidatar-se: Candidatos Elegíveis deverão se registrar online através do site do Bank of Baroda. A última data para o registro on-line de inscrição e pagamento de taxas é 12/12/2017.
Oficiais Especialistas (SO)
Head & # 8211; Risco de Crédito (Crédito Corporativo)
Head & # 8211; Empresa e amp; Gerenciamento de Risco Operacional.
Tesouro & # 8211; Concessionários / Comerciantes.
Tesouro & # 8211; Gerentes de Relacionamento (Forex / Derivativos)
Tesouro & # 8211; Vendas de produtos.
Qualificação e Experiência Educacional (em 12.05.2017):
Chefe - Risco de Crédito (Crédito Corporativo) - & gt;
(1) O candidato deve ter graduação mínima de uma universidade reconhecida. Além da referida qualificação, o candidato deve possuir um mínimo de uma das seguintes qualificações, bem como: (1) FRM da GARP, (2) PRM da PRMIA, (3) Pós-Graduação em Estatística / Estatística Aplicada / Economia de uma reputação Instituto / Governo. Instituto reconhecido. (4) 2 anos Full Time, MBA ou PG Diploma, com especialização em Banca e Finanças.
(2) Mínimo de 10 anos de experiência de trabalho em domínio de crédito em uma instituição bancária / financeira, dos quais um mínimo de 5 anos no desenvolvimento e manutenção do modelo de risco de crédito corporativo e análises relacionadas.
Head - Enterprise & amp; Gestão de Risco Operacional - & gt;
(1) O candidato deve ter graduação mínima de uma universidade reconhecida. Além da referida qualificação, o candidato deve possuir um mínimo de uma das seguintes qualificações, bem como: (1) FRM da GARP, (2) PRM da PRMIA, (3) Pós-Graduação em Estatística / Estatística Aplicada / Economia de uma reputação Instituto / Governo. Instituto reconhecido. (4) 2 anos Full Time, MBA ou PG Diploma, com especialização em Banca e Finanças.
(2) Mínimo de 10 anos de experiência em trabalhar em um banco comercial, com um mínimo de quatro anos no domínio risco operacional / risco corporativo.
(1) 4 anos Graduação em Engenharia / Tecnologia em Ciência da Computação / & # 160; & # 160; & # 160; & # 160; Ciência da Computação & amp; Engenharia / Engenharia de Computação / Aplicações de Computadores / Tecnologia da Informação / Eletrônica / Eletrônica & amp; Telecomunicações / Eletrônica & amp; Comunicação / Eletrônica & amp; Instrumentação OU Pós-graduação em Eletrônica / Eletrônica & amp; Tele Communication / Electronics & amp; Comunicação / Eletrônica & amp; Instrumentação / Ciência da Computação / Tecnologia da Informação / Aplicações de Computadores OU Graduado em Engenharia e & # 160; mínimo Um ano Diploma em Informática / Ciência da Computação pela reconhecida universidade / Instituto.
OR Pós-Graduação em Ciência / Ciência da Computação pela reconhecida University / Institute.
(2) Mínimo de 7 anos de experiência em pós-qualificação no domínio da Segurança Informática / TI, dos quais um mínimo de 3 anos após a CISA / CISSP / CISM & # 160; experiência de certificação & # 160; no gerenciamento de segurança da informação em & # 160; & # 160; & # 160; & # 160; & # 160; Grande corporativo / empresa / governo. Organização / Governo. Dept. (A experiência de trabalhar em serviços bancários / financeiros será preferível).
Tesouro - Negociantes / Comerciantes - & gt;
(1) Graduação ou equivalente de uma universidade / instituto reconhecido.
(2) Mínimo de 3 anos de experiência pós-qualificação de negociação em Forex e mercados de dívida em bancos // Mutual Fund / Investment Banking. Experiência na função de Tesouraria do Banco será preferível.
Tesouraria - Gerentes de Relacionamento (Forex / Derivativos) - & gt;
(1) 2 anos em tempo integral, M. B.A ou equivalente, com especialização em Marketing e Vendas de uma instituição de primeira linha.
(2) Mínimo de 2 anos de experiência em Pós-qualificação como Gerente de Relacionamento para funções do Tesouro / vendas de produtos do Tesouro.
Tesouraria - Vendas de produtos - & gt;
(1) 2 anos em tempo integral, M. B.A ou equivalente, com especialização em & # 160; Marketing, preferencialmente de uma instituição de primeira linha.
(2) Mínimo de 2 anos de experiência pós-qualificação em Tesouraria & # 160; & # 160; & # 160; funções de bancos / fundos mútuos / banco de investimento. Experiência na função de Tesouraria do Banco será preferível.
(1) CA ou ICWA ou 02 anos em tempo integral, MBA ou pós-graduação / diploma equivalente, com especialização em Finanças. (Cursos & # 160; completados através de correspondência / tempo parcial não são elegíveis. O instituto deve ser reconhecido / aprovado pelo Govt., Órgãos do Governo / AICTE).
(2) Experiência de pós-qualificação de no mínimo 4 anos em Processamento / Apreciação de Crédito Corporativo (a experiência de trabalhar em Dept. de Crédito em grandes Bancos será preferível). Para candidatos com qualificação de CA, a experiência de pós-qualificação deve ser relaxada para 3 anos.
(1) CA ou ICWA ou 02 anos em tempo integral, MBA ou pós-graduação / diploma equivalente, com especialização em Finanças. (Os cursos concluídos por meio de correspondência / tempo parcial não são elegíveis. O instituto deve ser reconhecido / aprovado pelo Govt., Órgãos do Governo / AICTE).
(2) Experiência de pós-qualificação de no mínimo 2 anos em Processamento / Apreciação de Crédito Corporativo (a experiência de trabalhar em Dept. de Crédito em grandes Bancos será preferível).
(1) CA ou 2 anos em tempo integral, MBA ou pós-graduação / diploma equivalente, com especialização em Finanças / Comércio & # 160; & # 160; Finanças / Negócios Internacionais. (Cursos concluídos através de correspondência / tempo parcial não são elegíveis. O instituto deve ser reconhecido / aprovado pelo Govt., Órgãos do Governo / AICTE).
(2) Experiência de pós-qualificação de no mínimo 2 anos em Credit & amp; Função Forex / Trade Finance no Setor Bancário / Financeiro A experiência de trabalhar na função de financiamento do comércio incluindo exportações / importações / remessas estrangeiras / áreas LC / BG em grandes bancos / instituições financeiras será preferível).
(1) Graduação em qualquer disciplina de uma universidade / instituto reconhecida.
(2) Um oficial não abaixo do nível de Capitão do Exército Indiano ou posto equivalente na Marinha / Força Aérea da Índia, com um mínimo de 5 anos de serviço comissionado, ou um Oficial não abaixo do posto de Asst SP / Dy SP / Asst Comdt / Dy Comdt da Polícia Indiana / Forças Militares do Pará, com um mínimo de 5 anos de serviço como oficial em tal Força.
(1) 2 anos em tempo integral, MBA ou equivalente em pós-graduação, com especialização em Marketing / Vendas / Varejo. (Os cursos concluídos por meio de correspondência / tempo parcial não são elegíveis. O instituto deve ser reconhecido / aprovado pelo Govt., Órgãos do Governo / AICTE).
(2) 1 ano de experiência em vendas em bancos / FMCG / NBFC / DSA com experiência de venda de produtos bancários de qualquer banco / NBFC.
Processo de Seleção: Candidatos selecionados serão chamados para o Exame Online, Discussão em Grupo (GD) / Entrevista.
Taxa de inscrição: & # 8377; 100 / - para SC / ST / Pessoas com Deficiência (PCD) Candidatos; & # 8377; 600 / - para Candidatos da Categoria Geral / OBC. A taxa deve ser feita através do modo de pagamento online.
Como Candidatar-se: Candidatos interessados ​​elegíveis são obrigados a aplicar on-line através do site do Bank of Baroda. Os candidatos devem ter um ID de e-mail pessoal válido e um contato. Ele deve ser mantido ativo até a conclusão deste projeto de recrutamento. A última data para o envio de inscrição on-line é 05/12/2017 (A última data para submissão de inscrições on-line foi prorrogada até 08/12/2017).
Última data para o registro on-line de inscrição - & gt; 05.12.2017.
Pagamento da taxa on-line - & gt; 14.11.2017 A 05.12.2017.
Banco de Baroda, Zonal Office, Baroda convida candidaturas de ex-militares para o recrutamento de pessoal Sub para o posto de Guarda Armada em Cadre Subordinado. A última data para o envio de inscrições on-line é 30 de novembro de 2017.
18 a 26 anos a 31 de outubro de 2017 (Relaxamento de idade - 05 anos para ST, 03 anos para OBC NCL)
& # 8377; 9560-325 / 4 e # 8211; 10860-410 / 5 e # 8211; 12910-490 / 4 - 14870-570 / 3 - 16580-655 / 3-18545.
Qualificação Educacional: Mínimo 10º Passe de Classe / Matriculação ou sua qualificação equivalente em 31 de outubro de 2017. O candidato deve ser capaz de ler e escrever em idioma vernáculo local. Conhecimento de Inglês será dado weightage adicionado.
Processo de Seleção: Exame Online.
Taxa de inscrição: taxa de intimação de & # 8377; 100 / - pagar através de pagamento on-line (cartão de crédito, cartão de débito e Net Banking) OU modo de pagamento offline (Bank of Baroda Challan).
Como se inscrever: Ex-recrutas interessados ​​elegíveis Candidate-se on-line através do Bank of baroda Website. A última data para apresentação de candidatura on-line é 30/11/2017.

Tag: Sistemas de pagamento e liquidação.
Sistemas de pagamento e liquidação transfronteiriços / offshore.
Sistemas de pagamento e liquidação transfronteiriços / offshore.
Existem várias maneiras pelas quais as transações de pagamento internacional são feitas em todo o mundo.
Os principais mecanismos de pagamento e liquidações são os seguintes:
Rede de bancos correspondentes & # 8211; rede fracamente acoplada de bancos privados. Limpando o modelo do banco - usando bancos de compensação internacionais & # 8211; China RMB Limpando Bancos Transfronteiriços RTGS & # 8211; usado principalmente em blocos económicos e monetários regionais como o EMU & # 8211; TARGET2. Modelo da Câmara de Compensação & # 8211; Pagamento, compensação e liquidações offshore através de sistemas como o CHIPS nos EUA e o CIPS na China.
Os bancos centrais também criaram uma rede de troca de moeda para fornecer liquidez nos mercados financeiros internacionais.
Recentemente, houve um declínio nas transações da rede de bancos correspondentes. Muitos bancos globais retiraram os relacionamentos correspondentes com outros bancos devido ao aumento da regulamentação.
Há também uma tendência mais recente no uso de redes ACH para transações internacionais. A SEPA na Europa e a FedGlobal ACH nos EUA são dois exemplos.
Os bancos SWIFT e CLS também desempenham um papel crítico nos pagamentos internacionais.
Há também um mercado de balcão muito grande no qual são negociados 5,1 trilhões de dólares por dia. Ainda não tenho certeza sobre a compensação e liquidação dessas transações.
Existem algumas plataformas de tecnologia mais recentes que começaram a fornecer serviços de pagamento globais. O Earthport no Reino Unido e o Ripple Labs são dois exemplos desse tipo.
Métodos de Transferência de Grande Valor (Transferências B2B)
Cross border, mesma moeda & # 8211; TARGET2, SEPA, EURO1 Offshore, específico da moeda & # 8211; CHIPS para USD, CIPS para RMB Cross border, várias moedas & # 8211; Casas de compensação offshore SWIFT, CLS & # 8211; Hong Kong, Cingapura, Londres, Japão, Frankfurt, EUA Mercados OTC (FX SWAPS, FX SPOT, FX Futuros, FX Futuros) Rede de Bancos Correspondentes Rede de Câmaras CB FX Swap Network Redes de Pagamento Intra Bancárias: Bancos Multinacionais (Sucursais ou subsidiária num país estrangeiro) FEDGlobal ACH Hawala System.
Blocos Regionais (onde estão sendo desenvolvidos novos RTGS)
Comunidade Monetária da África Oriental (EAC) Zona Monetária da África Ocidental (WAMZ) Mercado Comum para a África Oriental e do Sul (COMESA) Comunidade para o Desenvolvimento da África Austral (SADC) & # 8211; SIRESS RTGS Automated Clearing House na Área Monetária Comum (CMA) ASEAN AEC? Sul da Ásia (Asian Clearing Union)?
SPGV usado para pagamentos internacionais.
EURO1 (Pan Europe) euroSIC (Frankfurt) utilizado para transacções em euros entre países da UE mas não na UEM. FXYCS (Japão) EAF (Alemanha) SIC (Suíça) CHIPS (EUA) CHAPS (UK) LVTS (Canadá) CIPS (China)
Não tenho a certeza de quantas destas redes estão actualmente operacionais, uma vez que os países da UE migraram para o TARGET2 desde 2008.
G-LVTN (Redes Globais de Transferência de Valor)
Existem várias soluções mais recentes para pagamentos internacionais e remessas de dinheiro a nível retalhista. Transferências internacionais de dinheiro B2C e C2C. Eles estão listados aqui junto com soluções antigas, mas não são discutidos neste post.
Soluções novas e antigas (varejo B2C, C2C)
Cadeia de blocos Ripple Earthport Transferwise Xoom (Serviço Paypal) Paypal Bitcoins Western Union (antigo) MoneyGram (antigo) Money2India / ICICI Bank Banco estatal da Índia ACH global com conversão FX Transações ACH internacionais.
Uma das principais razões para esta discrepância é a inadequação da infraestrutura para pagamentos transfronteiriços de renminbi. Os pagamentos transfronteiriços são feitos atualmente através de uma colcha de retalhos de centros de compensação e bancos correspondentes. Esses pagamentos são prejudicados por complicados procedimentos de roteamento, necessidade de manter múltiplas contas de correspondentes estrangeiros, falta de liquidez em alguns centros offshore de RMB, diferentes horas de operações entre centros de compensação, falta de padrões comuns entre sistemas de pagamento domésticos internacionais e chineses e capital da China. controles.
Apesar destes obstáculos, o uso do renminbi como moeda internacional de pagamentos continuou a crescer rapidamente. No primeiro semestre de 2015, havia mais de 5,7 trilhões de RMB (US $ 866,7 bilhões) em pagamentos feitos para e da China usando o renminbi. Atualmente, cerca de um terço dos pagamentos entre a China e a região Ásia-Pacífico são conduzidos com o renminbi. Espera-se que esses números aumentem substancialmente nos próximos anos, devido à conveniência de as empresas chinesas usarem sua própria moeda para transações comerciais.
O aumento do uso do renminbi levou a cerca de RMB1,5 trilhões (US $ 231 bilhões) em depósitos renminbi no exterior, com os maiores montantes em Hong Kong, Taiwan e Cingapura, respectivamente. À medida que mais renminbi se acumular fora da China, os investidores aumentarão suas demandas por canais para repatriar fundos em terra.
O sistema de pagamento interbancário transfronteiriço da China (CIPS) procura resolver muitos dos problemas existentes que enfrentam os pagamentos transfronteiriços de renminbi. O CIPS fornece entrada de um ponto pelos participantes e um local central para a compensação de pagamentos renminbi. Ele permite a participação de bancos onshore e offshore e fornece acesso direto ao Sistema Nacional de Pagamentos Avançados da China (CNAPS). Estas características reduzem a necessidade de os bancos navegarem por vias de pagamento complicadas através de centros de compensação offshore ou através de bancos correspondentes. Isso deve resultar em processamento de pagamento mais rápido e custos reduzidos para pagamentos internacionais.
O CIPS é um sistema de liquidação bruta em tempo real, o que significa que os bancos liquidam pagamentos imediatamente entre si em uma base bruta em vez de líquida. Isso reduz os riscos de crédito que podem surgir nos sistemas em que os pagamentos são compensados ​​antes da liquidação.
As mensagens de pagamento enviadas dentro do CIPS são escritas em inglês e chinês. Isso elimina a necessidade de traduzir mensagens para o chinês antes que elas possam ser transmitidas para o CNAPS. O CIPS utiliza o padrão de mensagens ISO20022, um esquema de mensagens internacionais amplamente utilizado para transações em dinheiro, valores mobiliários, comércio e câmbio. O CIPS também utilizará códigos de identificação de banco SWIFT, em vez de códigos de compensação de CNAPS. Esses fatores permitirão que o CIPS processe com facilidade os pagamentos entre os bancos offshore que usam o SWIFT e os bancos do continente usando o CNAPS. Como resultado, os pagamentos transfronteiriços feitos através do CIPS devem ser capazes de alcançar o processamento direto.
O horário de funcionamento do CIPS se estenderá das 9:00 às 20:00 horas em Xangai. Isso permite que o sistema se sobreponha ao horário comercial na Europa, África, Oceania e Ásia. Os bancos dentro dessas jurisdições poderão liquidar transações de renminbi durante seu dia útil. Embora as Américas do Norte e do Sul não estejam atualmente cobertas, o Banco do Povo da China (PBoC) declarou que uma expansão das horas de operação do CIPS é possível.
A partir do lançamento em outubro de 2015, o CIPS teve 19 participantes diretos e 176 indiretos. Os membros diretos iniciais do CIPS incluem 11 bancos chineses e subsidiárias chinesas de 8 bancos estrangeiros. Atualmente, há apenas um banco americano que é um participante direto no sistema, o Citibank. Dos participantes indiretos, 38 eram bancos chineses e 138 são bancos estrangeiros.
Detalhes sobre os planos para o desenvolvimento futuro do CIPS são escassos. As autoridades chinesas falaram de uma Fase II para o CIPS que melhorará a gestão da liquidez e a eficiência da compensação e liquidação transfronteiriça. Funcionários do PBoC também declararam que a Fase II incluirá horas de operação mais longas, suporte para liquidação de títulos e contrapartes centrais.
A criação do CIPS é um marco importante no caminho do renminbi para se tornar uma grande moeda global. Tem o potencial de melhorar significativamente a eficiência das transações de pagamento transfronteiras e aumentar a liquidez no mercado offshore. O CIPS fornece um caminho mais direto para o processamento de transações, melhorando a velocidade e diminuindo as taxas. A liquidez no mercado offshore renminbi será melhorada devido ao grande número de instituições financeiras participantes e à ligação direta que o sistema tem com o CNAPS.
O fato de o renminbi ter progredido tão rapidamente, apesar das deficiências subjacentes na infraestrutura de pagamentos, é uma prova da demanda global pela moeda. O CIPS procura corrigir essas deficiências e é provável que desempenhe um papel crítico no crescimento futuro do renminbi como moeda internacional de pagamentos.
O Sistema Interbancário de Pagamentos da Câmara (CHIPS) é um sistema de pagamentos eletrônicos de propriedade privada e operado pelo banco.
A CHIPS é tanto um cliente quanto um concorrente do serviço Fedwire do Federal Reserve.
O valor médio diário das transações do CHIPS é de cerca de US $ 1,2 trilhão por dia.
O Sistema Interbancário de Pagamentos da Câmara (CHIPS) é um sistema de pagamentos eletrônicos que transfere fundos e liquida transações em dólares americanos. O CHIPS permite que os bancos transfiram e liquidem pagamentos internacionais mais rapidamente, substituindo os cheques bancários oficiais por lançamentos contábeis eletrônicos. Em janeiro de 2002, a CHIPS tinha 59 membros, incluindo grandes bancos dos EUA e agências dos Estados Unidos de bancos estrangeiros.
A Associação de Clearing de Nova York, um grupo dos maiores bancos comerciais da cidade de Nova York, organizou a CHIPS em 1970 para oito de seus membros com participação no Federal Reserve System. A participação na CHIPS expandiu-se gradualmente nas décadas de 1970 e 1980 para incluir outros bancos comerciais, corporações Edge, agências dos Estados Unidos e filiais de bancos estrangeiros e outras instituições financeiras.
Até 1981, a liquidação final, ou a movimentação real dos saldos no Federal Reserve, ocorreu na manhã seguinte à transferência. O aumento acentuado dos volumes de liquidação levantou preocupações de que o pagamento no dia seguinte expôs os fundos indevidamente a vários riscos durante a noite e durante o final de semana. Em agosto de 1981, o Federal Reserve concordou em fornecer uma liquidação no mesmo dia para os participantes do CHIPS através da Fedwire, a rede eletrônica de transferência de títulos e valores mobiliários do Fed.
O número de membros do CHIPS caiu de cerca de 140 no final dos anos 80, principalmente devido a consolidações no setor bancário. A associação poderia ter caído ainda mais se a CHIPS não tivesse agido em 1998 para eliminar a exigência de que os membros mantenham um escritório na cidade de Nova York.
O CHIPS é governado por um conselho de dez membros, formado por executivos de grandes bancos que estabelece regras e taxas e admite e reavalia os participantes. A CHIPS lida com cerca de 240.000 transações por dia, com um valor total em dólar de cerca de US $ 1,2 trilhão. Historicamente, a CHIPS especializou-se em liquidar a porção em dólares das transações cambiais, e a CHIPS estima que ela processa 95% de todos os pagamentos em dólares americanos que se movimentam entre os países. No entanto, o enfoque da CHIPS mudou para os negócios domésticos, já que a CHIPS introduziu a liquidação intradiária em janeiro de 2001.
Até janeiro de 2001, a CHIPS realizou toda a sua liquidação no final do dia útil. Agora, no entanto, o CHIPS fornece finalização de pagamento intradiário por meio de um sistema em tempo real. O CHIPS liquida pequenos pagamentos, que podem ser acomodados pelos saldos disponíveis dos bancos, individualmente. Outros pagamentos são liquidados bilateralmente (por exemplo, quando o Banco A tem que pagar US $ 500 milhões para o Banco B, e o Banco B tem que pagar US $ 500 milhões para o Banco A), sem qualquer movimentação real de fundos entre participantes da CHIPS.
