Giro Account a Credit Transaction , Push Initiated Transaction

Hi ,


Today I am going to discuss about Giro Accounts and its Overview . I just want to make it precise and compact . Now a days Banking industry is moving bit faster by using CBS and EBPP to provide good fecilities to the customers . All banks are moving towards the same goal . Customer satisfaction .Okay Lets come to the point .

What is a Giro account . The giro account  is a Credit Transfer process which is a push initiated Transaction . This is a process reverse to the Cheque based debit Transfer . And this Cheque is a pull initiated Transaction .

In general  payee Initiate Cheque Transaction which is given to the Payer Bank Customer . That cheque will be collected and moves to clearing house . which will hit the Bank Account of Payer . if there is no funds in that Case Payee will receive information insufficient funds . But In case of Giro transfer the Payer will initiate the Giro Transfer  so Bank will transfer Money directly to the Payees Bank . So here No Cheque Bouncings .   In US it is ACH /Giro Transaction

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