Published on Sep 03, 2020
The Speed Cash System is used to transfer money from one place to another within a day. This is basically used to speed up the money transfer.
The necessary information for the money transfer from the source bank to the destination bank is sent in the form of file on daily basis. This file contains the information like remitter details, beneficiary details and DD (Demand Draft) details, etc.
Basically the remitter is a person who sends the money and the beneficiary is the person who receives the money. If the remitter has already an account with the bank, the deduction at the back end should happen instead of cash dealings.
Once the file is received, it is processed and the data is put into the database.
Then it is again processed and DD is printed. The printed DD will be handed over to the concerned person. Various reports are generated by this system