How IFSC banking codes work

A deep dive session


Submit a session proposal

Submissions are closed for this project

Payments and Fintech deep dive sessions demonstrate the relationship between the technology of payment systems and the regulatory landscape.

Summary

Abhay Rana aka Nemo is a developer at Razorpay. He is the resident security geek and maintainer of http://ifsc.razorpay.com and the opensource project https://github.com/razorpay/ifsc

The talk covered:

  1. Introduction to IFSC: the Indian Financial System Code (IFSC) is an alphanumeric code that facilitates electronic funds transfer in India. A code uniquely identifies each bank branch participating in the three main Payment and settlement systems in India. The Reserve Bank of India publishes IFSC dataset in excel sheets and pdfs.
  2. Details about https://github.com/razorpay/ifsc project - its maintainence and learnings in the project: http://ifsc.razorpay.com is a project that maintains this opendata in machine friendly format and offers APIs to developers to consume it in developer-friendly manner. Nemo explained how https://github.com/razorpay/ifsc powers the same and organizes financial systems open data.
  3. IFSC issuance process, data quality issues, challanges in keeping the data upto data, and the technology behind the project including its future scope.

Video recording: https://hasgeek.com/cashlessconsumer/payment-fintech-deepdives/videos
Slides of this session are published on https://captnemo.in/talks/ifsc/
Questions and comments from this session are available here: https://hasgeek.com/cashlessconsumer/payment-fintech-deepdives/comments

About CashlessConsumer: CashlessConsumer is a consumer collective working on digital payments to increase awareness, understand technology, produce / consume data, represent consumers in policy of digital payments ecosystem to voice consumer perspectives, concerns with a goal of moving towards a fair cashless society