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June 21, 2001
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Money > Business Headlines > Report June 21, 2001 |
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E-com, cards, inter-bank payments excluded from gatewayBS Banking Bureau The Reserve Bank of India has excluded payments through the use of credit cards, or arising out of cross-border e-commerce transactions and all inter-bank payments from settlement through an inter-bank payment gateway. The banking regulator has further identified in its report on Internet Banking that only banks, which are members of the cheque clearing system, to participate in the inter-bank payment gateways for Internet payment. The RBI report has specified that the payment gateway must nominate a bank as the clearing agent to settle all transactions. The regulator further established that inter-bank payment gateways must have capabilities for both net and gross settlement, and that these should be undertaken intra-day and as far as possible, in real time. RBI set these guidelines on payment gateway while finalising the inter-bank payment gateway system for banks. It also specified that the connectivity between the gateway and the computer system of the member bank should not be through the Internet, but through a leased line network with appropriate data encryption standard. Further, all transactions must be authenticated. The transactions should be digitally certified by any licensed certifying agency once the regulatory framework is set in place. The regulator has specified that the minimum level of security must be SSL / 128 bit encryption. The RBI may ask for the certification of the security of the entire infrastructure - both at the payment gateway's end and the participating institutions' end - prior to making the facility available for customers use. The RBI report added that the hyperlinks from a bank's site should not mislead the customers into believing that bank is sponsoring any particular product or any business unrelated to banking. The links should be confined only to those portals where the bank has a payment arrangement or sites of their subsidiaries or principals. Banks must also follow the minimum recommended security precautions while dealing with request received from other websites, relating to customers' purchases. Powered by YOU MAY ALSO WANT TO READ:
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