Outros pagamentos são liquidados multilateralmente. Suponha que o Banco A deva pagar US $ 500 milhões ao Banco B e o Banco A também espere receber US $ 500 milhões do Banco C. Sem compensação, o Banco A enviaria US $ 500 milhões para o Banco B e, assim, experimentaria um declínio em seu caixa disponível. aguardava o pagamento do Banco C.
Usando o sistema de compensação CHIPS, no entanto, o Banco A envia seu pagamento de US $ 500 milhões para o Banco B para uma fila de pagamentos, onde aguarda até que o pagamento de compensação do Banco C seja recebido. O efeito de combinar e compensar esses pagamentos é que a posição de caixa do Banco A é simultaneamente reduzida pelo seu pagamento ao Banco B e aumentada pelo recebimento do pagamento do Banco C. O efeito geral sobre a posição de caixa do Banco A é zero.
Pagamentos para os quais nenhuma correspondência pode ser encontrada não são feitos até o final do dia, mas cada pagamento é final assim que é feito. Para facilitar o funcionamento do sistema de compensação intradiário, cada participante pré-financia a sua conta CHIPS depositando uma certa quantia entre as 12:30 e as 9:00 da manhã. O tamanho deste depósito de segurança, & # 8221; que é recalculado semanalmente, é definido pela CHIPS com base no número e no tamanho das transações recentes do CHIPS do banco, e nenhuma delas pode ser retirada durante o dia. No final do dia, a CHIPS usa esses depósitos para liquidar quaisquer transações ainda não liquidadas. Qualquer participante que tenha uma posição de fechamento negativa no final do dia (ou seja, deve mais do que o que tem em seu depósito de segurança) tem 30 minutos para compensar a diferença. O período de 30 minutos é referido como o período de pré-financiamento final. Se algum banco não atender a sua exigência final de pré-financiamento, a CHIPS liquidará o máximo possível dos pagamentos restantes com fundos que estão no sistema, e quaisquer pagamentos ainda não liquidados deverão ser liquidados fora do CHIPS.
Os bancos que têm posições de fechamento positivas no final do dia recebem os valores devidos na forma de pagamentos do Fedwire. Como os acordos finais da CHIPS são fornecidos pela Fedwire, a CHIPS é um cliente, assim como um concorrente, da Fedwire. A grande maioria dos membros do CHIPS também é participante do Fedwire, e o valor diário das transferências do CHIPS é de cerca de 80 por cento das transferências sem valores mobiliários do Fedwire.
A CHIPS recentemente adicionou o recurso de intercâmbio eletrônico de dados (EDI) ao seu formato de mensagem de pagamento. O EDI permite que os participantes transmitam informações comerciais (como o propósito de um pagamento) junto com suas transferências eletrônicas de fundos.
EUA FedGlobal ACH Payments.
Para facilitar esse processo de mapeamento, o Federal Reserve Bank de Atlanta se uniu às instituições depositárias americanas e estrangeiras, aos prestadores de serviços internacionais de compensação e liquidação e a outras partes interessadas para formar a International Framework Framework Association (IPFA). A IPFA é uma associação sem fins lucrativos composta por 29 membros representando o Brasil, Canadá, Europa, Japão, África do Sul, Reino Unido e Estados Unidos cujo objetivo é criar uma estrutura para a criação de formatos nacionais para transferências de crédito internacionais não urgentes. O IPFA estabelece regras, padrões e procedimentos operacionais para a troca desses pagamentos. O primeiro esforço do IPFA foi criar regras que facilitassem uma ponte entre o formato IAT para transferências de crédito ACH e o formato de pagamento, ISO 20022, que suporta as várias redes de varejo dentro da área de pagamentos em euros (também conhecida como SEPA), sob o sistema de transferência de créditos SEPA. O próximo passo é alavancar a estrutura criada para os Estados Unidos e a SEPA, a fim de adicionar outros países - como Brasil, Canadá e África do Sul - que querem trocar pagamentos com as redes dos Estados Unidos ou da SEPA ACH.
Os Bancos da Reserva, através da FedGlobal, lançaram seu primeiro serviço ACH internacional comercial com o Canadá em 1999.43 O serviço começou como um programa piloto para transferências ACH de saída comercial dos Estados Unidos para o Canadá e tornou-se um serviço de produção em dezembro de 2001. Subseqüente ao serviço canadense Os Bancos de Reserva lançaram serviços individuais para a Europa, México, Panamá e América Latina, cobrindo 34 países no total.44 Em 2010, os Bancos de Reserva processaram 1,3 milhão de transferências internacionais de ACH - respondendo por cerca de 20% do volume total de pagamentos internacionais. sendo liberados e liquidados através da rede ACH dos EUA.45.
Os Bancos de Reserva oferecem serviços de conta-a-conta da FedGlobal para o Canadá, México, Panamá e 22 países na Europa. Os Bancos da Reserva oferecem serviços de A2R da FedGlobal para Argentina, Brasil, Colômbia, Costa Rica, El Salvador, Guatemala, Honduras, México, Nicarágua, Peru e Uruguai.
Europa Cross Border SPGV.
Meta 2 Euro1 SEPA CLS / SWIFT PASSO 2 PASSO 1.
Compensação de EBA da UE & # 8211; EURO1, STEP1, STEP2, MyBank.
A EBA Clearing é um fornecedor de infra-estrutura de pagamentos pan-europeia com sede em Paris. É totalmente detida pelos seus acionistas.
A sua missão inicial consistia no funcionamento do sistema de compensação e liquidação de transacções de euro de grande valor EURO1, que a Euro Banking Association (EBA) transferiu para a EBA Clearing para o lançamento do sistema em 1999. Além do EURO1, a EBA Clearing também possui e opera o STEP1, um sistema de pagamento para pagamentos em euros únicos para bancos de pequeno e médio porte, e o STEP2, uma Câmara de Compensação Automática Pan-Europeia (PE-ACH) para pagamentos de varejo em euro. Em março de 2013, a EBA CLEARING lançou o MyBank, uma solução de autorização eletrônica para pagamentos on-line, que tem como objetivo facilitar o crescimento do comércio eletrônico em toda a Europa. [1]
Tanto o EURO1 como o STEP2 foram identificados como Sistemas de Pagamento Sistemicamente Importantes (SIPS) pelo Banco Central Europeu (BCE). A EBA CLEARING também planeja oferecer uma solução de infraestrutura de pagamentos instantâneos pan-europeus no decorrer de 2017.
A organização está sediada em Paris e possui escritórios de representação em Bruxelas, Frankfurt e Milão.
O EURO1 é um sistema de pagamentos de grande valor equivalente ao RTGS, numa base líquida multilateral, para operações de euro único de alta prioridade e urgência, e principalmente de grande montante. O EURO1 é detido e operado pela EBA CLEARING. Está aberto a bancos que tenham um endereço registrado ou filial na União Europeia e cumpram uma série de requisitos adicionais. O EURO1 está sujeito à legislação alemã (princípio da conta corrente / estrutura de obrigação única) e baseia-se numa infra-estrutura de mensagens e de TI fornecida pela SWIFT.
Desde 2000, a EBA CLEARING vem oferecendo um serviço de pagamento denominado STEP1 para bancos de pequeno e médio porte para pagamentos em euros de alta prioridade e urgência. A infra-estrutura técnica é a mesma que a do sistema EURO1, ambos usam a infra-estrutura de mensagens e de TI da SWIFT.
O STEP2 entrou em operação em 2003 com o provedor de sistemas de pagamento italiano SIA S. p.A. Ele processa pagamentos em massa em euros. O STEP2 é uma Casa de Intercâmbio Pan-Europeia Automatizada (PE-ACH). Isto significa que está em conformidade com os princípios estabelecidos pelo European Payments Council (EPC) para um Sistema de Compensação e Liquidação em conformidade com o PEAACH.
Desde o início da Área Única de Pagamentos em Euros (SEPA) em 28 de Janeiro de 2008, o STEP2 tem vindo a oferecer serviços de processamento de Transferências de Crédito SEPA em todos os países da SEPA através do seu Serviço de Transferência de Créditos SEPA (SCT). Desde 2 de Novembro de 2009, data de transposição da Directiva Serviços de Pagamento, a EBA CLEARING tem processado os débitos directos SEPA com os seus serviços STEP2 SDD Core e STEP2 SEPA Direct Debit (& # 8220; Business to Business & # 8221;). Através das suas ofertas de Transferência de Créditos SEPA e Débito Direto, o STEP2 fornece aos bancos em toda a Europa um canal através do qual podem enviar e receber as suas Transferências de Crédito SEPA e Débitos Diretos SEPA. A plataforma STEP2 alcança quase 100% de todos os bancos que assinaram os acordos de adesão ao esquema SCT e SDD do European Payments Council (EPC).
O MyBank é uma solução de autorização eletrônica pan-europeia para pagamentos on-line que foi lançada em março de 2013 pela EBA CLEARING. A solução permite que clientes em toda a Europa paguem por suas compras on-line através de seu ambiente bancário online ou móvel sem ter que divulgar dados confidenciais para o comerciante ou outros terceiros. A solução pode ser usada para autorizar transferências de crédito SEPA, bem como a criação de mandatos SDD. Numa fase posterior, o MyBank também pode ser usado para transações em moedas diferentes do euro ou para serviços de identidade eletrônica.
Hoje, o MyBank é de propriedade e administrado pela PRETA S. A.S., uma subsidiária integral da EBA CLEARING. [2]
O BCE identifica sistemas de pagamentos sistemicamente importantes.
Foram identificados quatro sistemas: TARGET2, EURO1, STEP2-T e CORE (FR);
O objetivo é garantir uma gestão eficiente dos riscos e arranjos sólidos de governança.
O Banco Central Europeu (BCE) identificou quatro sistemas de pagamento chave que estão agora sob o novo Regulamento do BCE sobre os requisitos de supervisão para sistemas de pagamento sistemicamente importantes (SIPS), que entraram em vigor em 12 de agosto de 2014. O regulamento cobre grandes valores e varejo Os sistemas de pagamentos na área do euro operados por bancos centrais e entidades privadas visam garantir uma gestão eficiente dos riscos jurídicos, de crédito, de liquidez, operacionais, de negócios em geral, de custódia, de investimento e outros, bem como mecanismos sólidos de governação, nomeadamente para promover o bom funcionamento de sistemas de pagamento seguros e eficientes na área do euro.
Os quatro sistemas identificados hoje são: o TARGET2, operado pelo Eurosistema; EURO1 e STEP2-T, operados pela EBA CLEARING; e CORE (FR), operado pela STET, uma iniciativa conjunta de seis grandes bancos franceses. Foram identificados de acordo com a combinação de, pelo menos, dois dos quatro principais critérios, ou seja, o valor dos pagamentos liquidados, a quota de mercado, a relevância transfronteiras e a prestação de serviços a outras infraestruturas. O Eurosistema irá rever anualmente esta lista com base em dados estatísticos atualizados.
Do CLS Bank & amp; o World of FX Settlement.
Começar minha carreira como trader em Wall Street, um dos grandes mistérios que tive, foi como todos esses negócios na NYSE foram executados e reportados. Dentro do labirinto de estandes especializados e papel de vôo, os negócios estavam sendo cruzados e os compradores e vendedores eram reconhecidos. Embora os erros ocasionais ocorram, o sistema selvagem é altamente eficiente em reportar e liquidar transações.
No mundo da OTC, a liquidação representa um fator maior, já que os participantes não estão vinculados a um sistema de câmbio central que garante o risco de contraparte. Como tal, as empresas estão por conta própria para garantir que os negócios sejam liquidados corretamente com suas contrapartes e que ocorra uma troca de fundos.
No Relatório do Setor do 1º trimestre de 2013 da Forex Magnates, analisamos o mundo do fluxo de liquidação e pós-negociação de FX e pesquisamos o CLS Bank e Traiana. Queríamos saber exatamente o que eles faziam e como seus produtos ajudam os agentes de FX a lidar com suas necessidades de estabelecimento, criar mercados eficientes e reduzir os custos gerais de transação. Nesta primeira parte, nos concentramos no CLS Bank.
Lançado em 2002, o CLS Bank foi criado como uma iniciativa do setor privado para fornecer e operar serviços para mitigar o risco de liquidação no mercado de câmbio. De propriedade e operados por instituições membros e trabalhando ao lado de bancos centrais, o CLS oferece aos membros a capacidade de liquidar transações dentro de um local central, proporcionando, assim, eficiência aos mercados de câmbio.
Para entender o que o CLS faz, é importante primeiro saber como a liquidação funciona. Liquidação é o processo no qual o pagamento e os títulos de uma transação são entregues. Dentro do mundo dos valores mobiliários, isso ocorre em uma janela de três dias. Por exemplo, se um trader comprar 100 ações da IBM a US $ 100 / ação, o corretor terá três dias para coletar US $ 10.000 do cliente, transferi-lo para o vendedor e coletar as ações de volta para o cliente.
Dentro do FX, a liquidação não envolve títulos, mas sim moedas diferentes. Portanto, em um comércio de EUR / USD, o vendedor envia dólares enquanto recebe euros. Para participantes de OTC, uma das maiores preocupações é o risco de liquidação, que ocorre quando uma contraparte é incapaz ou não deseja fornecer o pagamento ou a transferência de títulos.
Enquanto um acordo entre duas partes pode ser facilmente anulado, limitando assim o impacto de uma contraparte problemática, a maior preocupação é o risco sistêmico. Como os negociadores negociam simultaneamente com várias partes, se uma das partes não honrar uma transação, ela pode afetar as contrapartes e impedir que elas tenham os fundos e / ou títulos para liquidar outras transações.
Jake Smith, Chefe de Comunicações da CLS, explicou que “o risco de liquidação de câmbio também é conhecido como 'Herstatt Risk'”. O nome é derivado do fracasso de um banco alemão de propriedade privada em 1974. Na época, Bankhaus Herstatt havia recebido entrega de marcos alemães de bancos de contrapartes dos EUA, mas foi colocado em concordata antes do envio dos dólares correspondentes, devido ao tempo Smith explicou que, embora isso tenha ocorrido há quase 40 anos, “devido ao crescimento substancial dos volumes desde então, o risco de liquidação cresceu significativamente”.
Para atenuar esse risco, o CLS foi criado. Atualmente, existem mais de 60 membros, que representam algumas das maiores instituições financeiras de todo o mundo. O CLS fornece uma rede de liquidação central para transações de câmbio entre seus membros e seus clientes. Para facilitar a liquidação, todos os membros devem ter uma única conta em várias moedas com o CLS, suportando as 17 moedas liquidadas por seu sistema.
Após a realização de uma negociação, os membros enviam detalhes transacionais para o CLS Bank, incluindo detalhes da transação, contrapartes e dados de liquidação. No dia da liquidação, o CLS Bank faz a leitura multilateral de todas as instruções entre os membros do acordo, calculando as obrigações de pagamento de cada instituição durante o dia, para garantir a liquidação de todas as suas instruções com base no pagamento versus pagamento. À medida que o acordo for concluído, o pagamento de balanços longos com liquidação múltipla lateral ocorrerá.
Exemplo: GBP / USD = 1,50, EUR / USD = 1,25.
Membro 1: Compra 1.000.000 GBP / USD do Membro 2.
Membro 2: Compra 1.000.000 EUR / USD do Membro 3.
Membro 3: Compra 1.000.000 GBP / USD do Membro 1.
Membro 1: Owes 1,5M USD & amp; 1M GBP, recolhe 1,5M USD & amp; 1M de GBP.
Membro 2: Owes 1.25M USD & amp; 1M GBP, recolhe 1M EUR & amp; 1,5 USD.
Membro 3: Owes 1.5M USD & amp; 1M EUR, recolhe 1,25M USD & amp; 1M de GBP.
O CLS, em seguida, multi-lateralmente redes o total de obrigações:
Membro 1: paga 0,0.
Membro 2: paga 1 milhão de libras esterlinas.
Membro 3: paga 0,25M USD & amp; 1 milhão de euros.
Estas obrigações são financiadas na respectiva conta multi-moeda do membro.
O CLS então redistribui as obrigações para os membros correspondentes.
Membro 1: recebe 0,0.
Membro 2: recebe 1 milhão de euros & amp; 0,25M USD.
Membro 3: recebe 1 milhão de libras esterlinas.
Por meio de obrigações de pagamento multi-lateralmente compensatórias (também conhecidas como compressão comercial) para cada moeda, o CLS elimina a necessidade de financiar negociações numa base individual por moeda, resultando em uma eficiência de compensação de aproximadamente 96%. Isso aumenta para 99% com In / Out Swaps (um In / Out Swap é um swap intraday consistindo de duas transações FX iguais e opostas).
Isso significa que, para cada US $ 1 trilhão de swaps de entrada / saída liquidados, os membros precisam fornecer financiamento para menos de US $ 10 bilhões e US $ 40 milhões para câmbio à vista. Com o CLS gerenciando quase US $ 5 trilhões em liquidações diárias, as taxas de compensação são um elemento-chave para permitir que as empresas aumentem seus volumes transacionais, ao mesmo tempo reduzindo substancialmente o volume de financiamento necessário. Segundo Smith, “o CLS acredita que este processo mais seguro e eficiente é um dos fatores que levaram ao aumento do volume de FX nos últimos 10 anos”.
Smith explicou que o CLS oferece vários benefícios para o setor de FX, incluindo mitigação de risco de liquidação, compensação multilateral, eficiência operacional e de TI, oportunidades de crescimento de negócios e capacidade de desenvolver melhores práticas, padrões e regras comuns que beneficiam o mercado de FX.
Dentro da mitigação de risco de liquidação, também vem o reconhecimento de crédito. Por serem membros do CLS, os departamentos de crédito têm uma maior compreensão mútua e do risco de contraparte. Isso permite que as empresas aloquem menos risco entre negociações para outros membros. Por exemplo, enquanto um banco pode decidir negociar até US $ 10 bilhões com outro membro, é mais provável que ele limite sua exposição comercial a não-membros.
Em termos de eficiência operacional, um fator-chave é em relação à regra e ao comitê de supervisão do CLS. Tendo um conjunto de diretrizes para membros e bancos centrais, fornece a todos os participantes uma compreensão mais clara de suas contrapartes. Ao adicionar uma nova moeda, o banco central correspondente precisa seguir as diretrizes padronizadas. Essas regras fornecem proteção para os membros que se beneficiam da maior transparência que um banco central participante precisará seguir.
Em julho de 2012, o papel crítico que o CLS desempenha nos mercados financeiros globais foi reconhecido pelo Conselho de Supervisão da Estabilidade Financeira do Departamento do Tesouro dos EUA, quando designou o CLS como uma Utilidade do Mercado Financeiro (FMU) sistemicamente importante. A importância do CLS foi destacada ainda mais em novembro de 2012, com o anúncio da isenção do Departamento do Tesouro dos EUA de swaps cambiais e encaminhamentos dos requisitos de compensação exigidos para muitos produtos financeiros sob a legislação de Dodd-Frank. O papel que o CLS desempenha na mitigação do risco de liquidação cambial acreditava-se ser um fator contribuinte para essa decisão.
O aumento do investimento do CLS em tecnologia permitiu que ele expandisse materialmente a capacidade de pico à medida que atualizava as principais tecnologias, para atender aos elevados padrões exigidos de uma UMF sistemicamente importante. O resultado é que o CLS agora pode acomodar volumes de correspondência comercial de até cinco vezes o volume médio diário e processar 20% do volume de um dia de pico em um período de uma hora.
Além disso, o CLS implementou uma infraestrutura de tecnologia flexível, que permite a “capacidade sob demanda”, suportando futuras atualizações de software a fim de aumentar a capacidade em questão de dias e semanas. Essa estrutura permite que o CLS pague pela tecnologia somente quando necessário, enquanto cumpre as obrigações com o mercado para liquidar todas as instruções de liquidação de câmbio elegíveis.
A necessidade de capacitação foi demonstrada em 22 de janeiro de 2013, quando o CLS liquidou mais de 2,6 milhões de instruções, 18% a mais do que a alta anterior, registrada em 19 de setembro de 2012.
Olhando para o futuro, à medida que os mercados emergentes crescem, o CLS recebeu juros dos membros da liquidação para incluir moedas adicionais. Como tal, o CLS vem avaliando a adição do real brasileiro, peso chileno, renminbi chinês, rublo russo e baht tailandês, entre outros.
Outra área em que o CLS está estendendo seus serviços é a liquidação no mesmo dia. Uma porcentagem significativa de negociações de USD / CAD é intra-dia e não está atualmente incluída na liquidação do CLS, devido à hora do dia. O CLS está desenvolvendo um serviço de liquidação no mesmo dia entre dólares americanos e canadenses para lidar com esse risco de liquidação, que tem uma data de lançamento proposta para o final de 2013.
Da complexidade do correspondente bancário.
Rede Bancária Correspondente.
Os serviços bancários correspondentes, que podem ser amplamente definidos como a prestação de serviços bancários por um banco (o “banco correspondente”) a outro banco (o “banco respondente”), são essenciais para pagamentos de clientes, especialmente transfronteiriços, e para o acesso de bancos próprios para sistemas financeiros estrangeiros. A capacidade de efetuar e receber pagamentos internacionais por meio de serviços bancários correspondentes é vital para empresas e indivíduos e para a meta do G20 de crescimento forte, sustentável e equilibrado. No extremo, se um banco individual perde o acesso a serviços bancários correspondentes, isso pode afetar sua viabilidade e, se os bancos de um país geralmente enfrentam acesso restrito, isso pode afetar o funcionamento do sistema bancário local. Além disso, a perda de serviços bancários correspondentes pode criar exclusão financeira, particularmente quando afeta fluxos como as remessas, que são uma fonte importante de recursos para pessoas em muitos países em desenvolvimento.
