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bank |
Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Idioms, Wikipedia, Hutchinson | 0.04 sec. |
bankInstitution that deals in money and its substitutes and provides other financial services. Banks accept deposits and make loans and derive a profit from the difference in the interest paid to lenders (depositors) and charged to borrowers, respectively. They also profit from fees charged for services. The three major classes of banks are commercial banks, investment banks, and central banks. Banking depends entirely on public confidence in the system's soundness; no bank could pay all its depositors should they simultaneously demand cash, as may happen in a panic. See also credit union; Federal Reserve System; savings and loan association; savings bank. An arrangement of identical hardware components. |
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| With the completion of S1 Personal Banking, S1 Business Banking and S1 Corporate Banking on the same platform, banks and their customers enjoy best of breed solutions on a shared infrastructure, which provides a common experience for bank staff and bank clients in any segment. |
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