Bank Mandate

Bank Mandate

1. A document issued by a bank to another bank requesting that the second bank allow a customer to open an account, conduct transactions and generally receive privileges as if he/she were an existing account holder.

2. A standardized, contractual agreement outlining the rights and responsibilities a bank and a customer have toward each other. The bank prepares the bank mandate and periodically updates it.
References in periodicals archive ?
John McDonnell, finance spokesperson for the UK's opposition Labour Party, said that the party would like to review the nation's central bank mandate.
In recent months, it has hosted a number of well-attended events in partnership with Newcastle University Business School, tackling everything from corporate governance to bank mandate fraud.
That means the core central bank mandate to keep inflation under check has gotten easier, across the board.
And he said that a due diligence test on the banks carried out by investment experts PIMCO with a Central Bank mandate was saddled with "non realistic " assumptions that raised the banks' estimated needs.
Abbas, with his truncated West Bank mandate, is too beholden to Israel and the United States to close the door on rapprochement.
The standing order bank mandate is for a NatWest branch in nearby Brighton, from where many of the frauds of this type emanate.
He was also shown a NatWest Bank mandate giving him authority to sign for the accounts and carrying his signature, but he said he could not remember agreeing to it.
In December 1991 she signed a bank mandate giving Angela Entwistle, Mr Ashcroft's personal assistant, the authority to sign cheques on her four accounts held with the Bank of Scotland.
APARTNER in The Journal's Pay Fair campaign is to host an event to help companies tackle the threat of bank mandate fraud.
Clients receive support from the initiation of the bank mandate process through to the testing and configuration of each bank connection.
Global Banking News-24 July 2009-Standard Chartered unit wins Euroclear Bank mandate in Korea(C)2009 ENPublishing - http://www.
PORTLAND, Maine -- Speranza Systems, an innovator in web based solutions for global bank account, bank mandate and bank relationship management, today announced that Masco Corporation (NYSE:MAS), one of the world's leading manufacturers of home improvement and building products with such well known brands as Delta Faucets, Behr Paints and Merillat Cabinets, as well as a leading provider of installation services and various building products will utilize the Speranza Command Center.