Why IFSC Codes Remain Crucial for High-Value Online Transactions
19 September, 2024
- ✔️finance
- ✔️bank
- ✔️public sector
In a world where instant payment systems like UPI are becoming increasingly popular, IFSC codes still hold an important place in the banking ecosystem, especially for large transactions. IFSC codes are mandatory for making NEFT and RTGS transfers, which are often used by businesses and individuals for transferring large sums of money. Even though UPI is widely used for small, everyday payments, IFSC codes ensure the security and accuracy of high-value transfers between different banks.
For example, if a business in Delhi needs to transfer funds to a supplier’s Bank of India account in Kolkata, using the correct IFSC code ensures that the money reaches the right branch without any errors. For institutions and individuals dealing with large amounts of money, entering the correct IFSC code is non-negotiable, making it an integral part of secure online transactions.