DEFINITION
Funds Transfer

"Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order. A funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order.

Loading conversations.
Similar or Related Terms
Statistics
402
Characters
75
Words
29.18
Flesch Reading Ease
15.4
Flesch Kincaid Grade