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In banking and finance, clearing refers to all activities from the time a commitment is made for a transaction until it is settled.This process turns the promise of payment (for example, in the form of a cheque or electronic payment request) into the actual movement of money from one account to another.
The FirstRand Group was established in 1998, by the merger of First National Bank of South Africa, Rand Merchant Bank and Momentum Insurance & Asset Management. FirstRand is listed as a "locally controlled bank" by the South African Reserve Bank , the national banking regulator. [ 8 ]
Demand deposits are usually considered part of the narrowly defined money supply, as they can be used, via checks and drafts, as a means of payment for goods and services and to settle debts. The money supply of a country is usually defined to consist of currency plus demand deposits.
Online Banking ePayments (OBeP) is a type of payments network, developed by the banking industry in conjunction with technology providers. It is specifically designed to address the unique requirements of payments made via the Internet. [1] Key aspects of OBeP that distinguish it from other online payments systems are:
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit ...
Example of a checking account statement for a fictional bank. A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are numbered and indicate the period covered ...
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Farmers National Bank (disambiguation) First National Bank (disambiguation) First Nations Bank of Canada; First Niagara Bank, an American bank; Florida National Bank, an American bank; FNB Corporation, an American financial services corporation; FNB United Corp., an American bank holding company