The Finofo blog

In this article, we explore the RTGS (Real-Time Gross Settlement) payment system in India. We'll discuss its key features, benefits, and how it facilitates secure, real-time high-value transactions. Learn how RTGS enhances payment efficiency and plays a critical role in India's financial infrastructure.

In this article, we delve into BI-Fast, Indonesia's 24/7 instant payment system. We'll explore its key features, benefits, and how it is transforming financial transactions across the country. Discover how BI-Fast enhances payment speed, efficiency, and security, making it an essential component of Indonesia’s financial infrastructure.

For over half a century, Swift has been the predominant messaging network for international payments. Established in 1973 and initiating its first message within the network in 1977, Swift has become essential to the global economy. It is the sole ecosystem linking over 11,000 financial institutions across more than 212 countries.

Often in the banking world, the term “payment rail” is mentioned. While the concept might be vaguely understood, pinpointing its exact nature can be elusive. You recognize its role in facilitating money transfers across various scenarios, yet the specifics of how these rails function might elude you. You might ponder the distinctions between making payments through a fintech platform like Finofo and executing a wire transfer via a bank.

As many of you might already know, HSBC Canada has now been acquired by the Royal Bank of Canada (RBC). This development comes after the government approved the sale of HSBC Canada, along with its subsidiaries, to RBC for $13.5 billion in December 2023. Currently, HSBC Canada is in a phase of transition to RBC, and this process is expected to continue for the next few months.

Faster Payments Service (FPS) has transformed the financial transaction landscape in the UK, offering an expedited means of transferring money electronically. This system allows individuals and businesses to make and receive payments almost instantaneously, breaking the traditional barriers of time-consuming bank transfers. This article delves into the workings of Faster Payments, exploring how it enhances transactional efficiency in today's fast-paced economic environment.

Unified Payments Interface (UPI) represents a significant breakthrough in digital payment technology in India. As a system that enables instant money transfers through mobile devices, UPI has radically transformed the way Indians transact. This innovative platform allows users to link multiple bank accounts into a single mobile application, simplifying and securing various banking features

The Faster Payment System (FPS) in Hong Kong represents a significant step forward in the region’s digital payment landscape. Launched by the Hong Kong Monetary Authority (HKMA), FPS offers real-time, cross-bank money transfers, allowing for efficient and immediate transactions. This system enables payments and fund transfers using simple identifiers like mobile phone numbers or email addresses, significantly simplifying the process of sending and receiving money.

NETS, short for Network for Electronic Transfers, is a fundamental pillar in Singapore's digital payment landscape. Renowned for facilitating seamless and efficient electronic transactions, NETS offers a range of services from direct debit to contactless payments. It caters to a variety of needs, including retail purchases, transport fares, and online shopping, making it an integral part of daily financial activities in Singapore.

SPEI-CoDi, standing for Sistema de Pagos Electronicos Interbancarios - Cobro Digital, is a transformative digital payment system in Mexico. It represents a significant leap forward in the country's journey towards a cashless and digitally empowered economy. SPEI-CoDi is designed to facilitate secure, efficient, and instantaneous transactions for both individuals and businesses, drastically simplifying the process of digital payments and promoting financial inclusion across the nation.