Tradicionalmente, os bancos mantêm amplas redes de relacionamentos com correspondentes bancários, mas há indicações crescentes de que essa situação pode estar mudando. Em particular, alguns bancos que prestam esses serviços estão reduzindo o número de relacionamentos que mantêm e estão estabelecendo poucos novos. O impacto dessa tendência é desigual entre jurisdições e bancos. Como resultado, é provável que alguns bancos respondentes mantenham relacionamentos, enquanto outros podem se arriscar a ser excluídos das redes de pagamento internacionais. Isso implica uma ameaça que as redes de pagamento transnacionais possam fragmentar e que o leque de opções disponíveis para essas transações possa ser reduzido.
Custos crescentes e incertezas sobre até que ponto a devida diligência devida ao cliente deve ir para garantir a conformidade regulatória (ou seja, até que ponto os bancos precisam conhecer os clientes de seus clientes - os chamados “KYCC” -) são citados pelos bancos como uma das principais razões para cortar seus relacionamentos correspondentes. Para evitar penalidades e os correspondentes danos à reputação, os bancos correspondentes desenvolveram uma maior sensibilidade aos riscos associados ao banco correspondente. Como conseqüência, eles reduziram os serviços para os bancos respondentes que (i) não geram volumes suficientes para superar os custos de conformidade; (ii) estão localizados em jurisdições percebidas como muito arriscadas; ou (iii) fornecer serviços de pagamento a clientes sobre os quais as informações necessárias para uma avaliação de risco adequada não estejam disponíveis.
O quadro regulamentar e, em particular, os requisitos ABC / CFT (Combate à Lavagem de Dinheiro / Contra-Financiamento do Terrorismo) e a respectiva legislação e regulamentos de implementação em diferentes jurisdições, são tomados como dados neste relatório. Reconhece-se que estes requisitos, conforme acordados pelas autoridades competentes, juntamente com uma implementação rigorosa, são necessários para prevenir e detectar atividades criminosas e garantir um sistema financeiro saudável.
De redefinir a paisagem dos sistemas de pagamento.
Integração Regional de Sistemas de Pagamento.
Os pagamentos comerciais e financeiros transfronteiriços e de moeda cruzada têm sido tradicionalmente feitos através de redes de correspondentes bancários regionais e globais. As redes de correspondentes bancários normalmente envolvem vários níveis de intermediação para vincular os sistemas nacionais de pagamento. Existem acordos semelhantes para os títulos transfronteiriços e outras transações baseadas no mercado. Tais arranjos transfronteiriços descentralizados e altamente escalonados para pagamento e transferência de títulos, compensação e liquidação envolvem custos substanciais de liquidez, operacionais e de usuário. Além disso, os serviços prestados são muitas vezes lentos e pouco confiáveis ​​para o volume crescente de pagamentos associados a laços comerciais e financeiros regionais mais próximos. Consequentemente, estão a desenvolver-se infra-estruturas de pagamento e de valores mobiliários mais rigidamente organizadas e integradas, regionais e mesmo inter-regionais, como resultado de iniciativas de integração nas regiões africanas, asiáticas e latino-americanas, entre outras. As discussões em torno do tema da integração regional de sistemas estenderam-se ainda mais à necessidade de desenvolvimento harmonizado do sistema de pagamentos do banco central e das políticas monetárias.
Integração em Sistemas Grossistas.
A integração regional dos sistemas nacionais de pagamento liga diretamente os sistemas de pagamento de grande valor dos países participantes. A ligação é feita através de uma rede de comunicações de pagamento distribuído envolvendo conectividade bilateral e liquidação de pagamentos intra-regional de sistema a sistema ou conectividade a um hub central que opera uma instalação de compensação e liquidação intra-regional. Com sistemas de pagamentos de grande valor tipicamente operados por bancos centrais nacionais, o modelo de conectividade distribuída de um sistema de pagamentos regional pode substituir a rede de correspondentes bancários privados. O acordo de banco central correspondente concentra pagamentos intra-regionais em um único correspondente do banco central que participa de uma rede com níveis e acordos de serviço mais padronizados do que o sistema privado (ou seja, correspondentes bancários). No médio prazo, a liquidez relativa, os custos operacionais e de usuário devem ser geralmente mais baixos e a liquidação de pagamentos intra-regional é mais rápida e previsível do que no sistema privado. Um modelo centralizado com um banco de liquidação regional pode facilitar uma padronização ainda maior e um controle de risco de liquidação mais eficaz e, dada uma moeda de liquidação comum, permite compensações multilaterais que podem reduzir ainda mais os custos de liquidez à medida que os valores e volumes de pagamento aumentam.
A integração regional bem sucedida dos sistemas nacionais de pagamentos de grande valor requer, no entanto, várias pré-condições. Além do óbvio caso comercial, as pré-condições mais críticas são a harmonização dos principais elementos institucionais e estruturais nos sistemas nacionais dos países membros e um compromisso sustentável com o sistema de pagamentos regional, e as iniciativas comerciais e financeiras regionais que sustentam isto. As experiências citadas em várias iniciativas do sistema de pagamento regional indicam que expectativas irracionais de recompensas imediatas da integração e harmonização inadequada dos principais elementos institucionais durante a expansão da rede, como aquelas que envolvem requisitos legais e de supervisão sólidos, fazem com que o compromisso com o projeto vacile e às vezes pode causar a iniciativa de colapso. A colaboração organizada e focada entre todos os principais interessados ​​e a cooperação entre os supervisores dos sistemas de pagamentos nacionais dos países membros é considerada fundamental para sustentar o compromisso com o programa de integração regional.
Embora vários sistemas nacionais de depósito de títulos e de liquidação de títulos tenham desenvolvido vínculos bilaterais sistema a sistema nos últimos anos, apenas alguns começaram a se integrar regional ou inter-regionalmente em um sistema multilateral organizado. Embora os sistemas transnacionais mais desenvolvidos estejam dentro da Zona do Euro, outros começaram a se desenvolver em outros lugares, como na Comunidade para o Desenvolvimento da África do Sul. A discussão sobre o papel das CPCs na liquidação de títulos e derivativos estendeu-se à consideração de desenvolvimentos regionais e mesmo globais.
Integração de sistemas de pagamento de varejo.
Além dos principais sistemas globais de pagamento por cartão, que estão expandindo seus produtos e serviços em novos aplicativos de pagamento para pagamentos de varejo transfronteiriços, existem apenas alguns links de sistema a sistema bilaterais e multilaterais que facilitam a compensação e a liquidação de transações cruzadas. pagamentos fronteiriços. Os acordos bancários correspondentes, mesmo para a liquidação final dos pagamentos com cartão transfronteiriço, ainda são os principais arranjos de rede para a liquidação final dos pagamentos de varejo transnacionais. A integração regional de sistemas de pagamento de grande valor, em conjunto com a integração dos sistemas de pagamentos de varejo e de grande valor em nível nacional, gerou algumas iniciativas para a integração regional dos sistemas nacionais de pagamentos de varejo. A iniciativa SEPA (Single European Payment Area) é talvez a mais ambiciosa destas iniciativas de integração. Desencadeada pela ação política e impulsionada por iniciativas do setor, a SEPA tem como objetivo a criação de um mercado integrado único para instrumentos e serviços de pagamento de varejo em toda a zona do euro. Os desafios mais críticos enfrentados pela iniciativa SEPA têm sido a criação de mecanismos de colaboração dos setores público e privado para a tomada de decisões, o apoio dos usuários das administrações do setor público e a harmonização das barreiras legais nacionais. As transferências de crédito e débito compatíveis com a SEPA estão agora em vigor e o trabalho está sendo realizado sobre a introdução de pagamentos com cartão compatíveis com a SEPA e sobre o desenvolvimento de canais de pagamento on-line e móveis baseados na SEPA.
Transnational Payment Systems.
While once there were only domestic payment channels in each country, we have witnessed the emergence of transnational systems such as TARGET, CLS (Continuous Linked Settlement), the Federal Reserve’s International ACH Project, known as FedACH International and the proposed pan-European automated clearinghouse known as PE-ACH. On the other end of the spectrum, card systems such as those operated by Visa and MasterCard are truly global in scope and have been expanding from consumer based transactions into commercial payments for more than a decade. Transnational systems have traditionally focused on providing payments within a region or to a small number of countries and usually support a single currency. Although none of these systems are yet global in scope, it is likely they will continue to expand their coverage to additional countries and currencies. Networks such as Visa and MasterCard are examples of global payment systems that also support multiple currencies, though they are primarily used for retail payments and ad hoc/T&E commercial transactions. Recently, in countries like Switzerland and Hong Kong13, new arrangements have been developed for the settlement of local payments in foreign currency. These arrangements neither fit perfectly in the traditional category of “correspondent banking” or in that of “payment systems”. The main common characteristic of these arrangements or systems is that they do not settle in central bank money but across accounts held with a commercial bank and that they are based on clearly defined and transparent rules for payment activities. Compared to traditional correspondent banking, these new solutions are standardized and settle payments in real time with continuous finality. In 1999, Swiss financial institutions established a cross-border solution in order to facilitate their cash management in euros. This solution involves a fully licensed bank in Germany, Swiss Euro Clearing Bank (SECB). To process euro transactions, SECB uses the euroSIC platform in Switzerland, which is often referred to as the euro payment system of Switzerland. EuroSIC is a replication of the Swiss franc RTGS system, Swiss Interbank Clearing (SIC). SIC and euroSIC are operated by Swiss Interbank Clearing AG. SECB is the settlement institution and shares the role of settlement agent with the operator SIC AG. SECB is also the liquidity provider in euroSIC. It extends intraday and overnight credit to the participants of euroSIC against collateral. SECB provides a link to the euro area, as it is a direct participant in RTGSPLUS through which access to TARGET is established. In Hong Kong, the U. S. dollar and euro clearing systems, USD CHATS (Clearing House Automated Transfer System) and Euro CHATS, were introduced in 2000 and 2003, respectively. They enhance the safety and efficiency of settling these foreign currencies in the local time zone. These systems are almost exact replicas of the Hong Kong dollar RTGS system (HKD CHATS). The key functions of both systems are to enable settlement of foreign exchange transactions between HK dollars, US dollars and euros in their respective currencies through a linkage with the Central Moneymarkets Unit (CMU) in Hong Kong.
The Hong Kong Monetary Authority has appointed the Hong Kong and Shanghai Banking Corporation as the settlement institution for USD CHATS and Standard Chartered Bank (Hong Kong) Limited as the settlement institution for Euro CHATS. Both institutions provide intraday liquidity to the direct participating banks by means of repos as well as overdraft facilities. One of the key benefits of both the US dollar and euro systems is the same day clearing of transactions. Also driving transnational systems is the implementation of “straight through processing (STP)” standards for transfers between banks as well as between banks and customers. To ensure simultaneous and dependable deliveries, payment-versus-payment (PVP), delivery-versus-payment (DVP), and delivery-versus-delivery (DVD) processes have also been established. The growth in transnational systems can improve the efficiency of cross-border payments by reducing clearing and settlement times, minimizing float. Better visibility of funds flows supports improved cash forecasting. Finally, standardized formats will reduce costly errors and repairs.
Intra bank Payments Networks – Multinational Banks.
Mergers and acquisitions have been the single biggest force reshaping the global payments landscape over the past two decades. The most recent round of consolidation has left a disparity between large and small never before seen. For example, we have witnessed the emergence of mega banks such as the combining of Bank of America and Nations Bank, as well as JP Morgan Chase combining Chase Manhattan Bank, Manufacturers Hanover Bank, Morgan Guaranty Trust and Bank One. In a scale-driven, technology-intensive business like payments, the emergence of true mega-players may lead to markedly different competitive dynamics. Acting as their own transnational systems, large international banks such as JP Morgan Chase, Citibank, Bank of America, and Hongkong Shanghai Banking Corporation operate their own internal global payments networks. Through these, they can route payments to destinations in different countries. Such internal networks do not necessarily differentiate between domestic and cross-border payments as these flows are all within the bank. The trend toward consolidation in the banking sector, both globally and in domestic markets, exerts influence on payment systems. Increased concentration of payment flows may have important credit, liquidity and operational risk implications. For example, the credit exposures that arise within a payments system that does not achieve intraday finality are likely to become concentrated on a smaller number of banks. Operational problems experienced by a single large bank could have significant repercussions for other participants in the system. A concentration of payment flows in commercial banks has emerged to reflect the increasing role that modern commercial banks, especially large global banks, have played in the payment systems around the world. The volumes and values settling across their books are, in some countries, quite substantial. Such traffic has often been accompanied by increased formalization of the correspondent relations within, as well as across, national boundaries. Banks that achieve global economies of scale can further drive down per transaction costs and derive higher revenues by keeping payments within their own networks. For global corporations, it has allowed them to match their global needs with a handful of banks rather than managing a large number of local relationships.
From The Inefficiencies of Cross-Border Payments: How Current Forces Are Shaping the Future.
A survey of major systems facilitating cross-border payments.
American Express : is a publicly traded company that issues charge and credit card products both directly and through nearly 100 financial institutions around the world. American Express had $484 billion in global sales in 2005.15.
CHAPS (Clearing House Automated Payment System) : CHAPS, established in 1984, is the United Kingdom’s high-value payment system, consisting of two systems: CHAPS Sterling and CHAPS Euro, which provide settlement facilities for sterling and euro payments, respectively. Over a dozen large banks and building societies are “direct” or settlement members, while there are also over 400 “indirect” members – typically smaller banks and building societies – who have access to the system through a settlement member.
CHIPS (Clearing House Interbank Payment System) : CHIPS is a bank-owned, privately operated, real-time, multilateral electronic payments system that transfers funds and settles transactions in U. S. dollars. CHIPS began operations in 1970 with 9 participating banks and, as of mid 2006, it processes about 300,000 payments a day with an average daily amount of $1.5 trillion. It currently has 46 participants from 19 countries around the world, including large U. S. banks and U. S. branches of foreign banks. The payments transferred over CHIPS are often related to international interbank transactions, including the payments resulting from foreign currency transactions (such as spot and currency swap contracts) and Euro placements and returns.
CLS (Continuous Linked Settlement) : The CLS system is the private sector response to a G-10 strategy to reduce foreign exchange settlement risk. CLS was founded in 1997 to create the first global settlement system, eliminating settlement risk in the foreign exchange market. Formed in response to regulatory concern related to the temporal and systemic risks (Herstatt risk) associated with foreign exchange transactions, CLS simultaneously settles both sides of foreign exchange trades using a multi-currency payment-versus-payment (PVP) mechanism. CLS is a unique real-time process enabling simultaneous foreign exchange settlement across the globe, eliminating the settlement risk caused by delays arising from time-zone differences. CLS settles well over $1 trillion per day, accounting for a substantial majority of cross-currency transactions across the globe.
Eurogiro : owned by 16 banks/postal financial service companies, is an electronic payment network for postal and giro (postbank) organizations that exchange cross-border credit transfers and cash-on-delivery orders. Established in 1989, Eurogiro has more than 40 participants from 37 countries in Europe, Asia, Africa, South America and the U. S. Members act as correspondents for one another and hold reciprocal accounts with each other to execute payments.
EURO1 : a private sector-owned high-value payment system, operated by the EBA Clearing Company for cross-border and domestic transactions in euro between banks operating in the European Union, and it is the largest of Europe’s four large-value, net settlement systems, processing on average 170,000 payments a day with a total value of about €170 billion. Launched in 1998, EURO1 was developed to provide an efficient, secure and cost-effective infrastructure for large-value payments in the new single currency environment of the EU. EURO1 is based on state-of-art messaging infrastructure and computing facilities supplied by SWIFT.
FedACH International Services : This international gateway arrangement service is owned and operated by the Federal Reserve System. Currently, the Federal Reserve Banks offer a suite of FedACH International Services as part of FedACH Services and provide U. S.- originating depository financial institutions with the ability to send international non-time-critical payments via the same process used to send domestic transactions for many decades. FedACH International Services offer an integrated, uncomplicated method to ensure straight-through processing (STP) of cross-border transactions, using NACHA formats that are supported by most software vendors.
Fedwire (Federal Reserve Wire Network) : This is a high-speed electronic network through which the U. S. Federal Reserve provides the Fedwire Funds Service, the Fedwire Securities Service, and the National Settlement Service. The Fedwire Funds Service provides an RTGS system in which more than 9,500 participants initiate funds transfers that are immediate, final, and irrevocable when processed.
LVTS (Large Value Transfer System) : The fully electronic LVTS, Canada’s real-time gross settlement system, became operational in early 1999. As Canada’s wire payment mechanism, it facilitates the electronic transfer of Canadian dollar payments across the country in real-time. Canada’s national payments system has been operated by the Canadian Payments Association (CPA) since 1980.
MasterCard : is a publicly-traded company that operates a global payment system. In addition to the MasterCard brand, the Maestro and Cirrus brands are also part of the company. MasterCard branded cards generated $1.7 trillion in global sales in 2005.16.
RTGSPLUS : is the German Bundesbank’s new liquidity-saving RTGS, which became operational in November 2001. It combines the risk-reducing benefits of gross settlement of the former German RTGS system known as the Euro Link System (ELS) with the advantages of liquidity-saving processing of the former hybrid system known as Euro Access Frankfurt (EAF).
SWIFT (Society for Worldwide Interbank Financial Telecommunications) : SWIFT is an industry-owned limited liability cooperative that supplies secure messaging services and interface software for financial transactions to more than 7,650 banks, securities brokers and investment managers in more than 200 countries.
SWIFT payment messages are processed by the Financial Information Network (FIN), which operates on a secure IP network called SWIFTNet. SWIFT is integrating into the ACH market segment as a payment service provider via its FileAct messaging service. ACH networks such as the EBA Clearing Company and the South African Automated Clearing Bureau are already using SWIFT’s messaging platform.
STEPS (Straight Through Euro Payment System) : The STEPS program was launched by the Euro Banking Association (EBA) to offer a full range of euro payments across Europe. STEPS has evolved into two systems aimed at accommodating a broad base of processing needs within the European Union: STEP1 (a pan-European system designed to process single cross-border, low-value retail payments) and STEP2 (a pan-European ACH for bulk/high volume, low-value, cross-border and domestic interbank payments).
STEP2 : a pan-European ACH solution, is a joint venture between the EBA and Italy’s ACH operator SIA. STEP2 processes high-volume, commercial and retail payment orders sent to the system via files through a secure network. Characteristics of payment orders that are processed via STEP2 are commercial and retail transfers in euro that are formatted to agreed technical standards. Accessible through SWIFTNet, STEP2 offers payment processing and settlement in euro.
TARGET (Trans-European Automated Real-time Gross Settlement Express Transfer) : The Eurosystem, which comprises the European Central Bank (ECB) and the national central banks (NCBs) of the 12 EU member states which have adopted the euro, has created TARGET for large-value payments in euro. The TARGET system is a “system of systems” composed of the national payment systems of 16 of 25 countries that are currently members of the EU, the ECB payment mechanism (EPM) and an interlinking mechanism that enables the processing of payments between the linked systems.
TARGET2 : The current structure of TARGET was decided on in 1994 and was based on the principles of minimum harmonization and interconnection of existing infrastructures. This was the best way of ensuring that the system would be operational from the very start of the European Economic and Monetary Union (EMU) in 1999. TARGET2 is an enhanced version of the current TARGET incorporating technical consolidation, a single system-wide pricing structure for domestic and cross-border payments, a harmonized service level, and the system-wide pooling of available intraday liquidity. The go-live date for TARGET2 is set for November 19, 2007, with gradual migration to the new system by the member states in four waves. All central banks participating in TARGET2, together with their national banking communities, are expected to be using the new system by May 2008.
Visa : is a private, membership association jointly owned by more than 20,000 member financial institutions around the world. Visa develops common standards and specifications to facilitate commerce and provide member financial institutions with the global payment platform to support transactions on 1.46 billion cards that generate more than $4.3 trillion in global transactions in over 160 countries.17.
Voca : was formed in 1968 and was known as the “Bankers Automated Clearing System” or BACS which is similar to ACH in the US. BACS changed its name to Voca in 2004. Voca is one of a number of domestic ACH-type systems in Europe and owns the BACS infrastructure that processes the majority of non-RTGS, non-card, electronic credit and debit payments for B2C, C2B and B2B in the UK. VOCA performed 5 billion transactions in 2005. 28.
China’s Central Bank RMB Currency Swap Lines.
China’s Offshore RMB Clearing Centers.
Explaining cross-border large-value payment flows: Evidence from TARGET and EURO1 data.
Simonetta Rosati, Stefania Secola.
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Written by Yoon S. Park, PHD & DBA, George Washington University.
There Is No Such Thing As An International Wire.
by ERIN MCCUNE on MAY 15, 2014.
The Elements of the Global Network for Large-Value Funds Transfers.
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China launch of renminbi payments system reflects Swift spying concerns.
Possible RMB – Clearing model for the city of Frankfurt.
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by John W. McPartland, financial markets consultant.
Chicago Fed Letter 2006.
Settlement risk in foreign exchange markets and CLS Bank.
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Research conducted by Glenbrook Partners.
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Summary of Proceedings of the World Bank Conference.
Report to the Congress on the Use of the Automated Clearinghouse System for Remittance Transfers to Foreign Countries.
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(REAL-TIME GROSS SETTLEMENT) IN ASEAN.
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Implementing Cross-border Payment, Clearing and Settlement Systems: Lessons from the Southern African Development Community.
Albert Mutonga Matongela.
The emerging single market in South-East Asia.
Payment System Interoperability and Oversight: The International Dimension.
Regional Monetary Co-operation in the Developing World Taking Stock.
Barbara Fritz / Laurissa Mühlich.
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Structure and Evolution of EFT Payment Networks in the USA, India, and China.
Structure and Evolution of EFT Payment Networks in the USA, India, and China.
Payments Systems are going through revolution particularly in developing countries. Since they lack the infrastructure to follow traditional options, they are opting for innovative solutions using mobile technologies and are attempting to leapfrog. Networks through which payment transactions are processed are equally important.
Below is a brief introduction to EFT networks used in payments industry in USA, India and China.
From A Guide to Debit and ATM Card Industry.
EFT (Electronic Funds Transfer) Networks in USA.
