MANAGING THE RISKS OF PAYMENT SYSTEMS CHAPTER 2 pps

... (U.C.C.), discusses the operation, the governing law, and the risks of check systems. In the United States, before the automation of proof machines and clearing systems, checks were processed manually. Many ... debit to the Federal Reserve account of the sending bank and a credit to the Federal Reserve account of the receiving bank and is final when the Fed no...

Ngày tải lên: 02/07/2014, 16:21

... Management of Corporate Payment Systems Risks 20 1 Risk Management 20 1 Transaction Risk 20 2 Review of Contractual Risk Allocation 20 7 Managing Payment Systems Disruptions 20 8 Contacts 20 9 Payments ... and their counsel. Managing Wire Transfer Payment System Risks 21 2 Originator and Its Bank 21 2 Sending and Receiving Banks 21 3 Managing ACH Payment Sy...

Ngày tải lên: 02/07/2014, 16:21

... DEFINITIONS The drawer of the check is the customer of the bank. The drawer writes the check. The drawee is always the bank. The payee of the check is entitled to present the check for payment to the ... and the Risk of Fraud 23 3 Checks and the Risk of Fraud This chapter discusses the law of negotiable instruments, the application of the...

Ngày tải lên: 02/07/2014, 16:21

... payment orders.” The sender of the first payment order is the “originator,” and the first payment order is from the origi- nator to the originator’s bank. The ultimate recipient of the or payment date ... If the receiving bank is the beneficiary’s bank, the payment is due on the payment date under U.C.C. § 4A-4 02( b). 49. Official Comment 2 to U.C.C....

Ngày tải lên: 02/07/2014, 16:21

... accepts a payment order, the bank becomes obli- gated to pay the beneficiary the amount of the order. 21 Payment is due on the payment date of the order, the day when the order is payable to the beneficiary, 22 unless ... bank. The payment is not due until the payment date, but the obliga- tion is incurred upon the bank’s acceptance of the payme...

Ngày tải lên: 02/07/2014, 16:21

... Originator: Closing the Loop ACH Rule 4.4.4 requires the Receiver either (1) to credit the account of the Originator, as of the settlement date, with the amount of the entry credited to the Receiver’s ... a payment to the RDFI or the Receiver. The information must be provided by the opening of business on the second banking day following the Settlement Da...

Ngày tải lên: 02/07/2014, 16:21

... encrypts the digest, uti- lizing the private key of the sender. The encrypted digest is the “digital signature.” The recipient of the message then uses the public key of the sender to decrypt the ... significant advantage of the use of a purchase card as part of an electronic procurement system is the ability of the card to authenticate the originator...

Ngày tải lên: 02/07/2014, 16:21

... service offered. The risks of corporate payment systems are primarily and best managed by avoidance of risks preventing losses in the payment systems of both funds due to and due from the corpo- ration. ... well as to reduce the likelihood of the occurrence of the covered event. The goal of managing corporate payment systems risks is to ensure that...

Ngày tải lên: 02/07/2014, 16:21

... -28 - THE ADVENTURES OF TOM SAWYER CHAPTER 2 SATURDAY morning was come, and all the summer world was bright and fresh, and brimming with life. There was a song in every heart; and if the ... heart was young the music issued at the lips. There was cheer in every face and a spring in every step. The locust-trees were in bloom and the fragrance of the blossoms...

Ngày tải lên: 15/12/2013, 07:15

... back we cut along the path, around the garden fence, and by and by fetched up on the steep top of the hill the other side of the house. Tom said he slipped Jim's hat off of his head and ... We went to a clump of bushes, and Tom made everybody swear to keep the secret, and then showed them a hole in the hill, right in the thickest part of the bushes. Then...

Ngày tải lên: 15/12/2013, 09:15