Search results
Results From The WOW.Com Content Network
SWIFT message types are the format or schema used to send messages to financial institutions on the SWIFT network. The original message types were developed by SWIFT and a subset was retrospectively made into an ISO standard, ISO 15022. In many instances, SWIFT message types between custodians follow the ISO standard. [ 1]
The Society for Worldwide Interbank Financial Telecommunication ( Swift ), legally S.W.I.F.T. SC, is a cooperative established in 1973 in Belgium ( French: Société Coopérative) and owned by the banks and other member firms that use its service. SWIFT provides the main messaging network through which international payments are initiated. [ 2]
The International Bank Account Number ( IBAN) is an internationally agreed upon system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors. An IBAN uniquely identifies the account of a customer at a financial institution. [ 1]
e. A banker's acceptance is a commitment by a bank to make a requested future payment. The request will typically specify the payee, the amount, and the date on which it is eligible for payment. After acceptance, the request becomes an unconditional liability of the bank. Banker's acceptances are distinguished from ordinary time drafts in that ...
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document. More specifically, it is a document contemplated by or consisting of a contract, which promises the payment of money without condition, which may be paid either on demand ...
Banking. Know your customer ( KYC) guidelines and regulations in financial services require professionals to verify the identity, suitability, and risks involved with maintaining a business relationship with a customer. The procedures fit within the broader scope of anti-money laundering (AML) and counter terrorism financing (CTF) regulations.
Proof of funds. A proof of funds ( POF) is a document such as a bank statement proving that a person or a company has the financial ability to perform a transaction or meet a potential future liability. The POF can be issued by a bank, a financial institution or a trade finance provider. For instance, a POF is generally obligatory for people ...
BAI (file format) BAI, or the BAI file format, is a file format for performing electronic cash management balance reporting. The BAI format was developed and previously maintained by the Bank Administration Institute (BAI). [ 1] One common application of the BAI format is for use by banks to transmit returned item data to customers (for example ...