Direct participant in an IFTS: Difference between revisions
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imported>Doug Williamson (Expand. Source BOE http://www.bankofengland.co.uk/markets/Pages/paymentsystem/accessaccounts.aspx) |
imported>Doug Williamson (Expand.) |
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A participant in an interbank funds transfer system (IFTS) which is responsible to the settlement agent (or to all other direct participants) for the settlement of its own payments, those of its customers, and those of the indirect participants on whose behalf it is settling. | A participant in an interbank funds transfer system (IFTS) which is responsible to the settlement agent (or to all other direct participants) for the settlement of its own payments, those of its customers, and those of the indirect participants on whose behalf it is settling. | ||
Direct participants hold | Direct participants hold reserves accounts for this purpose at the central bank. | ||
Revision as of 10:10, 15 August 2016
A participant in an interbank funds transfer system (IFTS) which is responsible to the settlement agent (or to all other direct participants) for the settlement of its own payments, those of its customers, and those of the indirect participants on whose behalf it is settling.
Direct participants hold reserves accounts for this purpose at the central bank.
