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Ach & rtgs

Banking instruments (ACH) and (RTGS) internal transfers through payment tools

There are several ways to send internal transfers (inside Iraq) in the RTGS system:
1- A transfer between a bank and another bank: It is a transfer between internal banks, and it depends heavily on the IBAN of any bank and specifies the amount to be transferred and the bank to send the transfer to.
2- Transfer between the bank and the central bank: It is a transfer between the bank and another bank, but the central bank is the intermediary bank between them. Also, the transfer can be sent between the sending bank and the central bank and without the need for IBAN or account number.
3- Transfer between several banks: It is a transfer sent from the bank to more than one bank at one time and one transfer.

There are many conditions by the central bank, including if the transfer is to the central bank, the TTC / CODE of the Central Bank of Iraq must be written and determined by the bank and depends on the purpose of the transfer to be sent.

ACH: There is only one way to send this system
(CREDIT TRANSFER / CT) it is a transfer that generally depends on the bank branch code to which the amounts are to be transferred and the amounts are usually simple.




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