Managing the Risks of Payments Systems by Paul S. Turner

By Paul S. Turner

Presents a finished evaluation of resources of company hazard and significant keep watch over measures.

  • Identifies dangers inherent in company funds systems.
  • Shows tips on how to investigate credits probability, enhance regulations, and keep an eye on the whole possibility administration process.

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Extra info for Managing the Risks of Payments Systems

Example text

A restrictive endorsement limits payment to a particular person or prohibits further transfer or negotiation of the check. The endorsement “Pay to Josephine Jones” (instead of “to the order of Josephine Jones”) or “For Deposit Only to Account #12345678” is a restrictive endorsement. A special endorsement cannot eliminate the risk that the check will become bearer paper by reason of a subsequent transfer. Suppose, for example, that XYZ Corp. ” The endorsement is a special endorsement because only Ajax is entitled to enforce the check by negotiating it or presenting it for payment.

Depository institutions use Fedwire to transfer funds to correspondent banks and to send wire transfers of their customers’ funds to other institutions. Transfers on behalf of bank customers include funds used in the purchase or sale of government securities, deposits, and other large, time-sensitive payments. The Treasury and other federal agencies use Fedwire extensively to disburse and collect funds. All Fedwire transfers are completed on the day they are initiated. The transfer is accomplished by a debit to the Federal Reserve account of the sending bank and a credit to the Federal Reserve account of the receiving bank and is final when the Fed notifies the receiving institution of the Fedwire credit to its account.

Is entitled to payment of the trade indebtedness in the underlying transaction for the sale of merchandise. Second, XYZ Corp. is entitled to payment on the draft. As noted earlier, the payee of a draft is entitled to payment from the drawer when the drawee declines to pay it. Assume, however, that the merchandise that XYZ Corp. delivered to ABC Inc. was not the merchandise that ABC Inc. had ordered. ABC Inc. ’s breach of its obligation under the sales contract as a defense to its obligation as drawer to pay XYZ Corp.

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