EFT networks are the telecommunications and payments infrastructure linking consumers, ATMs, merchants, and banks. The physical components consist of ATMs, POS terminals, telecommunication connections, apparatus that route transaction information to appropriate parties, and computers that store deposit and transaction information. Two characteristics of an EFT network distinguish it from other payments systems that may use similar physical components. First, transactions are PIN-based. Second, consumer accounts are immediately debited (funds are immediately transferred from demand deposit accounts).
There are two types of EFT transactions. The first are ATM transactions. The second are online debit transactions at POS terminals. EFT networks can be used for either ATM transactions or online POS debit card payments or both. In practice, most EFT networks process ATM transactions, and a subset of these also processes POS transactions. A few EFT networks have been devoted solely to POS transactions.
EFT networks are typically separated into two types. Regional EFT networks serve specified regions of the United States. There are three large regional networks: NYCE, Star, and Pulse. The NYCE network serves primarily the Northeast and Midwest, Star serves the West and the midsouth Atlantic regions, and Pulse serves the Central and Southern regions. Today it is something of a misnomer to call these large networks regional because they have grown to the point of near-national coverage. Examples of smaller regional networks include Shazam, located primarily in the Midwest, and Presto, serving the Southeast.
National networks are fewer in number than regional network but are distinguished by their national territory. National territory does not necessarily translate into large size. The Armed Forces Financial Network is comparable in size to some of the larger regional networks, but its mission of serving the armed forces community leads it to a national geographic territory. Visa and MasterCard operate EFT networks that are truly national in size and territory. Each uses its own physical infrastructure to run ATM and POS transactions, and for marketing purposes their ATM and POS networks carry different names. Visa’s Plus and MasterCard’s Cirrus are ATM networks, while Visa’s Interlink and MasterCard’s Maestro are POS networks.
Another important distinction for national networks is that they may serve as a bridge between regional networks. If a transaction conducted on a regional network is initiated using a card from another regional network, a national network may link the two regional networks so that the transaction information may be routed from one regional network to the other. In a sense, national networks serve as networks of networks.
There are many types of ownership and membership structures among EFT networks. A single bank may own a shared network, but ownership by multiple banks is more common, a legacy of the fact that many of the first shared networks were typically joint ventures among banks. Some of these joint ventures included many banks, while others had a few. Nonbank ownership of networks ranges from complete ownership of the network (as with Concord EFS’s Star network) or as a joint venture with banks (such as First Data and NYCE).
Membership in an EFT network is typically limited to financial institutions (banks, savings institutions, and credit unions) and can be, but is not necessarily, tied to ownership.
Offline debit card networks.
The second component of the ATM and debit card infrastructure is offline debit card networks. Offline debit card networks are a telecommunications/payments infrastructure linking consumers, merchants, and banks. There are two offline debit card networks, one run by Visa and the other by MasterCard, which essentially piggyback off the card associations’ credit card networks. Visa has named its offline debit product Visa Check Card and MasterCard refers to its product as MasterMoney.
The physical components of the offline debit network consist of POS terminals, telecommunication connections, apparatus that route transaction information to appropriate parties, and computers that store deposit and transaction information. Information necessary for the authorization of an offline debit transaction as well as information for processing the payment follow the same infrastructure routes as for credit card transactions.
Two characteristics distinguish offline debit transactions. First, transactions are signature - based. Second, consumer accounts are debited one or two days after the transaction (that is, there is a lag before funds are deducted from demand deposit accounts).
To complete this section, it may be useful to emphasize the similarities and differences between online and offline debit transactions. Both transactions are conducted at a POS terminal. Both represent payments in exchange for goods or services. But online debit requires the use of a PIN and funds are debited immediately, while offline debit does not require a PIN and funds are not debited immediately. Online debit transactions are processed over an EFT network. By contrast, offline debit transactions are processed over credit card networks. Online debit allows the consumer to obtain cash back at the point of sale, while offline debit does not. Finally, consumers and merchants face differing fees for online and offline debit (detailed in Chapter 4).
From Point of Sale (POS) Systems and Security.
Debit Cards and ATM Networks.
A. Regional EFT Interbank Networks.
B. National EFT Interbank Networks.
Debit POS (Point of Sale) Networks (PIN based)
Transactions are processed over EFT Network.
Offline Debit Card Networks (Signature Based)
Transactions are processed over Credit Card Networks.
India is mostly cash based economy. Manual Paper based and Wooden Drawer based Cash Registers are the predominant form of payment transactions systems.
In last few years, many innovative solutions have come up but penetration is very low.
Issues of Data Privacy and Cybersecurity are not yet on the minds of Developers of these new solutions.
Regulations and Oversight of these newer platforms is non existent.
People use debit cards predominant to withdraw cash from ATM machines. Online payment transactions are done for paying utilities bills and making bookings for Air, Train, and Bus Transportations. Credit cards are used by very small segment of people in cities.
From Innovative payment systems for financial inclusion.
Innovative payment systems for financial inclusion.
Over INR 8743 bn in payments to be made through prepaid Instruments in FY20 India Point of sale terminals lowest amongst BRIC nations Overall business opportunity for business correspondents estimated at INR 567 bn per year and revenue opportunity for POS – related shared services at INR 16 bn per year.
24 OCTOBER DELHI/MUMBAI:
Disruptive game changing innovations in the payment systems will be critical to accelerate financial inclusion agenda of India, states a latest report on financial inclusion by EY, the global professional services organization. The report titled ‘Accelerating financial inclusion - The role of payment systems ’, was released at a global conference on Financial Inclusion and Payment Systems in Delhi today.
The report aims to provide an outlook on India’s financial inclusion agenda, the growth drivers for its success and the supporting infrastructure that will be needed. As per the report, with current trends like growing urbanization, rising middle class and aspirations, this is the right time to tap the large unbanked population of India.
Mahesh Makhija, Partner – Advisory (Financial Services), EY says, “India is an exceptional country with unique consumer needs. To accelerate financial inclusion in India, we will need to understand what combination of payment products and services will work in the Indian context. Innovations in payment systems will occur at the intersection of different industries like financial services, telecom and retail.”
The report lists 6 key elements that make up the financial inclusion agenda of India:
New game, new rules — evolving prepaid instruments landscape in India.
Prepaid Instruments (PPI) are at their nascent stage in India, but have the potential to play a vital role in the country’s struggle to reduce dependence on cash in its economy, says the report. EY estimates that although prepaid market represented only 3.62% of the Indian card market, this will increase dramatically over the next decade. EY recommends that the Government look closely at PPI’s as an option to disburse Government benefits (currently estimated at INR 4800 billion). Market growth in PPI’s will also emanate from the proliferation of m-wallets, money transfer and other new applications of the product. According to the report, these new segments are expected to collectively contribute 47% of the prepaid market in FY 20. Over INR 8743 billion in payments is likely to be made through PPIs in FY 2020. This will be more than 12 times the volumes in FY2013.
Rethinking mobile money — the case for electronic rupees issued by the RBI.
Mobile money has the power to democratize banking in India by bringing large numbers of the country’s unbanked population into its formal financial system. As per the report, almost 83% of India’s population is expected to own and use mobile phones by 2014. However, for several reasons mobile money adoption in India has been low. Consumers and merchants are not incentivized to make the transition to mobile money and Banks and Telco’s have adopted a ‘wait and watch’ approach. According to the report, the challenge is to take a transformative step that will lead to a paradigm shift in the mobile money paradigm. One such step would be creation of electronic rupee. These would be issued by the Reserve Bank of India as legal tender, just as it currently issues currency notes and coins.
“We think that the creation of electronic rupee is a transformative solution to today’s issues with mobile money in India and in fact across the globe” said Mahesh.
Enabling payments — increasing Point Of Sales (POS) penetration in India.
As financial inclusion gathers momentum, there is an urgent need to enhance POS acceptance infrastructure in India. India still has one of the lowest number of POS terminals (per million people) in the world. According to the report, penetration of POS terminals is only 693 per million of India’s population, compared to similar emerging countries such as Brazil, which has 32,995 terminals per million people and China and Russia, each of which has around 4000 terminals per million people. India’s POS landscape is characterized by a large skew in favor of urban locations-more than 70% of the POS terminals are installed in the top 15 cities contributing to over 75% of the total volumes at POS. Moreover, only 1.1 million of the more than 10 million retail touch points have POS installed for electronic payments acceptance. Technology will play an important role with the implementation of new POS capabilities. Large urban retailers seek technologies like Mobile POS (Mpos) which help them in “line-busting” whereas the smaller merchants seek a cheap and easy-to-use solution like a card-reader attached to a phone. Rural merchants on the other hand are likely to adopt biometric POS terminals, which enables them to accept Aadhaar enabled debit cards that are likely be issued in large numbers for financial inclusion. As per the report, there could be close to 3.5 million POS in the next five years if necessary initiatives and actions are taken to increase the POS penetration.
Evolving payment ecosystems – shared services models for inclusion and growth.
The report states that to enhance their reach, banks are introducing payment ecosystems that work across organizational boundaries to deliver innovative payment services. The report discusses 7 different models of shared services that Banks are leveraging aimed at acquiring, engaging and retaining customers. EY estimates the overall opportunity for shared services like business correspondents at around INR567 billion per year in the next 2-3 years and an overall revenue opportunity of INR16 billion per year for POS-related shared services by 2018 at the present rate of growth in card-related transactions and merchant terminals.
Pathways to excellence — the transformation agenda for banks.
Changing consumer behavior, the increasing urgency of financial inclusion and ubiquitous mobile telephony are powerful external factors that will transform the Indian payments industry over the next 10 years. In the last decade, India has witnessed significant achievements in its efforts to migrate from traditional payment methods through cash to modern electronic payment systems. In 2012 the percentage of non-paper based payments transactions was 48% up from 27% in 2008. While there has been significant progress made on various parameters, a lot still needs to be done in the next few years. According to the report, India is at an interesting point in its payments journey wherein the foundation is laid, but its future growth will depend on innovation in products, business models, consumer interfaces, security and infrastructure under the umbrella of enabling regulations.
Cashless in India – Government imperatives to promote electronic payments.
From taxes to social welfare benefits, the Government of India cumulatively receives and disburses billions of rupees to and from its citizens. The Interbank Mobile Payment Service and Aadhaar Enabled Payment System platforms have the potential to integrate the payment systems of various Government to Public (G2P) schemes and enable mobile phones to be used as front-end technology instruments states the report.
By digitizing this flow of money, the Government can lead a strategic shift from the high dependence on cash to a more efficient, electronic payment system, which leverages online and mobile channels to cut costs and bring social benefits to millions.
The establishment of a strong payment and settlement framework and associated enabling institutions has aided a conducive environment for financial inclusion in India.
From Why it is difficult to scale POS machines in India.
Why it is difficult to scale POS machines in India.
Shashidhar KJ October 19, 2016.
Earlier this month, the Reserve Bank of India (RBI) said it would be setting up an acceptance development fund (ADF) to boost the card payment infrastructure in the country. The proposed ADF which will be funded by card issuers to build a corpus by diverting a percentage of their transaction revenue into the fund. Money from the fund is then invested in structured initiatives to expand acceptance infrastructure such as POS terminals.
We have the dubious honour of having one of the lowest POS terminal penetration, according to an Ernst and Young report. The report said there were only 693 machines per million of India’s population, compared to similar emerging countries such as Brazil, which has 32,995 terminals per million people and China and Russia, each of which has around 4000 terminals per million people.
This was back in 2015 and the number of POS machines issued from banks has improved to over 14 lakh in July, as shown by RBI data.
Isn’t it odd that there are over 697 million debit cards and 25.94 million credit cards and there are only 14,43,899 POS terminals in the country?
Indeed, the RBI, in its concept paper to boost card acceptance, points out that people primarily used their debit cards to withdraw money from ATMs.
Closer look at POS terminal data.
However, a if we look at closer at the POS terminals deployed in the country, we see a curious concentration. The top banks in the country – State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Corporation Bank – have the highest number of POS terminals accounting for 80.94% of all terminals in the country.
The RBI counts 56 scheduled commercial banks in the country. Not to mention that there are 56 functioning regional rural banks and 93 cooperative banks.
It’s interesting to note that the banks mentioned above generally have a well developed credit card business portfolios which contribute to their balance sheet in a significant way.
An explanation for the skew of POS terminals within these banks could be that they get to charge merchants a higher merhcant discount rate (MDR), an inter-bank interchange fee, for credit card transactions.
The MDR is fee collected by banks from merchants for a card transaction. When a customer uses a HDFC Bank credit card on a POS terminal, the merchant is charged a fee to settle the payment in another bank.
Typically banks charge around 2-2.5% per transaction on credit cards. However, the RBI has capped the MDR for debit cards at 0.75% for transactions below Rs 2,000 and 1% for transactions above Rs 2,000.
The devil, however, lies in how the MDR is split between the bank issuing the card and bank accepting the payment. For credit cards, the issuing bank gets around 1.8% of the 2-2.5% MDR. Meanwhile for debit card transactions, issuing banks make around 0.5% out of the 0.75% interchange fee.
No incentive to develop the system.
Currently, other banks (public, regional and cooperative banks) have no incentive to develop card acceptance networks. They are not interested or do not have the expertise to develop a credit card business to command a higher MDR. They would rather have their customers use debit cards as a dumb instrument to withdraw cash at ATMs instead.
Rahul Kothari, vice president and head of business at PayUbiz explained that banks look at POS as a means to retain customers through current accounts and offer them other products. He added that right now there is no level playing field between third party companies who develop POS solutions and banks. RBI guidelines say that third party companies need to take permission from banks to process POS payments, Kothari added.
Third party POS players in India include PayU, MSwipe, Ezetap and Oxigen.
Industry sources also pointed out that banks charge around 5-10 basis points (bps) for getting a bill of sponsorship to handle POS payments. MediaNama was unable to independently verify this.
There needs to be a more equitable distribution of the MDR between banks which will open up competition between smaller banks who will now have a reason to build their card acceptance networks. To an extent, the ADF aims to do that by taking a portion of the fees got by the issuing bank and put it into a corpus to get more POS terminals in the country.
However, the RBI should ensure that the proceeds of the fund should go to banks who do not have a proper card acceptance network.
Secondly, third party POS players must also be brought into the discussion. For example, Oxigen has a product called Super POS which also doubles as a mini ATM and has biometric and Aadhaar authentication. The RBI recently issued a notification which instructed banks to upgrade ATMs and POS machines to accept Aadhaar. Banks should figure out a way to work with non-bank entities to push for a cash less environment.
Perhaps, banks can employ third party players as banking correspondents in rural areas and get give a cut from the MDR to them.
Paytm has an interesting approach to offline merchants. Recently the company announced that it has more than a half a million offline merchants. Paytm’s offline merchants have a QR code which a customer has to scan on the app to make a payment. Effectively, it has turned the POS system on its head by cutting the costs of installing and maintaining a POS terminal.
Once a customer decides to move his/her money to a bank account, they need to pay a fee of 1% to Paytm which is considerably lesser than the MDR charged by banks. I spoke to a mom-and-pop shop owner in the neighbourhood who said that this was a lot more cheaper than the costs associated with cards. He explained that he wants acceptance of Paytm to increase so that savings on transactions will be reduced.
There are a number of factors which are inhibiting the growth of POS terminals in India:
– Allowing only banks to lead the way on POS.
– The bank interchange fee (MDR) for merchants is too high.
– The cost of handling and maintaining machines are an added cost for merchants.
– The split of MDR disproportionately favours the banks issuing cards. There needs to be a more equitable distribution of the fee between the issuing bank and the accepting bank.
From Paytm has more offline merchant transactions than online: CEO Vijay Shekhar Sharma.
Paytm has more offline merchant transactions than online: CEO Vijay Shekhar Sharma.
Shashidhar KJ September 26, 2016.
We’ve been seeing Paytm stickers coming in offline stores all over, at least in Delhi, Mumbai and Bangalore. In the month of August, Paytm’s offline merchant transactions exceeded online transactions on the platform, CEO Vijay Shekhar Sharma (VSS) told MediaNama, and a large part of this has been owing to a change in technology approach by the company. The company claims over half a million offline merchants now. Edited excerpts from MediaNama’s interview with VSS:
Took a call to focus on offline in 2016: “Every year we pick up a theme. When we first started, it was online recharges, the second year was online payment. Now, this year when we started we thought we would take up offline as a plan that we would have Paytm in every nook and corner (of the country). We thought that after Paytm, there should not be any pain-point left for anyone else to solve.
Online is great, online is nice and but this is where the bus is moving. But ultimately there is a larger customer base and transaction base which happens in the offline world. It was a very, I would say, uncanny for an online company to think of offline.
So we built our own software where we can track offline signups, sales-force automation and a lot things, so that we are disciplined. And I think we have more than half a million merchants signed up.
Update: VSS has clarified that the company refers to a transaction as “offline” when the merchant doesn’t have their own application, and is integrated only using the QR code, and not via the API. Thus, these will not include transactions made on the Uber app.
Dumb card, smart POS; smart phone and dumb POS: “I mean if you look at it, first of all, our understanding is that we have a different process versus other offline payment methods. Offline right now is dominated by Visa and MasterCard. American Express is also very small.
But the consumer has a dumb device called card, and what merchants carry is a smart device called POS with Internet connection. So, we are changing that structure. We are saying that merchant will not have a smart device or Internet connection, and consumer will have that. So payment happens via a QR code and the processing happens on the consumer side.
NFC versus QR code: “I think we saw it first in China, where QR codes dominate massively, and we had discussions with our friends in China (Alibaba) on why they chose to have QR code. I have personally have been a total non-believer of QR code in advertising, but when it came to payments it became important because the consumer and merchant have to communicate in a non technical way, and some way for the data to be given from consumer to merchant easily.
Whether you look at NFC, there is an investment that the merchant has to do. And if you use the smartphone as a consumer device the cost structure works in reverse in our case. The idea that we had is that every smartphone, technically, might not have NFC. But every smartphone does have a scanner.
So on the Paytm app, when you click on pay, the QR code scanner comes up.
Challenges in going offline: “So, it was three layers of new things. One for the consumer, it was new because they have never gone in the offline world and paid in any online payment instrument. We had to help with consumer mindset. Second is towards the merchant who are okay with cash and have no obligation to build a non-cash business. The third was that we had chosen a new technology, where the consumer and the merchant had to learn. But the thing that we found out was, in the end, it was so fast that I don’t think OTP or NFC or any other thing like MMID will work.
The point is that this is tokenization for your digital wallet.”
Sector choices for offline rollout: We started with the transportation vertical – autorickshaw, taxi, Uber, parking or petrol pump – where there is a lot of sale. Second place where we found the spends were in the groceries, fruits and vegetables etc and the third category was discretionary spends which was like shopping, quick service restaurants and restaurants. So we created three beats for these.
Our approach was that Delhi is the first city where you have to find the correct solution. Because in verticals like in parking, there would be Internet connectivity problems, while in QSR, payments need to happen very fast, and OTP would be very slow.
So we built the beta run in one city and then went to multiple cities. There is a team which builds solutions, and there is a second team which takes it to the market.
The teams which go to market look at top cities, mid-tier cities and long tail cities. We found it very surprising that in long tail cities, it increases sales for a merchant when they say that they accept Paytm.
There is also a number where you can dial and say that you want Paytm, and through this tens of thousands of merchants have been signed up. Consumers and merchants reach out to us just because somebody else has used it. Then there is a front-tail where we go to the shop, and we explain to them what the product is where they do merchant on-boarding, verification and give them QR codes. So two different processes, but both require the merchant to be on-boarded with full verification and documentation.
Merchant transaction charges: In our case, the merchant pays 0%. So consumers will load money through credit cards and debit cards and pay to the merchant. So effectively, the merchant is effectively receiving credit and debit card payments at 0%. We make money which comes through the wallet, which is used on the Paytm network.
Another interesting thing is the money these merchants receive goes back to the network to be used and only 5% is sent back to the bank account.
(Editor’s note: Paytm charges charges 4% for wallet-to-bank account transfers for customers who have not completed their KYC and 1% for KYC compliant customers. That still is effectively lesser than card companies who effectively charge around 2.5% on transactions)
Paytm wallet users: 140 million.
Monthly transactions: 75-90 million (as per media sources)
GMV (current): $5 billion.
GMV projected by financial year end: $10 billion.
Offline merchants: 500,000.
Monthly offline transactions: 10 million per month.
Payments bank launch: Diwali 2016.
Investors: Ant Financials (AliPay), Alibaba Group, SAIF Partners, Sapphire Venture and Silicon Valley Bank.
Online vs offline growth: Our online was a bit like iOS growth. One successful merchant gave us another one. While with offline, it was more like Android growth: it just grew very fast. In the month of July, we just had it at the same level between offline and online. And in August offline overtook online. Basically now, Paytm does more offline merchant transactions than online.
Recharge now constitutes less than 20% of our business. That number is very small now because we have created so many uses cases. One thing we found out was, when you give your payment system to a merchant, the merchant’s experience becomes a part of the total experience. Consumer might prefer to pay through an instrument, but the process to reach the merchant payment instrument is so difficult, that the consumer might give up before that. We found out that the payment system should be there on the merchant’s side.
Concentration of cities & Ticket sizes: “Right now we are there in about 900 cities and towns. When we look at our payment consumer, where the median is bigger, as expected, it is coming from cities where the Internet connectivity is there. So top 10 cities will be constitute about 50%. Online transactions go through ecommerce merchants and have a larger ticket size. But if you look at offline transactions, payments in offline usage of wallet, there is a smaller order value.
From RBI concept paper looks to boost card payments at POS terminals.
RBI concept paper looks to boost card payments at POS terminals.
Shashidhar KJ March 11, 2016.
The Reserve Bank of India came out with a concept paper earlier this week for improving the card acceptance infrastructure and is seeking comments, suggestions and views from relevant players on the same.
“The “economics” of card payments plays an important role in ensuring greater and wider participation of all stakeholders involved in the card payments value chain and, as such, any strategy geared towards expansion of the infrastructure in a “managed” way has to also address these issues,” the RBI said.
