A book transfer is used to pay to another account within the bank in the same country. Only the beneficiary name and account number is required to process the payment.
Outward Telegraphic Transfers are used to make payments to another bank in foreign currency. Full beneficiary account details are necessary to complete the transaction. For payments to beneficiaries within the European countries, IBAN information MUST be provided in the payment instruction.
An RTGS is used to pay urgent high value transactions to an account with other banks within the country. Finality of settlement is immediate and usually in local currency. Full beneficiary details are necessary to complete the transaction.
A direct Credit is used to pay non urgent low value transactions at a high volume to accounts maintained in other local commercial banks in local currency. Finality of settlement is 0 to 1 days. Full beneficiary account details are necessary to complete the transaction.
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