Correspondent Bank Accounts
- NOSTRO account – Our account with you
- The account of a bank in India with a foreign correspondent bank abroad in Foreign currency is called Nostro account. For example, account of SBI Ahmedabad with City Bank New York.
- VOSTRO account – Your account with us
- The account of a foreign correspondent bank abroad with a bank in India in Indian Rupees will be a Vostro account. For example, account of City Bank New York with SBI Ahmedabad
- LORO account – Their account with them – Third party account
- For example, SBI Ahmedabad has account with City Bank New York. For SBI, this account is Nostro account. For City Bank, this account is Vostro account. For any other bank, this account is Loro account
- Mirror account – Shadow of NOSTRO account
Electronic modes of trasmission / Payment Gateways
- SWIFT –
- Society for Worldwide Interbank Financial Telecommunication
- Automatic authentication through Bilateral Key Exchange-BKE
- CHIP
- Clearing House Interbank Payment System – USA
- Fedwire
- Federal Reserve Bank – USA
- ABA number to identify sender and receiver
- CHAPS
- Clearing House Automated Payment System – UK
- TARGET
- Trans European Automated Real Time Gross Settlement
- Express Transfer system – EURO Payment
- RTGS plus and EBA
- RTGS plus is German hybrid clearing system
- RTGS/NEFT in India
- RTGS – Real Time Gross Settlement
- NEFT – National Electronic Funds Transfer
- Manage by IDBRT, Hydrabad