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Bank Wire |
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Bank wire A computer message system linking major banks. It is used not for effecting payments, but as a mechanism to advise the receiving bank of some action that has occurred, e.g., the payment by a customer of funds into that bank's account. Bank Wire 1. An electronic communications system between banks. Employees at banks use the bank wire to inform other banks that an activity or transaction has taken place. Important: It is not used to actually transfer funds. 2. See: Electronic funds transfer. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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