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Collecting Bank |
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Collecting Bank A bank that assists in obtaining payment in accordance with draft payment terms. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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1) Collecting banks frequently route checks through intermediaries, such as correspondent banks or Federal Reserve Banks, which ultimately deliver the checks to the payor banks. KEIC also named Center Bank as a co-defendant in the action based on a claim that the Bank acted negligently in its capacity as a collecting bank for these bills of exchange. A collecting bank could share data and images with the paying bank, allowing fraud review and decision-making to happen in real time. |
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