As you might be aware, the Payments System Board last year established a number of strategic objectives for the payments system, including improving the process for settling electronic “direct entry” (DE) payments. The direct entry system is used very widely, such as for salary payments, the payment of Centrelink benefits, “Pay Anyone” internet transfers and for many dividend payments.
K C Chakrabarty: Beyond Core Banking Solutions (CBS) – fast forward to Banking 2.0! Address by Dr K C Chakrabarty, Deputy Governor of the Reserve Bank of India, at the Executive Roundtable organised by the Institute for Development and Research in Banking Technology (IDRBT) in collaboration with Union Bank of India, Mumbai, 18 February 2011.