Accordingly, the RBI has outlined a broad strategy to enhance the growth in acceptance infrastructure through POS terminals and usage of cards which includes further rationalisation of merchant fees for debit card transactions. Here are some of the take aways from the paper:
– The RBI noted that growth in electronic payments is not uniform across all segments nor is it visible at all locations across the country. Particularly, in the context of cards, while the card base is increasing rapidly, activation or usage rates are quite low, especially for purchase of goods and services. Card usage at ATMs, on the other hand, is quite high.
– Debit cards registered a growth of 64% between Oct 2013 and Oct 2015 while credit cards grew at 23% during the same period. As at end-December 2015, the total number of credit cards stood at 22.74 million while debit cards stood at 636.85 million cards in the country.
– Between Oct 2013 and Oct 2015, ATMs increased by around 43% while POS machines increased by around 28%. As of end-December 2015, the number of ATMs has increased to 193,580 while POS machines had increased to 1,245,447 in the country.
– From April 2015 to December 2015, the usage of debit cards at ATMs continues to account for around 88% of the total volume and around 94% of total value of debit card transactions. Usage of debit cards at POS machines accounts for only around 12% of total volume and 6% of total value of debit card transactions.
– From April 2015 to December 2015, credit card usage at ATMs accounted for around 0.73% of volume and 1.25% of value of total credit card transactions. Use of credit cards for POS transactions accounted for 99.27% of volume and 98.75% of value of total credit card transactions in the country.
– While almost every bank is a card issuer, very few banks are engaged in the activity of merchant acquiring and setting up of card acceptance infrastructure. Thus, there is concentration in acquiring business with the top 5 acquirer banks accounting for nearly 81% of the POS infrastructure and top 10 acquirers’ share of POS being above 90%.
– The number of merchant establishments accepting card payments has increased from 0.85 million merchant establishments in Oct 2013 to around 1.15 million establishments in Oct 2015, a growth rate of 34%. As on Dec 2015, the number of such merchant establishments was 1.26 million.
Factors inhibiting growth for card acceptance.
– High cost of acquiring business that include high capital cost of POS machine, recurring maintenance, difficulty of servicing POS machines in rural areas.
– Low utilization of cards makes acceptance for small merchants and in rural areas unviable due to low card footfalls and low transaction values besides other costs associated with merchant acquiring, ultimately forcing acquiring banks to withdraw the POS terminal.
– Lack of adequate and low cost telecommunication infrastructure.
– Lack of incentive for merchants to accept card payments is another inhibiting factor. Further, transparency and audit trails associated with card payments often act as deterrent for accepting card payments by merchants.
– Insufficient awareness about the costs associated with use of cash apprehension of using non-cash payments, especially concerning its safety and security, anonymity associated with cash payments, surcharge and convenience fees being levied for use of card and electronic payments, difficulties in changing consumer behavior, etc. also inhibit growth / usage of card of payments for purchase of goods and services.
– Merchant Discount Rate (MDR) also often acts as a disincentive.
Strategies for enhancing acceptance.
Mandate installations of POS terminals in proportion to cards issued : The RBI said that banks issuing cards should install proportionate number of POS terminals to the number of cards issued. However, it noted that not every bank is equipped to run merchant acquisition business. The lack of expertise may lead to some banks entering this business through outsourcing model which later might prove costly.
Setting up of Acceptance Development Fund (ADFs) : The RBI also mooted for setting up an ADF where different stakeholders in the card payment chain come together to set up a program to encourage wider deployment of card acceptance infrastructure. These are generally funded by card issuers to build a corpus by diverting a percentage of their transaction revenue into the fund which is then invested in structured initiatives to expand acceptance infrastructure.
ADFs are usually managed by third parties who establish the framework for use of funds which include subsidies for installation of terminals, development of new technologies / segments / geographies, marketing and education to increase awareness for acceptance as well as for usage.
Rationalisation of Merchant Discount Rate.
The major source of revenue in the card business is the Merchant Discount Rate (MDR) or Merchant Service Fee. MDR comprises other cost segments such as the interchange fee (fee paid by acquirer to card issuing bank), processing and other fees payable to the card network, and other costs incurred by the acquirer along with acquirer’s margin. The RBI has proposed a number of options for the rationalization of the MDR some of them are:
Uniform MDR across all merchant categories & locations proportionate to transactions size: RBI had fixed a cap on MDR for debit card usage as.
not exceeding 0.75% of the transaction amount for value upto Rs. 2000/- not exceeding 1% for transaction amount for value above Rs. 2000/-
This is basically maintaining status quo for the regulatory structure. However, the growth in deployment of POS terminals has come down as lower MDR was cited as on of the reasons making the business unviable.
Differentiated MDR at select merchant categories at all locations: Another approach is to have a differentiated MDR framework for some select merchant categories across all locations. For example, some merchant categories could include utility bill payments (electricity, water, gas, telephone), municipal taxes, primary hospitals and health centres, primary educational institutions, public distribution system outlets ( like ration shops), fertilizers, seeds and similar agricultural products, public transport, etc.
Differentiated MDR at select merchant categories in Tier III to VI locations : An another alternative is to rationalise MDR in select categories in Tier III to VI locations with the objective of ensuring wider deployment of POS terminals.
From Update: Card payments on POS terminals suffered outages and failures over the weekend.
Update: Card payments on POS terminals suffered outages and failures over the weekend.
Shashidhar KJNovember 14, 2016.
Update: MediaNama spoke to Manish Patel, CEO of POS machine company Mswipe who spoke told us that card networks are unable to deal with the sudden surge in payments on their networks. He added that on Saturday between 7 pm to 9.30, pm Visa’s servers failed but POS machines were still able to process payments from MasterCard.
MediaNama was unable to independently verify this but we have written to Visa and will update once we hear from them.
Meanwhile, Mswipe said that it saw a huge surge in the number of transactions it processed. Typically, Mswipe processes 45,000-50,000 transactions a day. On Friday, this number went up to 1 lakh transactions and to 1.25 lakh transaction on Saturday. On Sunday, Patel added the number of transactions went above their capacity to process them and that they are currently adding more capacity.
Earlier: POS terminals across the country suffered outages for several hours over the weekend and many card transactions were declined according to multiple people who spoke with MediaNama. For example, card transactions at a restaurant in Mumbai’s Mulund West was down from 7 pm to 10 pm on Friday, and there was a similar outage the next day. The restaurant owner told MediaNama that he had contacted ICICI Bank about the outages, and they attributed it to the demonetization drive, saying they needed some more time to recalibrate. Many stores in the neighbourhood also could not process card payments, and insisted that customers pay by cash. MediaNama’s Salman SH and Sneha Johari reported similar outages in Bangalore and Pune.
Also read: MediaNama’s Demonetization Liveblog, with the latest updates.
In Bangalore, a pubs POS terminals were down on Saturday morning. The pubs owner also said that he had to to accept bank transfers from customers to his account. The owner added that all six POS terminals were down due to increased volumes on card payment networks. The POS machines displayed an error code “server down”.
On Sunday, Damodar Mall, CEO of Reliance Retail tweeted about card payments getting declined and appealed to ICICI Bank and HDFC Bank for help.
We have written to ICICI Bank, HDFC Bank and Axis Bank for comments regarding the outages. Meanwhile, State Bank of India (SBI) tweeted that it processed 10.05 lakh POS transactions on Sunday. To give context, SBI processed 3,25,00,690 debit card transaction over POS terminals in July, according to RBI data.
Meanwhile Rahul Kotari, business head of PayUbiz, told MediaNama that the payment gateway has seen a spike in the number of transactions from around 750,000 a day to 1.5 million a day following the demonetization. Note that PayU also has a POS machine for offline transactions and process them through its payment gateway. He added that the payment gateway is built to handle five times its current load and is increasing it to 10 times anticipating a surge in online transactions. Kothari added that the company is considering deploying QR codes in the short term for offline merchants to help ease the pain of doing business.
Asymmetry in POS terminals.
As we have pointed out many times, India has the dubious honour of having one of the lowest POS terminal penetration, according to a 2015 Ernst and Young report. The report said there were only 693 machines per million of India’s population, compared to similar emerging countries such as Brazil, which has 32,995 terminals per million people and China and Russia, each of which has around 4000 terminals per million people.
The Reserve Bank of India’s data shows that there are over 697 million debit cards and 25.94 million credit cards and there are only 14,43,899 POS terminals in the country.
A closer look at the POS terminals deployed in the country, we see a curious concentration. The top banks in the country – State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Corporation Bank – have the highest number of POS terminals accounting for 80.94% of all terminals in the country.
From Paytm Has Just Created Millions Of PoS Across India With A Single Move; Every Paytm User Can Now Accept Card Based Payments.
Paytm Has Just Created Millions Of PoS Across India With A Single Move; Every Paytm User Can Now Accept Card Based Payments.
Paytm has just created millions of Point of Sales (PoS) across the nation, with one strategic move. Now, anyone with a merchant account with Paytm can receive payments via debit card/ credit card, which means that digital payments have been super-simplified and scaled beyond imagination.
This is certainly one of the masterstrokes by Paytm for encouraging even more digital transactions and a good move towards an absolute cashless economy.
Paytm founder Vijay Shekhar Sharma said, “India needs a very innovating mobile pos machine and Paytm has already been accepted by many merchants. By extending our merchant network to all other payment networks, we are enabling digital payments to a very large number of Indians.”
Suppose you visit a local grocery shop to purchase few items and the shop-keeper has a Paytm account. Now, there can be two scenarios: Either you also have a Paytm account, which means that you can simply transfer the amount. Or, you don’t have a Paytm account, but have debit/credit card to make the payment.
In this case, the merchant can accept your debit/credit card via his Paytm app, and complete the payment.
Step 1 : The merchant raises the bill, and gives you his phone wherein you enter your debit/credit card number.
Step 2 : The customer receives an OTP on his mobile number.
Step 3 : Enter the OTP inside merchant’s Paytm app.
Till December 31, there would be no fees for such card based transactions on merchant’s Paytm app. The new version of the app has been updated, and under ‘Accept Payment’ tab, merchants can receive payments from cards issued by Rupay, Visa, MasterCard and Maestro.
Big Boost For Cashless Economy.
There are around 150 million users of Paytm, and almost 1.5 million merchants registered with the. With one single step, these 1.5 million merchants can now accept debit and credit based payments, thereby transforming into a live PoS, instantly.
Besides, RBI has recently increased the limit for merchants to Rs 50,000 per month, which means that they can send upto Rs 50,000 from Paytm app to the bank, without KYC. This, along with PoS transformation means that merchants would now prefer Paytm mode of accepting payments (both from credit/debit card or peer-to-peer money transfer).
Merchants can register with Paytm by visiting here.
Paytm is expecting atleast 10-15 million more merchant accounts after this decision to convert apps into PoS. We will keep you updated as more details come in.
Debit and Credit Card Networks.
Government of India Networks.
IMPS (Immediate Payment Service) NEFT (National Electronic Funds Transfer) - Online Banking Transfer NFS (National Financial Switch) – ATM (Automatic Teller Machines) Network SBI Chhota (little) ATM (using POS devices for Cash) RTGS (Real Time Gross Settlement System) – Large Value Real Time Network UPI (Unified Payment Interface) - using BHIM app NACH (National Automated Clearing House) AEPS (Aadhaar enabled Payment System) - MicroATM BBPS (Bharat Bill Payment System) – for paying Utilities Bills RUPAY – Credit and Debit card network *99# (uses USSD channel) *99*99# (Uses USSD channel)
National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India.[1] It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience bank - ing. It is run by the National Payments Corporation of India (NPCI).
In order to further speed track Financial Inclusion in the country, Two Working Group were constituted by RBI on MicroATM standards and Central Infrastructure & Connectivity for Aadhaar based financial inclusion transactions with members representing RBI, Unique Identification Authority of India, NPCI, Institute for Development and Research in Banking Technology and some special invitees representing banks and research institutions.
The working group on MicroATM standards & Central Infrastructure & Connectivity has submitted its report to RBI. As a part of the working group it was proposed to conduct a Lab level Proof of concept (PoC), integrating the authentication & encryption standards of UIDAI, to test the efficacy of MicroATM standards and transactions using Aadhaar before they are put to actual use. The PoC was successfully demonstrated at various venues.
AEPS is a bank led model which allows online interoperable financial inclusion transaction at PoS (MicroATM) through the Business correspondent of any bank using the Aadhaar authentication.
The four Aadhaar enabled basic types of banking transactions are as follows:-
Balance Enquiry Cash Withdrawal Cash Deposit Aadhaar to Aadhaar Funds Transfer.
The only inputs required for a customer to do a transaction under this scenario are:-
IIN (Identifying the Bank to which the customer is associated)
Fingerprint captured during their enrollment.
From RUPAY from NPCI website.
The National Payments Corporation of India (NPCI) is a pioneer organization in the field of retail payments in India. It is a body promoted by RBI and has presently ten core promoter banks (State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC). It has been incorporated as a Section 25 company under Companies Act and is aimed to operate for the benefit of all the member banks and their customers.
The vision of NPCI being able to provide citizens of our country anytime, anywhere payment services which are simple, easy to use, safe, and secure, fast and also cost effective. NPCI aims to operate for the benefit of all the member banks and the common man at large.
Reserve Bank of India, after setting up of the Board for Payment and Settlement Systems in 2005 released a vision document incorporating a proposal to set up an umbrella institution for all the Retail Payment Systems in the country. The core objective was to consolidate and integrate the multiple systems with varying service levels into nation-wide uniform and standard business process for all retail payment systems. This led to the formation of National Payments Corporation of India, (NPCI).
RuPay, a new card payment scheme launched by the National Payments Corporation of India (NPCI), has been conceived to fulfill RBI’s vision to offer a domestic, open-loop, multilateral system which will allow all Indian banks and financial institutions in India to participate in electronic payments.
“RuPay”, the word itself has a sense of nationality in it. “RuPay” is the coinage of two terms Rupee and Payment. The RuPay Visual Identity is a modern and dynamic unit. The orange and green arrows indicate a nation on the move and a service that matches its pace. The color blue stands for the feeling of tranquility which is the people must get while owning a card of the brand ‘RuPay’. The bold and unique typeface grants solidity to the whole unit and symbolizes a stable entity.
The IMPS (Immediate Payment Service)
from ICICI Bank helps you access your bank account and transfer funds instantly and securely. You can send money using ICICI Netbanking on an internet-powered laptop or PC. We enable you to transfer funds from your ICICI account to any ICICI or non-ICICI account. The beneficiary account is credited immediately when a fund transfer request is made from your side.
This service is available 24×7, throughout the year including Sundays and any bank holiday.
Use IMPS service to transfer funds anytime, from anywhere using: Netbanking, Imobile, and M. DOT.
The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds individually on an order by order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time.’Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable.
National Electronic Funds Transfer (NEFT) is a nation-wide payment system facilitating one-to-one funds transfer. Under this Scheme, individuals can electronically transfer funds from any bank branch to any individual having an account with any other bank branch in the country participating in the Scheme.
Use NEFT service to transfer funds anywhere using the following modes:
Unified Payment Interface (UPI) is here.
Discover a quick and easy way to send and receive money using a Virtual Payment Address (VPA) without entering additional bank information.
From Ezetap ties-up with SBI to launch PoS and ATM solution Chota ATM.
Ezetap ties-up with SBI to launch PoS and ATM solution Chota ATM.
Vivek Pai October 6, 2014.
Ezetap SBIBangalore-based point of sale (PoS) startup Ezetap has partnered with the State Bank of India to launch ‘Chota ATM’, a solution that can double as an ATM device as well as a PoS terminal that can accept payments from any debit and credit card.
Targeted at neighborhood Kirana shops, the solution will be offered to merchants for a non-refundable deposit of Rs 499 along with a monthly fee of Rs 150 and a commission of Rs 5 per cash-back transaction.
Sanjay Swamy, Managing partner of AngelPrime (which incubated Ezetap) writes that merchants can sign up for this service by opening a zero balance current account with SBI and use this solution over an Android or Windows phone or tablet with an active data connection.
It’s worth noting that SBI had earlier selected Ezetap to deploy 500,000 PoS terminals in the next 5 years for the customers of SBI and its five associate banks.
Cash Withdrawal limits & commission.
Ezetap Chota ATM.
Through this solution, credit and debit card holders can swipe their card to carry out three types of transactions – Sale, Sale + Cash withdrawal and Cash withdrawal only.
As per SBI’s Chhota ATM FAQs (pdf), cash can be withdrawn in multiples of Rs 100. There is a minimum daily withdrawal limit of Rs 100 per card holder and a maximum daily limit of Rs 1,000 per card holder, in line with the RBI guidelines.
There is also an additional 1% charge on customers having State Bank group debit cards to a minimum of Rs.7.50 and maximum of Rs 10 per transaction. For other bank holders, this charge will be decided by their respective banks. As for merchants, they will receive a commission of Rs 5 per cash withdrawal transaction.
In January last year, Ezetap had partnered with Citibank to launch a mobile payment solution for merchants targeting credit and debit card holders in India. As part of the partnership, merchants were expected to receive real time information during the payment and collection process, when customers transact using Ezetap. Citibank had then claimed to have partnered with companies like Shoppers Stop, Bajaj Allianz, Flipkart, BookMyShow and Vodafone to deploy this solution for payment and collection.
The company had also launched a debit card supporting mobile PoS solution in July last year and had acquired Hyderabad-based loyalty platform Clinknow in June this year to launch an integrated payments and loyalty solution for merchants across India.
Ezetap has raised around three rounds of investments until now – a strategic undisclosed investment from American Express in March this year, a $8 million investment in Series B funding led by Helion Advisors with participation from existing investors Chamath Palihapitiya’s The Social+Capital Partnership and Berggruen Holdings in February this year and $3.5 million in series A funding from Peter Thiel, Chamath Palihapitiya, Nicolas Berggruen and David Sacks in November 2011.
(With Inputs from Vikas SN)
All three major POS devices providers in USA have business offices in India. Their business has boomed since demonitization was announced in November 2016. But there is shortage of these devices in India. On Feb 1, 2017, Government slashed import duties on POS devices. But procurement times are several months long. Devices are manufactured in China.
There are other manufacturers in Asia who provide POS devices.
PAX Technology (China) SZZT Electronics (China) Fujian Newland (China) CyberNet (South Korea) Bitel (South Korea) Shenzhen Xinguodu (China) Castles Technology (Taiwan) New POS Technology (China)
There are other devices which are required for a complete solution. There are:
POS Terminal (CPU) Barcode Scanners Data Collection Devices Handheld Devices Mobile Computer Receipt Printers Bar Code Printers Cash Drawers Monitors Check Readers Keyboards Touch Screens Biometrics Signature Capture Device Payment Terminals.
EZEPAY has linked with State Bank of India to bring Micro ATM solution to get cash from POS devices. In USA, this service is known as Get Cashback option in all POS devices at the merchants. Another Mini ATM solution is from Oxigen known as OxiShaan. SBI has tied with Oxigen to provide miniATM solution known as MobiCash. Oxigen has a business correspondent relationship with SBI.
mSwipe Wisepad Ezetap MRL Posnet PayTivo Mosambee Paymate India PayPos Ikaaz Mobi Swipe (Ingenico) EasyPos Essae (hardware) PayUMoney Pos Oxigen OxiShaan MTS mPos Paynear One CirQ Pos ePaisa BijliPay HDFC PayZapp Pine Labs SBI MAB Pos ICICI MBS MPos Union Bank of India POS Axis Bank Ezee Pay.
PBOC and Union Pay control following networks:
nationwide inter-bank system (the existing EIS will be replaced by the next-generation CNAPS) regional (cities and counties) payment systems (LCHS) commercial banks’ intra-bank payment systems. Internet Banking Payment System (IBPS) Interbank Bankcard Transaction Clearing System (IBTCS) – Union Pay.
From Chapter 2: Payment Systems of China.
The China National Advanced Payment System (CNAPS ) is composed of the High-Value Payment System (HVPS), the Bulk-Entry Payment System (BEPS), and the Settlement Account Processing System (SAPS).
HVPS is an RTGS that performs real-time processing of large-value funds on a gross amount basis, and has the same functions as Bank of Japan’s financial network system (BOJ-NET).
BEPS is for small-value funds, with daily netting night batch processing, and has the same function as Data Telecommunication System of All Banks in Japan.
SAPS is the system for common operations related to settlement accounts, including receipt and payment of money, settlement of LCHS, and management of overdraft limits. Although such a SAPS function makes up a part of the entire payment system in many other countries, CNAPS uses each of them independently.
Local Clearing House System.
The Local Clearing House System (LCHS) is for local payments related to exchange, bill, and check transactions within the same region (cities and counties). There are approximately 2,300 clearing houses throughout the country, and although most LCHS sites are owned and managed by PBC, some are jointly owned by participants. All receipts and payments of funds on a written basis are cleared and settled via LCHS.
Commercial Banks’ Intra-office Payment Systems.
China’s four largest banks have the most extensive centralization and integration hardware and software, on which each spends RMB1–3 billion annually, in their efforts to consolidate computer service centers and improve nationwide networks. If a credit remittance is performed within the same bank, it can process the transaction within approximately 24 hours. Although these banks can carry out payments within two or three hours, based on priority-processing agreements for such transactions as urgent large-amount securities settlements, the determination of priority order still often requires manual processing. Large private banks—such as Minsheng Bank of China and Shanghai Pudong Development Bank—have focused on systems investment, made efforts to centralize data on customers who are subject to international standards, and have focused on Internet banking services to make up for a lack of branches. Most banks’ customer account databases are still dispersed, and real-time processing is not possible. Databases should be combined in host centers.
National Interbank System.
The National Interbank System (NIS) conducts manual inter-bank payments between distant places. After a payment instruction, either cabled or written, is sent by a sending bank directly to a receiving bank, daily netting is performed for funds payment and the final balance of payment. At each stage, notification of payments between correspondent banks are cabled and completed between PBC branches. After all crediting data are sent to NIS’s computer center and inspected there, checking sheets are sent to the sending and receiving banks. NIS’s status has decreased.
