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A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks.
For example, some U.S. banks merely request a copy of signature cards completed by the payable through customers (the customer of the foreign financial institution). These U.S. banks then process thousands of sub-accountholder checks and other transactions, including currency deposits, through the foreign financial institution's PTA.
A vostro is our account of other bank / "Foreign Bank's" money, held by us (by your country's bank) A vostro account is a record of money held by a bank or owed to a bank by a third party (an individual, company or bank). The nostro account is a way of keeping track of how much of the bank’s money is being held by the other bank. This is ...
A nested transaction is a database transaction that is started by an instruction within the scope of an already started transaction. Nested transactions are implemented differently in different databases. However, they have in common that the changes are not made visible to any unrelated transactions until the outermost transaction has committed.
It does this by ensuring that the seller is paid for presenting the documents which are specified in the contract for sale between the buyer and the seller. That is to say, a letter of credit is a payment method used to discharge the legal obligations for payment from the buyer to the seller, by having a bank pay the seller directly.
In an RTGS system, transactions are settled across accounts held at a central bank on a continuous gross basis. The settlement is immediate, final, and irrevocable. Credit risks due to settlement lags are eliminated. The best RTGS national payment systems cover up to 95% of high-value transactions within the national monetary market.
The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to e-commerce —a payment for buying and selling goods or services offered through the Internet, or broadly to any type of electronic ...
As a result, the term “corresponding member” has changed its initial meaning. Presently, in the most of academies where a corresponding membership exists, this is, in fact, a membership of the lower level, as compared to the full members called academicians .