Launched in August 1987, the interbank remittance service allows remitters to transfer funds from one financial institution to another for deposit in accounts of designated payees. A customer can remit funds from one financial institution to another, to a certain designated business or to an individual account holder. The FISC supports various types of interbank remittance transactions such as wire deposits, treasury remittances, interbank remittances, securities settlement payments and bills settlement payments.

1. Features
The service provides financial institutions with a highly functional funds transfer mechanism that allows remitters to settle payments conveniently and efficiently.

2. Benefits
(1) To customers:
Convenient and efficient payments
Individuals, companies, government agencies, schools, state-run enterprises, and other organizations can use any of Taiwan's more than 6,000 financial institution locations to settle payments rapidly and handle financial affairs flexibly and conveniently.

(2) To financial institutions:
Highly functional funds transfer mechanism.
Financial institutions that use this service do not need to use cash to settle payments among themselves.(back)

The customer fills out a form to authorizing the remitting bank to transfer funds to another bank. Once the remitting bank has received this authorization, it transmits the transaction data to its head office computer system, which determines that an interbank transaction is involved and forwards the transaction data to FISC, where the paying institution, the account number, and the account holder's name are verified. The transaction data is then sent to the receiving bank, and a clearing bank clears the transaction.

1. Wire deposits
The remitter is an ordinary company, organization, or individual who authorizes the remitting bank to transfer cash or sums on deposit to the savings or loan accounts of payees. The remitting bank then notifies the paying bank to transfer the sum to the payee's account.

2. Treasury remittances
The remitter is a government agency (or an ordinary company/organization or individual) that authorizes the remitting bank to notify the paying bank to transfer public money (or money to be paid to a government agency) to the payee's account.

3. Interbank remittances
Participating financial institutions use the Financial Information System to transfer funds to another participating financial institution.

4. Securities settlement payments
The remitter is a securities firm or a bills finance company that authorizes a remitting bank to use the Financial Information System to remit settlement funds into an account opened by the Taiwan Stock Exchange Corporation (TSEC) or the GreTai Securities Market (GTSM) at a paying bank. Or, the remitter is the TSEC or the GTSM, which authorizes the remitting bank to remit settlement funds to an account opened by a securities firm or a bills finance company at a paying bank.

5. Bill settlement payments
When bills are issued or redeemed at maturity, a custodian bank uses the system to deposit funds in a payee's account. Or, a remitter can authorize a remitting bank to use the system to deposit funds with a custodian bank.(back)