Non Bank Payment Networks.
A Guide to Debit and ATM Card Industry.
Fumiko Hayashi Richard Sullivan Stuart E. Weiner.
Federal Reserve of Kansas City.
Mobile Payments in the United States at Retail Point of Sale: Current Market and Future Prospects.
Marianne Crowe, Marc Rysman, and Joanna Stavins.
Public Policy Discussion Papers.
Federal Reserve Bank of Boston 10:2 (2010)
Competing Technologies for Payments: ATMs, POS Terminals and the Demand for Currency.
Point of Sale (POS) Systems and Security.
NON-BANKS AND RETAIL PAYMENTS: INNOVATIONS IN CHINA AND THE UNITED STATES.
BY NICHOLAS BORST.
Federal Reserve SF.
Best Retail POS Software | Point Of Sale Software in 2017.
Cards, ATMs, POS will be redundant by 2020 in India, says Niti Aayog CEO.
‘India needs 20 m point of sale terminals’
Innovative payment systems for financial inclusion.
Concept Paper on Card Acceptance Infrastructure.
RBI concept paper looks to boost card payments at POS terminals.
Update: Card payments on POS terminals suffered outages and failures over the weekend.
By Shashidhar KJ ( @KJshashi )
on November 14, 2016.
Why it is difficult to scale POS machines in India.
By Shashidhar KJ ( @KJshashi )
on October 19, 2016.
Paytm has more offline merchant transactions than online: CEO Vijay Shekhar Sharma.
By Shashidhar KJ ( @KJshashi )
on September 26, 2016.
Paytm Has Just Created Millions Of PoS Across India With A Single Move; Every Paytm User Can Now Accept Card Based Payments.
SBI’s ‘Chota ATM’ Costing $8 Coming To Every Nook & Corner Of India.
Ezetap ties-up with SBI to launch PoS and ATM solution Chota ATM.
By Vivek Pai on October 6, 2014.
CASH@POS by State Bank of India (SBI)
Oxigen Launches Mini ATM & Mobile PoS Device OxiShaan.
By Apurva Chaudhary.
on September 14, 2012.
Introduction of Chhota ATM: Evolution of the Financial Inclusion Programme.
National Financial Switch.
VARIOUS MODES OF ELECTRONIC FUND TRANSFERS.
List of mPOS Machine & Solution Providers in India – How to buy one?
Indian Payments Industry: Mobile POS Solutions.
More Info on POS Hardware options – A USA based company.
Risk Management and Nonbank Participation in the U. S. Retail Payments System.
By Richard J. Sullivan.
Non-banks in retail payments.
Payment, clearing and settlement systems in the United States.
Payment, clearing and settlement systems in China.
Chapter 2: Payment Systems of China.
Development of Retail Payment Services in China.
Payment, clearing and settlement systems in India.
Payment Systems in India: Opportunities and Challenges.
Assessment of the Payment System.
With respect to Inclusiveness towards Small Remittances.
Interdependence in Payment and Settlement Systems.
The payment system – which includes financial market infrastructure for payments, securities and derivatives – is a core component of the financial system, alongside markets and institutions. If modern economies are to function smoothly, economic agents have to be able to conduct transactions safely and efficiently. Payment, clearing and settlement arrangements are of fundamental importance for the functioning of the financial system and the conduct of transactions between economic agents in the wider economy. Private individuals, merchants and firms need to have effective and convenient means of making and receiving payments. Moreover, funds, securities and other financial instruments are traded in markets, providing a source of funding and allowing households, firms and other economic actors to invest surplus funds or savings in order to earn a return on their holdings. Active markets facilitate price discovery, the efficient allocation of capital and the sharing of risk between economic actors.
Public trust in payment instruments and systems is vital if they are to effectively support transactions. In financial markets, market liquidity is critically dependent on confidence in the safety and reliability of clearing and settlement arrangements for funds and financial instruments. If they are not managed properly, the legal, financial and operational risks inherent in payment, clearing and settlement activities have the potential to cause major disruption in the financial system and the wider economy.
Banks and other financial institutions are the primary providers of payment and financial services to end users, as well as being major participants in financial markets and important owners and users of systems for the processing, clearing and settlement of funds and financial instruments. The central bank, as the issuer of the currency, the monetary authority and the “bank of banks”, has a key role to play in the payment system and possesses unique responsibilities. It is therefore no coincidence that one of the basic tasks of the ESCB and the ECB is to promote the smooth operation of payment systems. A safe and efficient payment system is of fundamental importance for economic and financial activities and is essential for the conduct of monetary policy and the maintenance of financial stability.
The complexity and – in particular – importance of market infrastructure for the handling of payments and financial instruments has increased greatly in recent decades, owing not only to the tremendous increases observed in the volume and value of financial transactions, but also to the wealth of financial innovation and the advances seen in information and communication technologies. Bilateral barter trade is now largely a thing of the past, and instead economic agents buy and sell goods and services (including financial instruments) in markets, making use of the transfer services made available by market infrastructure.
Payment, clearing and settlement systems may differ from country to country in terms of their type and structure, both for historical reasons and on account of differences between countries’ legal, regulatory and institutional environments. Furthermore, rather than being static, payment, clearing and settlement systems and arrangements are dynamic constructions which have evolved over time and will continue to do so in the future. A key priority for central banks is to contribute to the development of modern, robust and efficient market infrastructure which serves the needs of their economies and facilitates the development of safe and efficient financial markets.
All transactions are exposed to a variety of risks, and this is particularly true for financial transactions. Thus, in order to facilitate enhanced risk management, many countries have introduced real-time gross settlement systems for the handling of critical payments. Progress has been made in the implementation of safer and more efficient systems and procedures for the clearing and settlement of securities. Modern securities settlement systems offer delivery-versus-payment mechanisms and allow the effective management of collateral, while foreign exchange transactions are increasingly being settled on a payment-versus-payment basis. In parallel, stronger international trade links, the increased integration of international financial markets (including global derivatives markets) and large migrant flows have all contributed to increased demand for arrangements allowing the cross-border handling of wholesale and retail transactions, raising new issues from a policy and risk perspective.
From The interdependencies of payment and settlement systems.
The global payment and settlement infrastructure has changed significantly over the last decade. The myriad of domestic and cross-border systems that make up the global infrastructure are increasingly interconnected through a web of direct and indirect relationships. Through these relationships, the smooth functioning of a single system often becomes contingent on the performance of one or more other systems. In addition, individual systems are often reliant on common third parties, financial markets or other factors. Consequently, the settlement flows, operational processes and even risk management procedures of individual systems are often materially interdependent with those of other systems. As a result, the numerous systems that make up the global clearing and settlement infrastructure have become more tightly interdependent.
This increasing interdependence is driven by several interrelated factors, including technological innovations, globalisation and financial sector consolidation. In addition, a number of initiatives by the financial industry and by public authorities to reduce the costs and risks of settlement have purposely promoted greater integration among the numerous components of the global payment and settlement infrastructure. For example, the 1989 G30 recommendations for T+3 securities settlement, central bank policies encouraging the development and reliance on systems with intraday finality, and the CPSS focus on reducing foreign exchange settlement risk have provided incentives for more straight through processing and tighter relationships among individual systems.3 While these explicit initiatives explain one aspect of tightening interdependencies, institutions’ profit-seeking and cost management incentives also foster interdependencies.
Interdependencies have important implications for the safety and efficiency of the global payment and settlement infrastructure. Some forms of interdependencies have facilitated significant improvements in the safety and efficiency of payment and settlement processes. At the same time, interdependencies increase the potential for a given disruption to spread quickly to many different systems. This potential was noted in the 2000 G10 report on Financial sector consolidation (the Ferguson report), which suggested that interdependencies might accentuate the role of payment and settlement systems in the transmission of disruptions across the financial system, and is further analysed in this report.
The potential for interdependencies to reduce key sources of risk, and yet create new sources of risk, highlights the numerous trade-offs faced by payment and settlement systems, their participants and public authorities. The reduction of one form of risk often comes at the expense of increasing another source of risk, or of increasing costs.
From Congestion and Cascades in Interdependent Payment Systems.
The report identifies three different types of interdependencies. System-based interdependency, which includes payment versus payment (PvP) or delivery versus payment arrangements (DvP)4 as well as liquidity bridges between systems. Institution-based interdependence which arises when, for example, a single institution participates in, or provides settlement services to, several systems. The third type is environmental-based interdependency which can emerge if multiple systems depend on a common service provider, for example the messaging service provider SWIFT.
From Illiquidity in the Interbank Payment System following Wide-Scale Disruptions.
At the apex of the U. S. financial system are a number of critical financial markets that provide the means for both domestic and international financial institutions to allocate capital and manage their exposures to liquidity, market, credit and other types of risks. These markets include Federal funds, foreign exchange, commercial paper, government and agency securities, corporate debt, equity securities and derivatives. Critical to the smooth functioning of these markets are a set of wholesale payments systems and financial infrastructures that facilitate clearing and settlement.1 Operational difficulties of these entities or their participants can create difficulties for other systems, infrastructures and participants. Such spill overs might cause liquidity shortages or credit problems and hence potentially impair the functioning and stability of the entire financial system.
The interdependencies of payment and settlement systems.
Interdependencies of payment and settlement systems: the Hong Kong experience.
HONG KONG MONETARY AUTHORITY QUARTERLY BULLETIN.
Congestion and Cascades in Interdependent Payment Systems.
Fabien Renault, Walter E. Beyeler, Robert J. Glass, Kimmo Soramäki, Morten L. Bech.
Eurozone payment and securities settlement systems interdependence:
Will consolidation initiatives lead to contagion; who is accountable?
Recent developments in intraday liquidity in payment and settlement systems.
Payment systems and Market Infrastructure Directorate.
Precautionary Demand and Liquidity in Payment Systems.
Gara M. Afonso and Hyun Song Shin.
Banque de France – European Central Bank: Liquidity in interdependent transfer systems.
Interlinkages between Payment and Securities Settlement Systems.
David C. Mills, Jr. y Samia Y. Husain.
September 4, 2009.
Risk and Concentration in Payment and Securities Settlement Systems.
David C. Mills, Jr. and Travis D. Nesmith 2007-62.
Simulation studies of liquidity needs, risks and efficiency in payment networks.
Proceedings from the Bank of Finland Payment and Settlement System Seminars 2005–2006.
Harry Leinonen (ed.)
Managing Operational Risk in Payment, Clearing, and Settlement Systems.
Liquidity, risks and speed in payment and settlement systems – a simulation approach.
Harry Leinonen (ed.)
SELECTED ISSUES ON LIQUIDITY RISK MANAGEMENT IN FEDWIRE FUNDS AND PRIVATE SECTOR PAYMENT SYSTEMS.
TECHNICAL NOTE MAY 2010.
The role of time-critical liquidity in financial markets.
David Marshall and Robert Steigerwald.
Illiquidity in the Interbank Payment System following Wide-Scale Disruptions.
Morten L. Bech Rod Garratt.
Progress in reducing foreign exchange settlement risk.
Committee on Payment and Settlement Systems.
Financial market utilities and the challenge of just-in-time liquidity.
by Richard Heckinger, David Marshall, and Robert Steigerwald.
Diagnostics for the financial markets – computational studies of payment system.
Simulator Seminar Proceedings 2009–2011.
Congestion and Cascades in Coupled Payment Systems.
Fabien Renault, Walter E. Beyeler, Robert J. Glass, Kimmo Soramäki and Morten L. Bech.
October 31, 2007.
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Gold Rate in Mumbai (22nd February 2018)
There are shops that are as much as 300 years old and have passed on from generation to generation, who offer you best gold rates. Do check todays gold rate in Mumbai before you buy gold.
Today 22 Carat Gold Price Per Gram in Mumbai (INR)
Today 24 Carat Gold Rate Per Gram in Mumbai (INR)
Gold Rate in Mumbai for Last 10 Days (10 g)
Weekly & Monthly Graph of Gold Price in Mumbai.
Historical Price of Gold Rate in Mumbai.
Gold Price Movement in Mumbai, January 2018.
Gold rates Mumbai 22 karats: How do prices change?
Gold rates in Mumbai today are influenced by a number of factors. Leaving that aside let us understand at the local level who influences the prices. In fact, the one biggest factor is the international factors. Locally in Mumbai gold prices are determined as follows:
a) Fixed by the Indian Bullion Jewellers Association:
The Indian Bullion Jewelers Association fixes the prices based on a number of things that are as follows:
1) The rates that are fixed by some of the biggest dealers in the city.
2) The local import duty is added to the import items in the country.
3) Some dealers arrive at the price based on some formula that is arrived by in the futures market of the MCX. The MCX is the largest commodity exchange in the country and gold futures are traded on this exchange. This is how the price changes of gold in Mumbai and the manner in which it is fixed. It is extremely important to check the prices of gold before buying them in India. This would ensure that you have got the right prices at which to import gold in India. One can also watch for international cues before buying gold in any o the cities, towns or villages of India. Check with your local jeweller before buying the precious metal. There is no good or bad time to buy gold, it is just that the price has to be right.
Gold and hallmarking centres in Mumbai.
The government is trying to add to the number of hallmarking centres in the country and Mumbai has many hallmarking centres itself. According to the Bureau of International Standards, there are a total of 63 hallmarking centres in Maharashtra itself. This is not good enough and the Bureau of Indian Standards has to strive to improve this count dramatically. Unless we see an improved count, there is no way that quality gold can be ensured to investors and users in the city of Mumbai. Another matter that has been of constant concern is the fact that there have been requests to ensure that the hallmarking centres across the country adhere to strict quality norms, or else the purpose of such hallmarked gold which ensures purity itself is defeated. In Mumbai there are many hallmarking centres that includes names like Leo Analytics Labs in Borivli, Varsha Bullion Hallmarking Centre at Mumbadevi, Variety Hallmarking at Mahakali Caves etc.
in fact, the western region of India has as many 114 hallmarking centres with 63 in Maharahstra, 50 in Gujarat and 1 in Goa. It is sad that the Western parts of India, including Mumbai have so low hallmarking centres. The government needs to do more and add to the hallmarking centres in the country. Along with it the credibility and reliability of such centres has to be improved so that investors and individuals have full faith in such hallmarking centres. If you are a buyer look at the various symbols of the gold hallmarking that you would see in the country.
Since the network of hallmarking centres is an adequate you may have to travel a bit, before you reach a hallmarking centre. It is always advisable to go for hallmarked gold, because of its distinctive properties. Yes, it would be a little tedious to get the gold hallmarked because of the distance and the time travelled, to get the hallmarking done, but, it would still be worth it considering the fact that you are kind of guaranteed on purity.
Top Jewellers in the city of Mumbai.
Mumbai is a city that is adorned through its length and breadth with jewellers in the city. However, there are many jewellers that are very popular in the city. Among these are Popley and Sons, Tribhoovandas Bhimji Zaveri, P M Shah, Tara Jewels and popular chains like P C Jewellers and Tanishq. We wish to state that Mumbai is one city where you find a host of jewellers and it is easy, but, there are some that are always so popular and have been in existence since the decades. Most people in the city of Mumbai, wish to buy gold from the jewellery shops that have been in existence since the last many years. Every family has a family doctor and it is the same for buying jewellery. Ultimately every family has their own jeweller from where they buy their gold. So, there is no question of individuals generally trying and experimenting with new jewellers in the city. We suggest that you stick to your old jeweller, because it not only a question of purity, but, also a question of the old traditions that matter much for the young population of Mumbai. Today, jewellers in the city of Mumbai offer the best possible rates, which is a big postive.
Supply pressures may push prices of gold in Mumbai higher.
Gold rates in Mumbai today depend on a host of factors that are largely internationally dependent. For example, one classic reason for gold prices going higher recently is the supply constraints. Over the last few years, we have seen that production has seen some serious decline. In fact, some estimates put the decline in the production at more than 40 per cent. Whether these numbers are true of exaggerated is difficult to ascertain. What can be said with some certainty is that it could lead to prices moving higher in most cities of the world, including Mumbai. Apart from supply there are other reasons why gold prices tend to go higher. For example, if the mining activity deteriorates, it is highly likely that we may see some supply constraints which could push gold prices lower. So, watch out for some of these supply pressures, which could push gold prices in Mumbai lower. However, as we have new discoveries of gold coming through we may see some positive momentum in gold prices, which should now play on them. However, how much of new gold discoveries would happen is the big question these days. Broadly speaking, much would depend on the mining that takes place in the important towns and cities of the country. There are various other aspects that could result in gold prices going higher or lower. The addition and melting of gold, could push gold prices lower, as supply continues to rise. Supply pressures can also impact other things like the prices of the metal in Mumbai. However, much would depend on international mining that takes place, since we do not mine gold ourselves. That is unlikely to happen anytime soon, which is why you should not worry about the demand and supply.
Where and how to store your gold in Mumbai?
The biggest of these is the huge risks that we have seen in the global markets particularly with regards to worries over a financial crisis. Ever since the Lehman Brothers crisis erupted investors have got jittery and have taken long positions in gold This year, they now positioned themselves on worries over the likely policy decisions of new US President Donald Trump. If his policies continue to remain volatile. we could see an ongoing dip in the prices of gold in the coming future.
There are many places that you can store your gold. If you remember in the good old days, you would want to store the precious metal in all places, including your office and other secret places, for fear of theft or robbery. That is no longer required these days, as you can store your things in the bank lockers. Interestingly, today there are also private lockers where you can store your gold and other precious ornaments. If you are looking to store the same, the best and the most ideal place would be a bank that is close to your house. This is because gold has to be accessible all of the time, especially if there is a sudden function or party that is happening around. It is not advised to have large amounts of physical gold, as it would serve very little purpose and would only push you to hiring a bank locker. On the other hand, if you have small amounts of gold, it would be better to store the same at home, as this would not allow you to rush to the bank every time you need to withdraw the gold jewellery. Also, it is very important for you to compare the bank locker charges, before blindly paying the charges. Another thing that is worth mentioning is that in case you have very limited quantity of gold, you could store him safely in your locker at home. At all times, it is important to ask yourself whether the amount of gold, you have is worth storing in the locker. Today, a small sized locker can cost you as much as Rs 5,000, per year, as rentals have now hit the roof. However, if you have to take and need the same, then you might as well, hire bank locker to store your precious gold ornaments. for Mumbaikars there are a plethora of choices to store their gold and they can choose the ones that are nost appropriate for them. In the end ask youself whether there is a need for a locker, if you do not hve large amounts of gold.
Is it better to invest in gold or an immovable asset in Mumbai?
Investing in gold or some immovable asset is a good option but before that we need to consider a few things such as market condition, scope, etc.
First of all, we need to see the market situation as we need to check the gold rates in Mumbai and also the immovable asset price as well. If gold prices in Mumbai is up and real estate is down then you can go for the real estate if your plan is for a long term plan. If your plan is limited and you want to sell the asset or gold in a fixed period, it is highly recommended to go for gold. The chances of increase in real estate value will be very less when compared to gold. When it comes for gold, Gold rates in Mumbai will always be fluctuating as the gold rates in Mumbai moves depending upon a lot of reasons. You can see a good up as well as down in the short term.
There are few other things which we should consider about gold. It is a universal asset. You can buy and sell gold anywhere and any place you will get the price, though you may not get the same price like the gold price in Mumbai, you will get a good price.
What is a Sovereign Gold Bond?
Sovereign Gold Bond means a scheme issued by the Reserve Bank of India. These plans offer all the benefits which you can get from the physical gold. Though, Reserve Bank of India issues these schemes, actually, RBI issues these bonds on behalf of Government of India. The value of the gold bond will increase and decrease with the change in the gold rates in Mumbai. These gold bonds are for investors and individuals who buy physical gold as an investment can go for the gold bonds instead. As in the physical gold, there will be few charges which investor should bear though he likes it or not. But if he goes for a Sovereign Gold Bond he will not need to pay those costs.
These gold bonds were introduced to reduce the demand for physical gold in the market. If investors go for the gold bonds than going for physical gold, they will earn some interest as well. This interest rate will be fixed by the RBI and will be given once every six months. You can buy or sell Sovereign Gold Bonds in the stock markets, and if you follow the gold rates in Mumbai, then you can buy or sell gold bonds quickly.
Taxation of gold and gold ETFs in Mumbai.
When we say taxation on gold and gold ETFs in Mumbai, we are basically talking of the capital gains tax that is applicable for those who buy and sell the precious metal. Of course, the capital gains tax would be applicable on the profits made on gold. The capital gains tax payable on the precious metal is applicable to all other cities as well. So, how does a person profiteering from the sale of the metal pay taxes. If you buy and sell gold at a profit before 36 months, you pay taxes as per your tax slab. On the other hand, if you buy and sell gold after 36 months, you pay a capital gains tax on the same of 20 per cent, but take into account the indexation benefit that is likely to accrue. So, in short, your returns on buying and selling gold is likely to reduce, whether it is the short term or the long term you end-up paying taxes, unlike real estate where there is a possibility of saving on taxes, if you invest in select instruments. Now coming to taxes, you pay them while filing your tax returns in Mumbai. So, if you are a big investor in Mumbai do not forget these aspects of the trade. There is no planning on gold that you can do to save taxes unlike income tax. You have to pay taxes on the same, period. Also, there is a wealth tax that has to be paid, which we have dealt separately. We wish to state that in the present context, gold ETFs, would be the best bet for the city of Mumbai. As we mentioned the negligible storage charges and other ancillary benefits are the big positive for the city. However, do not forget to compare rates, even in this form of investment. Even if there are some distinct charges, the possibility of making returns would be possible only if you invest for the long term and are patient. How long you would have to wait is a big question mark. However, in the past gold has shown that it has the ability to rally in the short to long term. How long that would take is anybody's guess. If you are not able to understand, it is better to consult an expert who understands how taxation on gold happens in India. Now even the recently launched Sovereign Gold Bonds attract an interest rate of 2.75 per cent, which means the interest earned on these bonds would be fully taxed in the hands of the investors. So, if you are in the highest tax bracket, you would end-up paying taxes on the same for interest income earned on the Sovereign Gold Bonds.
