Funds Transfer System

A funds transfer system refers to any network or communication system utilized to transmit payment orders between banks or other financial institutions. These systems are essential for facilitating the movement of money both domestically and internationally, ensuring that transactions are executed efficiently and securely.

Key examples of funds transfer systems include:

These systems are not only fundamental to the operations of banks but also support commerce and personal finance by ensuring money flows freely and securely across borders and within nations. They are governed by regulations and standards to protect the integrity of the financial system and the security of transaction data.