Acquirer

Acquirer

A bankcard association member that initiates and maintains relationships with merchants that accept payment cards.

IFSC Code

IFSC Code

IFSC code is the acronym that stands for Indian Financial System Code. In the Structured Financial Messaging System (SFMS),it is being used as the addressing code in user-to-user message transmission. The Payment System Applications such as RTGS, CFMS and NEFT developed by the Reserve Bank of India use these codes. Without the IFSC code the fund transfers through RTGS is not possible. Some times to add a beneficiary in net banking we require IFSC code. IFSC code is a unique digit identifying the branch names of the different banks.

Fully Funded Documentary Letter Of Credit - FFDLC

Fully Funded Documentary Letter Of Credit - FFDLC

A written promise of payment provided by a buyer to a seller that is guaranteed to clear by a particular bank. Once an FFDLC document is presented by the seller to the involved bank, the bank is obliged to remit full payment to the seller. The seller may be required to fulfill certain conditions, such as providing proof of shipment of the goods sold to the buyer, before collecting payment from the bank. This method of payment provides assurance to the seller that the buyer has the necessary funds for the transaction and ready for remittance to the seller upon completion of the sale.