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NEFT and RTGS payment process in oracle apps R12

Discussion in 'Oracle Financials' started by sushma.parab, Sep 22, 2014.

  1. sushma.parab

    sushma.parab Active Member

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    I not able to know the process of NEFT and RTGS in oracle apps.
    How is it implemented and how is it used in oracle apps R12.

    Please help me out for the same.
     
  2. soumya.parhi

    soumya.parhi Premium Member

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    Hi,

    NEFT and RTGS are the payment method. In Oracle Application there is standrad payment method called EFT (Electronic) which can be used for both the process as long as both meets the same requirement.

    If you want to define the NEFT and RTGS as different payment method , uniquely fulfill objectives differently you are allowed to perform so.

    Its the same function of transferring funds from account or making any payment.

    Hope this clarifies.

    Thanks,
    Soumya
     
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  3. psravan

    psravan Active Member

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    EFT it is one of the fastest mode of electronic payment after WIRE.

    EFT is batch oriented mechanism for transferring funds for one bank to another because of which clearing and settlement takes around 2 to 4 days.

    Wire is RTGS (Real time Gross Settlement System) of making the fund transfer on real time and gross basis. Clearing and settlement happens on the same day. Wire is more expensive and faster than EFT.