Today, there are lots of apps and services developed by banks and other FinTech companies that let us send and accept payments. But we don't have an app out there that makes sending and receiving money as easy as sending and receiving text messages. Although Bitcoin and other cryptocoins make it really easy to send and receive payments around the world, they cannot be mainstream now because of volatility and regulatory issues. In this chapter, we will build a P2P payment system that makes it very easy to send and receive InterBank payments and also makes clearance and settlement between banks near real-time and simple. While building the solution, we will also learn of various banking and finance concepts.
In this chapter, we'll learn the following:
- How clearance and settlement between banks is done for domestic and...
