wire transfer


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wire transfer

Sending money electronically from one account to another. See EFT.
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Once the target emails have been identified, they hone in on them and monitor all of the emails between the parties, essentially eavesdropping as details of the bank accounts and wire transfers are discussed.
Brad Bennett, Executive Vice President and Chief of Enforcement, said, "Ameriprise and its affiliated clearing firm missed numerous supervisory red flags, including the fact that two of the wire transfers went to accounts in Guelinas' name.
The report concluded that if financial institutions do not take an active role in making improvements to the wire transfer system, payments that could benefit from the immediacy and finality of wire may default to the Automated Clearing House (ACH) instead.
Barakat Wire Transfer, however, is in a more precarious situation.
In a typical wire transfer, an "originator" issues a payment order to the "originators bank," instructing the payment of a certain sum to a named beneficiary.
It is important that the impact of any recordkeeping requirements for wire transfers be carefully assessed to ensure that they do not result in a degradation in the efficiency and attractiveness of the nation's large-dollar payment systems.
Other common wire transfer scams are those in which consumers are told to wire money in advance to guarantee an employment offer, loan, or credit card, or because a wire transfer is the only way to pay for items they bought on the Internet.
A business, or the "originator" of the wire transfer, issues an instruction ("a payment order") to its bank, which in turn instructs an intermediary bank, if necessary, or the bank of the intended recipient (the beneficiary") to pay or credit a fixed amount to the beneficiary on behalf of the originator.
In addition, Fiserv's wireXchange[TM] product, a flexible Web-based solution for completing end-to-end wire transfers, has been certified to use the new FedLine Direct(SM) Message access solution to deliver wire transfer services to its clients.
and head of the AFP Payments Advisory Group's wire transfer task force.
Altounian and his cohorts faxed phony wire transfer authorization letters to the bank and moved the money into a Wells Fargo Bank account, and from there, into a Bank of America account held by Altounian, the indictment said.
For privately held BankServ, which for years has served the nation's banks with more than a trillion dollars in secure wire transfer transactions to date, it opens up a whole new Fed wire transfer processing market, according to David F.