MANAGING THE RISKS OF PAYMENT SYSTEMS CHAPTER 6 pot

... Exhibit 6. 3; the ACH Operator in the region where the transfer originates is a Federal Reserve Bank. The instructions from the ODFI in the case of the transfers shown in Exhibits 6. 1, 6. 2, and 6. 3 ... 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...

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 ... by deducting them from the amount of the payment order issued by the executing bank. If that is done, the amount of the payment order accepted by...

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

... financial professionals still need to understand the risks of the check system as well as the risks of the paperless payment systems. It is hoped that this book will contribute to the reader’s ... to the consumer’s account. (See Chapter 6 for a discussion of ACH debit entries to consumer accounts.) Chapter 2 of this book contains a broad survey of the vari...

Ngày tải lên: 02/07/2014, 16:21

... (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

... 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 ... “Bounces”? If the bank “dishonors” a check— refuses to pay it the “suspension” of the obligation of the drawer to the payee stops and the holder...

Ngày tải lên: 02/07/2014, 16:21

... bank. The payment is not due until the payment date, but the obliga- tion is incurred upon the bank’s acceptance of the payment order. 31 At the same time, the obligation of the originator to the beneficiary ... day of the bank following the payment date, • Within one hour after the opening of the day described in the first deadline, or • Within one...

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

... rafter and the clapboards of the roof. I greased it up and went to work. There was an old horse-blanket nailed against the logs at the far end of the cabin behind the table, to keep the wind ... and there. He hopped around the cabin considerable, first on one leg and then on the other, holding first one shin and then the other one, and at last he let out with his le...

Ngày tải lên: 15/12/2013, 09:15

... time the dental instruments were ready. The old lady made one end of the silk thread fast to Tom's tooth with a loop and tied the other to the bedpost. Then she seized the chunk of fire ... crossroads in the dark of the moon, and then you burn up the rest of the bean. You see that piece that's got the blood on it will keep drawing and drawing, trying...

Ngày tải lên: 24/12/2013, 14:16