n Tydskrif vir die Suid-Afrikaanse Reg - The beneficiary's bank and beneficiary described by name and number : liability chain and liability standard in wire transfers (part 1)
|Article Title||The beneficiary's bank and beneficiary described by name and number : liability chain and liability standard in wire transfers (part 1)|
|© Publisher:||Juta Law Publishing|
|Journal||Tydskrif vir die Suid-Afrikaanse Reg|
|Publication Date||Jan 2004|
|Pages||1 - 19|
ISI Social Science
The wire transfer is a species of a credit transfer, or in the American terminology, funds transfer. A credit (or funds) transfer is a payment transaction under which the payor "pushes" funds from the payor's account to that of the payee. It is to be contrasted with the debit transfer, such as the cheque collection, in which the payee, acting under the payor's authority, collects or "pulls" funds to the payee's account, from that of the "payor". While a credit transfer is initiated by the payor's instructions to the payor's bank, a debit transfer is initiated by the payee's instructions, acting under the payor's authority, to the payee's bank. So far as entries are posted to accounts of parties, a credit transfer (or "credit push") commences with a debit to the payor's account and concludes with a credit to the payee's account. This is the reverse of the banking operation in a debit transfer (or "debit pull") where the process commences with a credit (albeit provisional) to the payee's account and concludes with a debit to the payor's account.
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