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Glossary Term: BANK WIRE

Definition(s) for BANK WIRE:


1. ) A computer message system linking major banks. It is a mechanism developed to advise the receiving bank of some action that has occurred, e.g., the payment by a customer of funds into that bank's account.

2. ) An electronic communications network owned by an association of banks and used to transfer messages between subscribing banks. Bankwire also offers a clearing service called Cashwire that includes a settlement facility. See also Fedwire.



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