Guaranty of payment to the party receiving an electronic funds transfer. Interbank payments over the Federal Reserve Wire Network (Federal Wire) are final and irrevocable when transmitted, and are credited to the receiving bank's reserve account at the time of the transaction. See alsoNet Settlement; Same Day Funds.
Finality of Payment
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 | Settlement Date (in banking) |
| Charon's obol |
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 | Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved. Read more |
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