U.S. Banking System. №2″ fullz buy

As promised, here is my article on wire transfers, methods and just a little bit of theory on the subject. I decided to write 2 articles separately, one on USA and one on Europe. Maybe someone will find something new in this article, maybe someone won’t understand anything, maybe someone will like it, maybe someone won’t.

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Well, I’ll start with the general concepts.

Correspondent accounts. Any money movements between banks are carried out through correspondent accounts which banks open with each other. As a rule, correspondent accounts are opened in a certain currency. That is why if the account is opened in euros, for example, transactions in Swiss francs are not possible. However, in interbank practice there are cases of opening multi-currency accounts, but this just means that there are several accounts in different currencies under the same or almost the same number.

Payment orders. In order to dispose of funds in correspondent accounts, banks use payment orders. This is the main instrument by means of which funds are transferred between banks. According to the Dictionary of Banking Terms a payment order is a document similar to a cheque which authorizes the bank to pay a certain sum to a third party. Legally speaking, an order is an instruction that a bank can execute in one way or another . In banking practice, the notion of a payment order is rather broad. It often includes bank cheques, cash withdrawal orders and other similar documents. Actually the payment order is an irrevocable document. If it is sent in compliance with all necessary requirements, it can only be cancelled or modified with the consent of the correspondent bank (this is the intermediary between the sending bank and the receiving bank).

Means of interbank communication. In making international transfers, banks use several methods to transmit payment instructions and other settlement documents to one another. First, paper documents can be used for this purpose. In this case payment orders are printed on special forms of the sending bank and signed by two signatures of authorized employees. A stamp may also be applied, but this is not usually done. banks can use possibilities of fast delivery of correspondence by their own courier service, postal courier companies. For international settlements, it is not uncommon to use the services of ordinary mail. To speed up the delivery of documents, they are sent to the recipient in the form of electronic messages through various telecommunication means. despite the fact that we live in the age of high technology, banks in carrying out international transactions traditionally yuzyu 2 types of communication. The first one is Telex, i.e. ordinary international telegraph network; the second one is SWIFT. Of course other means are also used for sending payment messages but Telex and SWIFT remain the key ones. Besides, many banks offer their clients on-line access to their accounts This is very convenient, you don’t even have to leave your home))

Now let’s proceed directly to the description of the payment process. In general, the scheme for making money transfers is as follows: The customer instructs the bank to transfer funds to the account of his partner in another bank. Using a payment order, the bank instructs its correspondent to transfer funds to the bank specified by the sender. That in turn conducts a similar operation. and so on until the money does not get to the recipient’s bank, if at all get and this happens theoretically, the path of money on the chain of correspondent banks can be infinitely long, respectively, the question arises how banks choose in favor of a particular corbank to make a payment. Usually banks use a limited number of correspondent accounts for payments in one currency. Very often banks even make do with just one account. In order to reduce the number of banks involved in the chain, it is international banking practice to open correspondent accounts in a particular currency with banks in the country where the currency is the national currency.

Now a little bit about Clearing.

Clearing systems operated by central banks (cb) are public. In many countries, there are private clearing systems in addition to public ones. They are established by commercial banks themselves for more efficient management of funds transfer processes. Clearing systems can be divided into several types depending on the principles of their functioning. The two main features of this classification are:

method of settlement and the moment of payment.

payments can be cleared individually. That is, each payment is individually debited from the account of the sending bank and credited to the account of the receiving bank. Such method of settlements is called gross settlement. Examples of gross settlement systems are TARGET in Europe and Fedwire in the United States.

another option is when banks do not settle each individual payment. Instead of it the clearing system keeps account of requirements and obligations of each bank under its payments which at the end of operational day are summarized and the final result of calculations is deduced. This is the variant of clearing called net settlement. Examples of net settlement systems include CHIPS(chips) for settlements in bucks and EURO_1 for settlements in euros.

And the third option is that funds are transferred from bank to bank, which is called online, i.e. instantly. This principle is called real time settlement. Many modern clearing systems are based on it, such as CHIPS, Fedwire, TARGET, EURO 1 and a few others.

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Fedwire in section

Each Fedwire message must include a specific business code that reflects the economic sense of the transaction. For example, BTR (bank transfer), CTR (customer transfer), etc. As an example, I will write a customer transfer carried out by a waiver Suppose that ABC Inc, located in New York, instructs its bank -BofA, to transfer 20k to its California partner XYZ Corp. who holds an account at wellfsrago=), for a moral hazard

Here’s an example of a Fedwire Payment Order: {1510} 1000___________ Message Type

{2000} $20000_________Payment amount in bucks

{3100} 0210000021_____ABA sender number and name BankofAmerica New York, NY {3320} FTD58939967____A payment order number(randomly generated, but to avoid repeats)

{3400} 15553454_______ABA recipient number and recipient name wellsfrago bank and state where correspondent bank is located

{3600} CRT____________Business code \Signifies that the transfer is customer. not inter-corporate bank

. .

{6000} Payment for moral damages__ Purpose of payment .

=== From a technical standpoint, Fedwire has a high degree of reliability that is maintained by implementing procedures for backing up information and storing it outside of regions. There are 3 computing centers that support Fedwire. 1 main, which processes the payments, and 2 backup. I will also write more details if needed. I don’t think many people are interested in that.

For Europe I have a little more information. TARGETEURO_1 TIPANETEurogiroS-Interpay etc.

Next article will be about them.

All , leave your feedback, good luck to all. Thank you for reading

The rights to this article belong to the author. Reprinting, using parts of it, etc. for personal purposes on other resources is only permitted with the author’s verbal agreement.

Copyright (C) 2007 Blowout specially for https://ver.sc

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