Debit transfer system

Funds transfer.

A funds transfer system in which debit collection orders made or authorised by the payor move from the bank of the payee to the bank of the payor and result in a charge (debit) to the account of the payor; for example cheque-based systems are typical debit transfer systems.

Also known as Debit collection system.

See also

• Cheque
• Credit transfer
• Credit transfer system
• Debit
• Payee
• Payments and payment systems
• Payor
• Transfer
• Transfer system