Debit transfer system

From ACT Wiki
Jump to: navigation, search

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