Is Gold investment safe In Mumbai?
Primary care for anyone with money is how to keep it safe. Investors think maximum to keep their wealth safe. But nowadays they have many options available. It is tough to think where they should keep their money effectively. Now investors can happily store their money in bullion if they want good returns and safety.
Gold has proved to be a shelter to many investors from many years now. Investors believe that which asset that can perform well when the global market is down will get a pereference. In India, investment in gold is a sentiment because its usage is large in jewelry. According to reports, the total amount of gold in India is approximately about 22,000 tonnes, and it is increasing at a steady rate year to year. So many investors like to invest in gold because it recovers quickly and the performance is also good in difficult situations. Gold is a real metal it does not get destroyed or damage like other metals. Gold has a long life, and it can be made as both currency and jewelry. And it is in short supply, so it has a demand in the market. When the global markets come down, people start to move money to gold because it is a method to protect the investors from financial loss.
The hazards of buying gemstones on Jewellery.
If you are buying jewellery in Mumbai, you must stay away from gemstones or precious stones, as you might want to call them. One of the biggest reasons for that is you do not know, how to value them. Valuations can range from the absurd to the ridiculous. When buying your goldsmith might sell it to you as the rarest bit on planet earth. However, when you find the true value, you would consider the same as ridiculous. This is why it is such a better proposition to buy just gold jewellery more than anything else. This way you are sure what you are buying.
So, it is very important to be selective when you are buying gold, because you do not want to spend your hard earned money on things that would not fetch you value in the next few years. So, it is a good idea to buy and sell gold jewellery where you are certain on the prices of the precious metal.
Mumbai gold prices: heading for strong resistance.
Gold rates in Mumbai are heading for strong resistance levels, as technical factors are just not conducive for the precious metal at the moment. Let us give an example. At Rs 28,000, gold prices in Mumbai have breached their key resistance levels. So, there is a scope for a downside. In fact, the prices of the metal are also above their 100 day moving averages, which makes sense to sell it over the Rs 28,000 levels. There is a scope for further downside, if investors continue to sell into the metal. In any case to make money in gold, you need to buy cheap and sell at higher rates. This is true for every asset class that one deals with. We suggest that you buy gold in Mumbai at around the Rs 27,000 levels, if you want to make some serious money in the precious metal. Otherwise you can just hold onto what you have already bought. It is extremely difficult to time the markets. So what you need to do when buying gold in Mumbai is to keep buying at those lower levels and average your cost. That is easier said then done though. So, the best way would be to keep buying at higher levels and sell at lower levels. The one interesting aspect about gold that every Mumbaikar needs to know is that there could be various factors that influence gold rates and this is the best part about gold. Over a period of time, this would help and assist in taking an informed decision with regards to the gold rates in Mumbai. If you do not have technical expertise to understand gold price movement in Mumbai today you should seek professional advise, which will hold you in good stead. Also, you can study 100 and 200 day moving averages, which can help you get a rough idea on where prices are headed in the short to medium term.
Gold prices in Mumbai take into account various factors. At the moment we are witnessing tensions betweem the US and North Korea, which has pushed gold rates in Mumbai higher and could also keep them at elevated levels. Hence, it is important to keep an eye on geo political tensions.
Buying gold in the futures market in Mumbai.
If you are looking to buy gold in Mumbai, the one option that you have is to buy in the futures market. However, the problem in doing so is that you cannot hold the same for many years, as per your plan. What it means is in the futures market, it is very much necessary to square a transaction after the expiry of a contract. Let us give an example. Say you purchased gold petal in the futures market for Feb delivery and the expiry is in March, because you purchased a march contract. In such a case you have to square the purchases by selling the product by March. When you purchase gold in the normal parlance you do not have to worry about squaring-off as you can buy and hold. This does not happen with gold futures. You need to square off before the expiry of the contract. But, the advantage of buying gold through the gold futures market in India is that you can buy larger quantities as the broker charges you a margin, which is one big advantage of buying gold in the futures market. If you have never tried there is no harm in venturing that way. However, it would be important to seek professional help, when taking or considering buying gold jewellery. Also, go for a depth in variety like gold bonds, gold ETFs, and other variety of gold. Make sure that you hold and maintain a long term view before you planning to sell the same. In the long term, the chances of making money is far greater than anytime else. So, make sure that you are well prepared for the same. It is a good idea to buy and take physical delivery then invest in the futures market in India. In any case what we suggest is that you contact your broker, as he would inform you on the finer aspects of buying and selling gold in Mumbai. Above all do not forget to monitor the live gold rates in Mumbai . It is always a better idea to seek expert opinion, especially when one considers the futures markets, because of the huge risks that are involved with buying in these kinds of markets.
How is Gold used in Electronics in Mumbai?
Of all the metals that are mined from the Earth, gold is more useful and most precious metal. The metal has various unique properties, and hence it is used in different manufacturing sectors across the world. Gold is a perfect conductor of electricity. It can tarnish resistance; it can be drawn into wires, hammered into thin sheets, it is easy to work with, it can be alloyed with other metals for various purposes, it can be molded into different shapes, it has an excellent luster and has a beautiful color.
Gold is used in electronics industry across the globe. The solid-state electronic devices apply low voltage and currents which can be quickly interrupted by corrosion at the point of contact. Gold being a good conductor can easily carry low voltage currents and will remain free of corrosion. Any kind of electronic devices made of gold is highly reliable, and the durability is excellent. Gold is used in switches, soldered joints, connectors, relay contacts, connecting wires. A small portion of gold is used in electronic devices like global positioning system (GPS), calculators, cell phones, television. Gold also finds usage in Computers for the accurate and rapid transmission of digital information.
Which one is better a personal loan or a Gold Loan?
There are few things which you should consider before taking a loan and depending upon those aspects you can decide which loan will be suitable for you. The main thing that one must understand is for personal loan one will not need to give any collateral for securing the loan. When it comes to the gold loan, you will be getting a loan against the gold. For a personal loan, you will be getting amount depending upon your banking history or credit history whereas for the gold you will be getting a loan depending upon the gold rate in Mumbai on that day and few other factors.
For a gold loan, the interest rate will be a little low when compared with a personal loan. The interest rates are not fixed for either of the loans it varies from bank to bank. When it comes to repayment, if you have any plans of closing your loan in advance for the gold loans there will be no extra charges for it. When it comes to personal loans, there will be few charges which you should be paying. You will not need to worry about the gold price change in Mumbai as your loan repayment amount will not increase or decrease with the increase or decrease in the gold price in Mumbai. So, check gold rates before striking a deal with your gold loan company.
Understanding KDM gold in Mumbai.
This has largely to do more with history then anything else. KDM signifies that the gold was melted with Cadmium. Today, this gold no longer exists and we do not fund jewelers selling KDM jewellery anymore in Mumbai. This is also largely because KDM has a very low melting point, which was one reason that it was used. The reason why KDM has been discontinued because of its fumes. It is believed that the fumes of KDM are toxic. So, it is known to cause skin ailments more then anything else. Today, individuals look more at hallmarked jewellery in Mumbai more than anything else. So, if you are looking to buy do not think beyond the usual hallmarked gold. This would not give you sleepless nights as you are assured on the purity. This is especially true because you are going to pay a lot of money for gold and what is the point if you are not going to get pure gold in turn. If you are paying so much money for your gold, you deserve to have pure gold at the very least. So, the next time you visit the city of Mumbai, make sure that you come back with pure hallmarked gold. However, KDM is not the only choice that you can look foward to and today we also have choices like Hallmarked jewellery that is easily available in a city like Mumbai. However, there are some concerns that the centres that sell hallmarked gold, should be expanded rather quickly. As mentioned before there is not much of demand left in a larger variety of gold. So, you better buy the hallmarked variety as opposed to any other variety. This should hold you in good stead in the coming days. In place of buying KDM gold jewellery it would be good to buy hallmarked gold in Mumbai.
Easy to buy and sell.
Gold is one form of investment that is so easy to buy and sell. This has helped create a special niche for the precious metal, which had gained over the last few years. Just imagine like shares, you do not have to worry over opening a demat account and you do not even have to worry of waiting for the amounts to come after two days. Gold is very instantly cashable, which is why it is so much preferred as a commodity. It is easy to buy in small quantities as well, which is another advantage. Of course, while it is simple to buy and sell, there are other worries associated with the precious metal. These include the taxation element, which is today a part of most of the investments that we see. The other of course is that due to the buy and sell differential it is not very easy to make money from gold. Returns in the last few years have generally been very dismal. In the last three years for example, we are seeing movement that is very narrow. Returns on an average have been just about 3-5 per cent every year. Of course, while everybody was earlier offering cash, today nobody might be offering the same, because of the demonetization impact. However, even if there are others forms of remittance that you are getting for your gold sale in Mumbai it is still worth it.
Watch out for these things when buying gold in Mumbai?
If you are planning to buy gold in Mumbai, there are certain things that you should do. First, you should check the gold prices in Mumbai today. Apart from this many individuals walk into a shop and fail to ask the making charges of gold jewellery. In fact, these can form a very significant cost of your total cost and should not be ignored under any circumstances. One thing that we forgot to tell investors is that we need to make sure that you take the receipt for your gold purchases. This is because when you want to sell the gold at a later stage, it can be of immense value. There are very few people who would buy gold without a receipt. In any case, you have to also show your permanent account number if you want to buy gold in Mumbai. This is because as per norms a PAN card is necessary if the purchases are over Rs 50,000. So, make sure that you carry your PAN each time you need to buy from the jeweller. Apart from this you should also wait for the prices to decline and avail all the possibilities of the highest quality of metal when buying. This will ensure that when you want to sell the same, you get the best prices for the metal. A good way would be to buy into the metal at declines, when you are already at around the Rs 27,800 levels for gold. At this rate technical analysts suggest that there could be some buying that could emerge. If you are a regulat buyer it makes sense to adopt a buy on decline strategy. We do not anticipate a big dip for the metal in the coming days. So, there is unlikely to be selling pressure beyond Rs 27,000 for gold in Mumbai, so any opportunity to buy around these levels would be superb consideration.
A very old and rich trade in Mumbai.
Gold trading in Mumbai is one of the oldest in the city. In fact, the Bullion Association there was established way back in 1919. You can also get your daily rates as well as the monthly gold rates in the city. Apart from the bullion association, you can approach the old traders for a know how and whether you should be buying gold at the current levels. There are a host of analysts also in the city who have an expert knowledge of the movement of gold rates in the city. If you are looking to buy gold in the city, you can approach the many jewellers who are also located at the famous Charni Road or more popularly called the Zaveri Bazaar in the city. Overall, it is a good place to buy and bargain for the precious metal. The designs and the amount of patterns that you get of gold jewellery is absolutely amazing. These days online is another option that you could consider for investing in gold. However, you need to know that there are certain safety rules that you should adhere to before you invest in the same. You cannot check the quality of gold online, so you woud have to go to some company that provides the best online and is known for its reputation. For example, it would not be a bad idea to buy from Tanishq, which is a Tata Enterprise. In all cases you have to be ensured that the gold is pure and is also of good quality. For that we have mentioned elsewhere that you need to check for quality and purity. You have an option of alsso buying gold online in which case you cannot and should not buy from any place that is less reputed.
Where to buy gold in Mumbai?
There are a number of places where you can shop for gold in Mumbaii. One is the famous Zaveri Bazaar, where you find several gold jewellery shops lined-up. The renowned names for shops in Mumbai include Tribhoovandas Bhimji Zaveri and Tanishq among others. There is also a diamond market, which Mumbai is famous for. There are a host of other places, where you can buy gold from including the local shops around.
While gold rates in Mumbai barely differ from shop to shop, you should watch for the making charges. Sometimes if the value of the gold is large, a slight difference in the making charges could mean a lot. However, gold rates are unlikely to defer from jeweler to jeweler given the fact that gold rates are determined by the local association in the cities. These days it is a question of prestige, reputation and reliability and in this case it is always a better idea to go to your trusted jeweller, whom you have been buying since the last many years. This is better for your own satisfaction on the quality of gold that you are going to buy.
How gold prices in Mumbai may move in 2018.
If international price of gold fall, prices in Mumbai are likely to fall. Hence, it is imperative to first predict the price of gold in the international markets. These of course depend on a host of factors like how bond yields are faring. When bond yields rise, it ensures that gold prices in the international markets fall and hence gold rates in Mumbai. We believe that gold prices in Mumbai are not going to rise in a hurry. There are a number of factors for this belief. Among these include the fact that as interest rates in the US rise, it would lead to bond yields rising and when that happens, it could lead to a gold prices falling. Hence, if you are looking to buy gold now in Mumbai, we suggest that you wait for sometime, as we believe that gold rates are going to move downwards. However, it is always difficult to predict the movement of gold and hence you might want to seek expert opinion before buying.
Will gold rates in Mumbai fall?
Gold rates are largely determined by demand and supply in the international markets. So, if the international prices of gold fall, the prices of gold in Mumbai would also react. The international prices of gold depend a whole lot on geo-political worries and various other factors like economic development etc.
In India it must be remembered that we import a lot of our gold. So, if the rupee falls against the dollar, gold prices for us would automatically go up. This is one of the other reasons why gold rates in Mumbai either go up or down.
Gold prices rally or fall in Mumbai also depends on how the currency is behaving on a particular day. For example, a weak currency always tends to make gold prices dearer. However, a strong currency tends to reduce the prices of gold in a particular city. So track currency as well before you buy gold. It is a far complicated thing to rightly predict movement of gold rates in Mumbai and hence you should ask people who have the knowledge on where gold prices are headed in the city.
Few factors affecting gold price.
All over the world, gold is used to decide the value of currencies and the cost of gold can change with the economic situation. If you are interested in putting your money in gold you need to know some influential situations by which price of gold fluctuates: Here are a few:
1. U. S. Dollar Influence.
Strength of the US Dollar is inversely proportional to the gold rates, as dollar goes up gold price will be down and vice versa. Change in strength of other countries will also have a little impact which isn't considerable.
2. Reserve bank Instability.
Bank disappointments and unpredictable monetary strategies such as demonetization make purchasing gold appear like a place of safe refuge. By and large, individuals run to gold when the present paper cash framework encounters vulnerability.
3. Financing costs.
Gold does not pay you dividends or interest like treasury securities or investment accounts, however, current gold costs regularly reflect increments and decreases in loan fees. As loan fees increment, gold costs may mellow as individuals offer gold to free up assets for other venture openings. As loan fees diminish, the gold cost may increase again on the grounds that there is a lower opportunity cost to holding gold when contrasted with different speculations. Low loan costs liken with more prominent appreciation for gold.
4. Production of gold.
Just around 2,500 metric huge amounts of gold get created every year, contrasted with an expected 165,000 metric tons in the whole world's gold supply, which also affects the price of gold.
A look at the gold jewellery schemes in Mumbai.
These schemes are just like recurring deposits, where you get an interest for depositing sums every month. So, you invest in a systematic way every month and then you can buy gold jewellery at the end of the month. For example, in Mumbai Tanishq has the largest number of showrooms and you can start a scheme with this popular jeweller. The company runs the Golden Harvest scheme. Under it you need to pay an amount every month for 10 months. Now what happens after the tenth month is that you would be eligible for a discount. It is important to note that this discount varies. At the moment it is from 55% to 75% of the fixed instalment. It is important to note that these schemes have a limited tenure and cannot be run endlessly. For example, Tanishq closes its schemes after 382 days. How do you benefit is the obvious question. Well, to compensate you for the loss in paying the monthly deposit, you get a discount, which is what is your gains.
Is gold consumption in Mumbai declining?
There has been some serious declining trend in gold consumption across India, which means that gold consumption in Mumbai is also fast declining. Of course, there are plenty of reasons for the same. The government of India has itself been discouraging gold consumption considering the huge amounts that are already in the country. When gold consumption rises, it paves the way for a lot of US dollars to leave the country and this puts pressure on the rupee against the UD dollar. Remember, gold accounts for the second highest imports after crude oil and we have to pay for gold imports through our valuable foreign exchange reserves and mostly in dollars. So, the government's measures to reduce consumption of the precious metal has also led to a declining trend of demand being noticed in India.
What does an ounce mean?
An ounce is not used very often in India. In fact, it never is. An ounce is approximately 28.3495231 grams. In India earlier tola was more in vogue and now we use grams as a measure to describe buying and purchasing of gold. Ounce is rather popularly used in trading in the US market. For example we say that spot gold in the US markets were trading at $1166 an ounce. So, this measurement is used to trade in the futures and the spot market just like in India we trade in grams. So, tola, grams and ounce are all used to measure when buying and selling gold.
History of gold trade in Mumbai.
The history of gold trading in Mumbai can be traced to many centuries back. In fact, when the Britishers ruled India, gold came through ships and docked at the Gateway of India. Even silver followed the same route. In fact, the city of Mumbai, which was then known as Bombay was one of the major trading centres for gold in India. Today, trading in Mumbai in gold still continues and it maintains its stature as a great place to trade in the precious metal. Places like Charni Road have a lot of jewelry shops and are now the place to shop for precious ornaments in the country. The city of Mumbai has maintained its charm not only as a gold trading destination, but, it also has the diamond market for trading diamonds. Silver also contiues to remain an important commodity shipped from the city.
Taking gold loan from gold loan companies.
There are numerous ways to raise money from gold. Among them is the popular gold loan companies. There are two of these: though most banks also fund you as loans from gold. The popular gold loan companies that you can approach is the Muthoot Finance and Mannapuram Finance. Both offer you good interest rates, but, you must compare the same with bank gold loans, before you avail a loan. There maybe a marginal variation in interest rates and it is difficult to say at the moment, which would be better. Compare the processing charges as well on these loans. In case of gold loan companies the process is very simple and if you have your documents in place you can get a loan very easily. Normally, the entire process can be completed in a few hours and the amounts released. Individuals in Mumbai prefer gold loans because they are the quickest in time of emergency.
Where to sell gold in Mumbai?
It is always so easy to make purchases of gold. However, when you want to sell gold in Mumbai, it can always be very challenging. It is not because the precious metal will not sell. It is only because you have to get the right price of the metal. Cities like Bangalore and Kolkata have very specialized places where you can sell gold. However, we have not found any specialist gold jewelry buying centre in Mumbai. So, what you can actually do is approach some of the gold jewelry shops in Mumbai and see if they are buying back the gold. Some places where you have purchased the gold from maybe happy to buy the gold from. What you also need to do is check with what rates they are buying the gold back, which is perhaps the most important thing. Sometimes, there can be a huge differential, which is not good for prices of the metal. Also, make sure that there is a karat machine, which is normally used to check purity.
916 gold rates in Mumbai today: How are they determined?
Gold rates in Mumbai today per 10 grams are determined in a number of ways. Firstly, what you can do is take the international prices of gold, which the major importers like State Bank of India and the Mineral and Metal Trading Corporation and other banks and private agencies import into the country. To this you add their margin and the applicable value added tax at present. After this you take the currency rate and arrive at the imported landed price of gold in Mumbai.
Remember that the 916 gold rates in Mumbai are very different for different cities in India. So, the rates for Chennai would be different from the ones that we are seeing for Delhi and similarly Delhi would be different then what we are seeing for Mumbai. All in all it is a culmination of various factors that lead to a decline in rates for gold in the various cities of India. Also, it is important to remember that there is a difference in the gold prices of 22 karats and 24 karats in India. Some prefer 22 karats, while yet others prefer 24 karats. So, the only difference is the purity and of course the rates in the different cities of India.
Buying gold in Mumbai through gold schemes.
You can also buy gold in Mumbai through the various government schemes that have been announced from time to time. For example, the sovereign gold scheme announced recently by the Government of India offers you an interest rate of 2.75 per cent. However, you need to deposit a minimum of 30 grammes and not below that. The objective of the Sovereign gold scheme was to prevent investors from buying physical gold. It must be noted that if the gold so deposited is above Rs 50,000, there would be a need to submit your PAN Card. The scheme does not serve any purpose as investors would tend to lose money on the scheme by way melting the gold. Investors in Mumbai can also look to invest in the gold coins of Ashoka Chakra. Here again the proposition is not attractive because you end-up paying VAT and taxes, which would be difficult to recover.
Should you now be buying gold?
It is difficult to say how gold prices would move in the short to medium term. But, it is always a good idea to buy gold, given that it is a hedge against inflation. Also, let us say, if there is a turmoil across the globe economic or otherwise, it would help if you have gold as an investment. This is because gold tends to rally in times of distress.
In India the government has been trying to discourage the use of gold. This is because gold consumption largely leads to forex outflow from the country, which is not good.
The government has recently come up with gold bonds, to reduce the consumption of gold. The measure has not been very effective, given that people not only buy gold as an investment, but, also to adorn themsleves.
Various options for buying gold in Mumbai?
There are various options for buying gold in Mumbai. These include the tried and tested gold coins and gold bars. Interestingly, there is another good option, that is buying gold ETFs. This is an excellent option, as gold ETFs would mean there is no worries of theft and storage issues. Gold rates in Mumbai tend to track international prices and so do gold ETFs. However, you can sell gold ETFs more easily as compared to physical gold. One thing is liquidity, while the other important thing to note is that gold ETFs cannot be stolen, which is a big advantage. Some gold ETFs can also be converted to physical gold, though doing that would not be very sensible. Gold ETfs are increasingly finding favour with large funds including the domestic mutual funds. If you wish to buy gold ETFs there are a number of such ETFs including SBI Gold ETFS, UT Gold ETF etc. These funds can generate returns more in the long term.
916 Gold rates in Mumbai.
If you are looking to buy 916 gold , then there is no better city then Mumbai that could offer you very competitive rates. At the moment you can track live gold rates in Mumbai through the futures market. You need to talk to your broker and ask him to guide you to open a commodity trading account, after which you can monitor the live prices of gold in Mumbai for 916 gold. Gold futures is one way of taking exposure to the markets. If you are looking at other ways to buy gold, then we suggest that you go for the gold exchange traded funds as well. However, at all times you must check gold rates before taking a decision on buying gold. Those who are new to investing must seek professional advise on investing. The prices tend to vary from city to city and are generally higher in the city as compared to a place like Kolkata, where the prices are slightly lower. However, it does make sense to be buying gold travelling to another city.
