Debit transfer system: Difference between revisions
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imported>Doug Williamson (Linked to The Treasurers Handbook - Payments and payment systems) |
imported>Doug Williamson (Classify page.) |
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Revision as of 17:46, 29 June 2022
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.