Bank Wire
Barron's Banking Dictionary:
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Bank Wire
Electronic payment service for transfer of high-value payments between banks when prompt communication and immediate transfer of funds are important. A bank wire payment, also called a Wire Transfer moves through the Federal Reserve's Federal Wire (Fed Wire) network.
See alsoAutomated Clearing House; Clearing House Interbank Payments System.
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Bank Wire
Investopedia Financial Dictionary:
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Bank Wire
An electronic message system allowing major banks to communicate various actions or occurrences regarding client accounts. The wire represents a secure computerized messaging system that sends account information, notifications and transaction requests between banks.
Investopedia Says:
While the bank wire does not affect actual transfer payments, such as a wire transfer, it will provide the financial institutions with knowledge of such events. For example, the purpose of a bank wire would be to notify a bank if a client has deposited funds into its account.
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Copyrights:
Barron's Banking Dictionary
Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved.
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Mentioned in
Originator
(in banking)
Wire Transfer
(in banking)
Wire Fate Item
(in banking)
Same Day Funds
(in banking)
Value Date
(in banking)
» More