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The bank was founded in 1951 by Yousef Beidas and three partners as a trading company. The law in Lebanon in 1951 did not cover banking activities as they are known now and became known in Lebanon during the 1950s and 1960s thanks to a large degree to the efforts of Yousef Beidas who was named as the Architect of Lebanese Banking in the Illustrated London News in October 1963.
Structured Financial Messaging System (SFMS) is a secure messaging standard developed to serve as a platform for intra-bank and inter-bank applications. It is an Indian standard similar to SWIFT which is the international messaging system used for financial messaging globally. SFMS can be used for secure communication within the bank and ...
A bank wire transfer is effected as follows: The entity wishing to do a transfer approaches a bank and gives the bank the order to transfer a certain amount of money. IBAN and BIC codes are typically given as well so the bank knows where the money needs to be sent.
Transferring money from one bank to another has never been easier, thanks to the rise of online banking. Read on to learn how to transfer your money.
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit ...
An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belong to another member of the network.
The Reserve Bank of India (India's Central Bank) maintains this payment network. Real-time gross settlement is a funds transfer mechanism where transfer of money takes place from one bank to another on a 'real time' and on 'gross' basis. This is the fastest possible money transfer system through the banking channel.
Giro systems originated in Ptolemaic Egypt in the 4th century BCE, where state granary deposits functioned as an early banking system with a central bank in Alexandria [5] accepting giro payments. Giro was a common method of money transfer in early banking. The first occurrences of book money are not known exactly.