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Mastering Purpose Codes with Razorpay: Streamlining International Payments

Razorpay

Let’s delve into the world of purpose codes and understand their significance. A purpose code is a unique identifier issued by a country’s central bank that is necessary for the successful execution of international payments. So, it’s crucial to understand and use purpose codes correctly.

S&P 52
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What are Payment Operations?: Importance, Challenges, and Best Practices

Razorpay

Payments operations are processes for managing a business’s entire lifecycle of money movement. This includes initiating and processing payments, fraud detection, compliance, handling disputes, resolving issues, managing international transactions, reconciliation, and accounting.

Bank 52
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Accounting Information System (AIS)

Wall Street Mojo

Article Link to be Hyperlinked For eg: Source: Accounting Information System (AIS) (wallstreetmojo.com) In simple words, it is a system to collect and store all information related to financial transactions and events so that they can be retrieved for decision making by the internal management, accounts, CFOs, auditors, etc.