A visit to the gold market in Mumbai.
Readers often ask the question: where to buy gold in Mumbai? And, for Mumbaikars this is probably the most simple answer to give. Yes, visit Charni Road in Mumbai which is probably the biggest gold market in India. You have several hundreds of shops lined-up very close to each other, where you can buy the best and the latest stuff. In fact, this is also popularly called Zaveri Bazaar in Mumbai. There are easily thousands of patterns that one can choose from. Most individuals in the city of Mumbai visit the place for buying gold. Mostly, each person has his or her own traditional shop from where he buys the precious metal. These shops have over the years become more plush then they used to be once upon a time. Gold prices in Mumbai's Zaveri bazaar is unlikely to change and what may actually differ is the making charges of the precious ornaments. You can also get access to the diamond market which is also rather popular in the city. It is not too far way from the Zaveri Bazaar gold market of Mumbai. You can get all diamond studded ornaments here.
What makes gold prices in Mumbai tick?
Gold prices in Mumbai gain momentum on a host of factors. If one recalls gold prices in Mumbai were once just about Rs 80 in the early part of 1960s. The important thing that we wish to note is that gold is something that does not get worn and continues to exit. Why then does gold price not decline, based on the fact that old gold does not wear down and new gold continues to come into the market. The answer is simple: Gold demand never has become less and factors like inflation come into the picture that keeps gold prices at elevated levels. This is what has resulted in gold prices moving from levels of Rs 63 to the present levels of Rs 26,000 and more. The one important thing that we must observe here that it has gained despite all odds. What this means is that even if you were to buy on declines you would have made money from the precious metal. So, buying gold in Mumbai is always a lucrative proposition if you are buying at lower levels.
Demand for Gold In Mumbai?
Mumbai is one of the largest metropolitan cities in the country. Hence, gold demand is likely to be the highest in the city of Mumbai, like any other large city for example, Delhi. We beleive that gold rates in the city of Mumbai would continue to grow, though a double digit growth in demand from the city is ruled out.
In fact, across the country we have seen a sharp slide in the demand for gold by almost 50 per cent. As the government continues to lay an emphasis on moving away people from gold by encouraging gold bonds, physical demand for the precious metal would be poor. However, we believe that demand for gold In Mumbai would continue to remain steady. We do not think that there would be some serious investment demand in the city, given that the de-monetization has reduced demand for the precious metal.
How Is Gold In Mumbai Taxed?
Gold rates in Mumbai city have rallied by almost 30 per cent in the last 1 year. So, those who have bought and sold gold, have obviously made a profit.
Whenever you sell gold, you have to pay the applicable taxes, if you have made gains. Let us now give an example. Let us say that you bought gold when the gold prices in Mumbai were Rs 26,000 and now you have sold the same for Rs 30,000. You have to pay tax on the profits. The tax is calculated based on the profit of Rs 4,000. However, you have to also shell out by way of wealth tax on gold.
How is this tax in gold calculated?
There are two ways of calculating the capital gains tax on gold. The first is the long term capital gains tax, which becomes applicable after 3 years. The other is short term, if you have bought and sold gold before 3 years.
The short term capital gains tax on gold is payable as per your tax slab. On the other hand, long term capital gains on gold is payable at 20 per cent, apart from indexation.
Remember, there is also wealth tax that you need to pay on gold. So, if all your gold value is over Rs 30 lakhs, you need to pay 1 per cent of this as wealth tax on gold. Many individuals are not aware and many do not bother.
Buying into gold coins?
Among the various ways to buy gold is buying them through gold coins. This is one form of investing. You can buy them at some of the banks and gold shops. Banks offer you some Swiss quality coins and they come in tamper proof. However, when you want to sell these coins, banks do not take back the sold coins. You would have to approach some of the local jewelers for the purpose. if you are looking to buy them you should make sure that you buy them from banks. It must be noted that gold can be bought as small coins, which makes them very convenient as compared to bars, which are much larger in size. However, one must remember that the biggest drawback of investing in gold coins is that you need to worry about storage. This would cost you money to hire a bank locker and there is always a concern over theft. If you have some older gold coins, they can be more valuable then the normal gold coins that we have.
Gold as an investment.
Gold has been more of a consuming proposition. Investors rarely tend to invest in gold. You do not see large scale buying on gold bars and biscuits. Bulk of the buying that we see of gold in the city of Mumbai has largely to do with personal consumption. That too the government is now discouraging, owing to the fact that gold imports is on the rise.
The government has come up with various schemes largely to discourage gold investment. Among these include the soverign bonds and the gold monetization scheme. This is because we need to curb the consumption of gold, since it leads to some serious foreign exchange outflow.
How much gold holdings does the world have?
Gold reserves are very important, not only for individuals , but, also for countries. Do you know which country has the highest gold reserves in the world? The United States has the highest gold reserves in the world totalling 8135 tonnes, as at the end of November 2016. This totals almost 75.6 per cent of its total external reserves. The United States is followed by Germany with 3377 tonnes, which is not even half of the gold reserves that the United States has. These two countries are followed by the IMF and Italy. Interestingly, India's gold reserves stand at 554 tonnes, which places the country in the 11 th position in terms of gold reserves. France, Russia, China and Switzerland are other countries that have a higher gold reserves then India. Gold reserves are much needed for every country, especially during a crisis. India had to pledge its gold reserves in the early 1990s for loan at a time when he had a financial crisis.
Gold bars/coins vs ETFs.
One way of investing in gold would be through the lucrative proposition of gold ETFs. These are traded on the exchanges and track gold prices. So, what they do is offer similar returns. However, they offer several advantages like you would not have to bother about safety, since these are traded in the electronic form.
We strongly advocate buying and selling of Gold ETFs, which is a much better proposition.
Gold ETF investment in Mumbai is very easy and you need to talk to your broker. They can be bought and sold, just like shares. You need to open a demat account, since these are held in the demat format, which any broker would help you with.
The rate of returns.
Guess what: If you had bought gold a few decades in Mumbai, you would have been significantly rich today. Can you believe that in 1990, gold prices in Mumbai were trading at near the 3,000 levels. So, in 20 years, you had the opportunity to make returns of just about 10 times. That is stupendous returns from gold. Today, you can double your money in safe bank deposits after almost 8-10 years. So, gold as an asset class has yielded tremendous returns for people in the city of Mumbai. Having said that does it mean that you can always make money? Not really so. For example, in the last 5 years or so, gold prices have gone nowhere. If you had to buy prior to that you would have been a happy person. The scenario in the last few years in terms of returns has been very poor. So, it is not as if that you can always make money from gold all of the time. You need to be patient and also time the market, to make significant returns.
Different ways to invest in gold.
There are different ways in which you can invest in gold in Mumbai. The most preferred way of course if gold coins and bars. Jewelry as an investment is not a good proposition because you cannot recover the making charges when you sell this precious metal. The other ways as we mentioned is gold ETFs. You can also invest in gold sovereign bonds and gold exchange traded funds. However, if you invest in these scheme you cannot pledge your gold for a gold loan. For a loan you would need physical gold, which can be pledged and then a loan can be availed. You cannot surrender an ETF or a sovereign gold bond for the purpose. If you are looking to buy gold, the best would teh e type investments and only later you can consider gold coins and bars. Jewelry as we mentioned is not a good idea, but, if you need it for consumption, then it is fine.
Understanding the concept of 916 hallmarked gold in Mumbai.
Explaining 916 hallmarked gold is very simple. It is just your 22 karats gold and not your 24 karats gold. Hallmarking of gold in Mumbai or any other city is done by the Bureau of Indian Standards. So, what a BIS Hallmarked gold jewelery does is that it ensures that the gold which you buy is of very high quality. Now when you buy hallmarked gold, there are a host of things that you must look at. The first is that you take a look at the BIS logo that would be there on the gold. The second is the year of making and the purity. If 916 is mentioned you must know that what you are buying is of 22 karats purity. Apart from this there is also the essaying centre's logo. Eassying centres are BIS centre's that are authorized to hallmark the gold. Also, look for the year of manufacturing on the gold items that you are buying.
Should you buy gold online in Mumbai?
Among the various options, you can also buy gold online in Mumbai. However, instead of that we strongly suggest that you look at buying gold exchange traded funds. You can open a demat account with a broker and than look to buy gold etfs. These are very simple to buy and they track gold prices. The beauty of this is that you need not pay charges like the ones you would normally pay to store gold.
However, many investors are normally chary of buying gold through this mechanism. However, it is also risk free, though many investors prefer the traditional methods of investment.
Outlook for Mumbai gold in 2018.
International gold prices have given returns of clsoe to 9 per cent in 2016. We believe that gold can give returns of a good 8 to 10 per cent in 2017, depending on the period when you are selling. For example, last year gold gave good returns of almosy 20 per cent by October. So, prices of gold in Mumbai city peaked sometime in the month of October. Hence, if you are looking to buy gold, you should sell at the right time, to profit from the same. If you had to wait till December, the prices dipped all over again. We believe that gold in 2017, has the potential to give good returns. However, much would depend on the policies that are initiated and implemented by US President Donald Trump. For example, if they are inflationary, they may result in interest rates in the US rising and gold prices falling. Also, interest rates would be a big factor in determining the direction of gold price movement in India. In any case, if you are a long term investor, the ability to make money from the precious metal is always going to be high.
How to import gold in into India?
You cannot freely import a lot of gold into India. When importing gold into Mumbai, the one thing you should note is that there is a limit of Rs 50,000. That limit of course for male passengers. For female passengers, the government has been more liberal and you can import as much as Rs 1 lakh.
Beyond that there is a duty of slightly more than 10 per cent. So, if you are entering into Mumbai with imported gold, you need to know the norms.
One important thing that we also need to mention is that if you are carrying gold away from Mumbai, you need to take an export certificate. What would then happen is that you would not be questioned by the authorities on your way back into Mumbai with gold.
The term used to get a certificate is called an export certificate. You can take that certificate and show it on your way back, so that the custom officials know about it.
What we also suggest that as far as is possible avoid importing gold. This is because today India boasts some of the finest patterns in Gold and the best quality. So, you need not hassle yourself too much on that count.
Why invest in gold?
The precious metal has not diminished in value over a period of time. For example, over a period of time, value of the currency has plunged. Let us give an example. Say the value of a 100 rupee note, is no longer the same, as it was a few years ago. But, gold prices keep increasing, making them a perfect hedge against inflation. For example, until a few years ago, gold was trading at Rs 8800 before the Lehman Brothers crisis. Since then it has rallied almost 3 fold, which is a superb feet. It is likely that with the passage of time, we may continue to good value for the precious metal. This is one reason many investors continue to stay invested in gold. The precious metal is also seeing increased demand from investors. For example, individuals trusts and gold ETFs, which are flush with funds are earmarking more and more money to gold.
How to check for hallmarked gold in Mumbai?
It is always the best bet to buy hallmarked gold in India. There are a number of shops that sell hallmarked gold. Hallmarking of gold in India, is controlled by the Bureau of Indian standards. They have a variety of testing and eassaying centres, where you can check for gold purity. When consumers are buying they need to check a few things. First look for the logo of the centre where the gold is checked and essayed. The gold jewelery that you buy should clearly indicate the logo. There is a letter which indicates the year of marking. For example, B denotes the 2011, C denotes 2003 and so on and so forth. Apart from this there is the Jewellers identification mark as well.
Gold Trends in Mumbai in 2017.
Gold rates in the city of Mumbai has seen a fantastic rally since the start of the year. This has largely to do with the stellar rates we have seen in the global markets since the start of the year. Global markets are flush with liquidity, as central banks ease. This liquidity has found its way into all asset classes, including gold.
However, analysts warn that gold prices have gone up significantly and they advise caution, before buying into gold. We too would suggest that some degree of discretion would now be necessary before buying into gold.
It is fine, if you are a long term player in gold, but, short term players, should not expect too much price movement from the precious metal.
Always remember to pay your taxes on gold.
There are many individuals who believe that you buy gold and sit tight. However, it does not work that way. What you need to know is that there are taxes that are applicable on gold. For example, if you have gold whose value exceeds Rs 30 lakh, you are liable to pay wealth tax on the same. It is highly possible that you would have accumulated gold over a period of time, but, remember that you have to pay wealth tax and the number of years count for nothing. Apart from this, each time you make a profit on buying and selling gold, you need to pay capital gains tax. What is important to observe is that it does not matter, whether the gold is in physical form or through gold ETFs, you need to pay the applicable taxes.
Gold demand surging across the globe.
Gold demand has been surging across the globe, according to the World Gold Council (WGC). The counil sys that in the second quarter of 2016, gold demand surged to 2,335 tonnes, which was a growth of 15 per cent. In fact, gold prices rose by the highest levels in 25 years, in the first half of 2016, the council noted.
Record investments also went into the precious metal.
Investment demand for gold surged to 1,063.9 tonnes and was 16 per cent higher than the previous first half high of 2009. The high demand for gold in cities across the world, including Mumbai may continue.
Gold as an excellent diversification strategy.
What happened after the Lehman Brothers crisis is well known. Those who invested in shares lost money in 2008, while those who invested in gold gained. In fact, gold prices have tripled in the last few years and have given stupendous returns to investors.
Hence, it is a great idea to always park at least some of your money in gold. This would provide a perfect hedge in case equities fall or debt yields drop. Today, you have various options to invest in gold, which are also very liquid nad have very little holding cost involved.
In fact, if you cannnot invest a lumpsum in gold in Mumbai, you can do it through a systematic investment plans in gold exchange traded funds, also popularly called gold etfs. You have a number of Gold ETFs includig those issued by Axis, Gold Man Sachs and SBI gold etf, where you can park your money. You can also invest periodically through the various schemes that many jewellers in the country run.
How gold prices in Mumbai are determined?
Gold prices in Mumbai are generally fixed by the gold association there. Prices are taken from the MCX Futures and local levies and duties are determined and added to that prices. Gold Futures prices generally reflect the internatioanl rates and move in tandem with them.
Local levies and duties and transportation costs, alter the price of gold from city to city. Generally, gold rates in the city of Mumbai are much cheaper than some of the other cities in India like Delhi. If you are in a particular city where it is cheaper, you can buy gold from there. However, travelling to a city to buy gold, because it is cheaper there, makes no sense at all.
Taking a gold receipt in Mumbai from your jeweller.
Whenever you buy gold and gold jewellery in Mumbai, it is important that you take a receipt. This is important because when you want to sell the gold jewellery, it would be helpful. Also, if you want to sell the items to another third party that might insist on the receipt for the gold. Also, when you visit to buy gold, it is better to buy gold coins, as an investment rather than gold jewellery. This is because when you sell the latter, you would lose on the making charges of the jewellery. Also, check the prices with various shops before buying.
There are other reasons to be taking a receipt. Just imagine if you get an income tax query for some large purchases of gold made in the past. This may lead to complications if you cannot really prove the date of the purchase, the quantum etc. It is therefore extremely imperative to take a receipt from the jeweller. Some individuals would not take the same in the past to avoid paying value added tax, which is not a good step at all. Also, in the past individuals needed a receipt because of the Wealth tax that was applicable. For example, before Wealth Tax was scrapped, there was a one per cent tax that was applicable on the quantum of gold one had over and above Rs 30 lakhs. That has been scrapped. So, individuals would preserve the receipt to ensure that they were able to prove the gold purchases and the timing for the same. In any case it is always important to preserve the receipt of gold you bought as it might also help you to make a WILL when you are distributing your gold. So, make sure you do that before buying into gold and insist on the same even if the jeweller is reluctant to pass you the receipt.
What does 24 karats gold mean?
Purity of gold can be of 22 karats or 24 karats. Gold is a metal that is brittle. So, allows are added to the precious metal to make it more durable. The difference between 22 karats and 24 karats gold to explain it simply is that 22 karats is about 75 per cent pure gold, while 24 karats is the purest for of gold, which is 100 per cent gold. You get gold as 22 karats and as 24 karats and often jewellers give you rates for both. But, go.
Latest Updates on Mumbai Gold Rates.
Gold prices in the city of Mumbai gained ground marginally as investors continued to look to international cues for support of the precious metal.
It has been a roller coaster ride for gold, which has saw upbeat prices in Mumbai, despite very subdued trend prevailing as far as international prices are concerned.
Gold for 22 karats have moved in tandem with international prices, though we may not see a very firm trend for long.
in Mumbai, the precious metal first moved past the Rs 29,000 mark and is now looking at breaking the Rs 29,500 mark. Gold for 24 karats has largely moved in sync with gold prices for 22 karats. There is a high possibility that we could see a narrow price band in movement. All eyes would now be on the US Federal Reserve to see if interest rates are hiked in the near future. If that were a possibility we could see gold rally even further from the current levels. In any case, if you are a long term investor it makes sense to buy gold at higher levels. For the past few quarters we have seen successive gains in the precious metal from recent highs.
14 de fevereiro de 2018.
It is better to buy gold when the prices of the metal come down or whenever there is a need to buy. Gold - the precious metal, is used for the manufacturing ornaments and jewelry across the globe. In India, gold is purchased during special occasions like festival and wedding seasons. People from all sections of the society in India, generally buy gold during a marriage ceremony in the family either for themselves or for gifting purpose. Gold can also be used as an investment option. An investor can invest in gold when the prices fall and can sell it when the prices rise and thus make a profit. As an investor, it's better to spread funds across diverse portfolios instead of investing in a particular segment.
6 February 2018.
24 Karat gold is also known as pure gold or 100 percent gold, which means that all the 24 parts in the gold are pure and there is no trace of any other metal present in this gold. It is considered to be 99.9 percent pure and has a bright yellow color. There is no higher form of gold than the 24 karat gold. It is more expensive as compared with 22 karats or 18 karat gold. Coins and bars are made out of 24 karat gold. This type of gold is less in density as compared to 22 karats and 18 karats, it will make the gold more soft in nature. The gold is not suitable for usage in making jewelry or ornaments. It finds its usage more widely in medicines and electronics.
22 Karat gold means that 22 parts of the gold are pure and the balance of two parts of it is made up of some other metals. This gold is commonly used for manufacturing jewelry or ornaments. The 22 karat gold has 91.67 percent pure gold and the remaining 8.33 percent comprises metals like silver, zinc, nickel and other alloys. The addition of these metals to the gold makes the texture harder and thereby increases the durability of the gold. This kind of gold cannot be used for diamonds studded and heavily studded jewelry.
5 February 2018.
Gold prices in Mumbai head higher.
Gold prices in the city of Mumbai headed higher as investors continued to look at US jobs data to see if there was any indication on when the US Fed would raise interest rates.
Gold in the city of Mumbai sets the trend for the nation and cues from the city suggested that gold prices were likely to see a more bullish trend.
The precious metal was trading at Rs 29,890 per 10 grams and is just a whisker away from hitting the Rs 30,000 per gram mark. It is unlikely that we will see this bullish trend change, as investors are now seeing some sell-off in the global markets as far as equity is concerned.
Spot gold in the global markets have also been rallying, which has had its impact on prices of gold in Mumbai. If you are a long term investor you can cling to gold prices. However, if there are interest rates rise in Mumbai, we would see higher prices that could emerge.
Spot gold in the global market breached the $1340 an ounce, which has been the trend of the last few days. It is likely that we will see the same trend emerge.
2 de fevereiro de 2018.
Gold prices rallied as the dollar fell against a basket of currencies. In the global markets gold hit a new 17 month peak. In India, the gaining rupee lent some support to gold, though 22 karats prices were now seen moving gradually towards the Rs 30,000 mark.
Gold prices in Mumbai were back to the Rs 29,990 per 10 grams for 22 karats. It is likely that we will continue to see the momentum build in prices as investors look to buy on declines.
In India, all eyes would be on the Union Budget to see if there is any duties that are levied on gold. However, there is unlikely to be tweaking anything for gold. Investors looking to buy gold should refrain fro doing so, given that valuations are now very steep.
There are a number of possibilities that could now emerge for gold investors. One is that if gold prices break technical levels of Rs 30,000, it would show a bullish trend that could lead to prices jumping to Rs 32,000 or so.
Gold for 22 karats and 24 karats may both move in the same tandem in the next few days. However, if you see a decline towards Rs 29,000 it may just be time to buy into the metal.
27 January 2018.
Prices of gold in Mumbai rose sharply as investors continued to buy into the metal following sharp gains in a basket of currencies against the Indian rupee.
The rupee also gained substantially against the US dollar and inched higher. Gold for 22 karats was at Rs 29,270 per 10 grams, while 24 karats gold also gained momentum.
Mumbai was seeing solid buying, among people who were celebrating a festival in South India. Gold prices have been on a secular uptrend for the last few days, and there is no reason to believe that there would be a disruption in the trend.
Mumbai prices have been on a roll since the start of the year and the uptrend is unlikely to stall. If you are a long term believe in the secular trend then you may invest in the precious metal on every rally.
Prices for 22 karats may trade in the range of 28,000 to Rs 30,000 and the upside could be capped in the coming days.
15 January 2018.
Gold rates in the city of Mumbai held ground as investors continued to be weighed down by a falling dollar.
Strong economic data from the US pushed gold prices higher, which in turn helped support gold prices in Mumbai. Going ahead we are likely to see the momentum continue. The year 2018 has bought glad tidings for gold and we are unlikely to see that changing too much. Those who are looking to buy gold, should be buying the same when prices fall to around Rs 28,000 per 10 grams.
At these rates we have already seen the precious metal gaining good momentum. Gold is likely to see greater movement in the coming days as investors eye a fresh round of buying. Gold ETFs have also seen their asset price increase, which is now having a good impact on the metal.
In fact, there maybe a good inflow into gold ETFs in 2018, which may lead to an increased demand. Those who are looking to buy into the metal should buy and sell at higher rates, as there is a big scope of making money. For others, it maybe a good idea to buy on declines.