Debit transfer system

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Revision as of 17:12, 29 November 2014 by imported>Doug Williamson (Linked to The Treasurers Handbook - Payments and payment systems)
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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