Bank Wire
Definition
- An electronic money transfer system used to move funds between banks.
Synonyms
electronic transfer, wire transfer, money transfer, wire payment
Related Terms and Acronyms
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Electronic Funds Transfer (EFT) — Acronym, Important,
- The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
➥ Also known as e-Transfer. - Large Value Transfer System (LVTS) — Acronym,
- System being created by the Canadian Payments Association that will settle large value payments, possibly $50,000 and over, at the central bank on a same-day basis.
- Settlement Points — Definition,
- Regional collection points in the clearing and settlement system operated by the Canadian Payments Association. Settlement points forward each bank's regional balance to the Bank of Canada in Ottawa at the end of each day to allow the central bank to adjust the banks' balances with the central bank.
