Large Interbank payments are effected through \u00a0special presentation of cheques (now rare) or through instantaneous real time gross settlement. Payments are made gross.\u00a0 It is operated by the Irish Real Time Interbank Settlement Company Limited.\u00a0 Settlement is through the accounts at the Central Bank.<\/p>\n
Most international transfers are effected by the Society of Worldwide Interbank Financial Telecommunications (\u201cSWIFT\u201d).\u00a0 This is maintained by financial institutions throughout the world.\u00a0 It is a communications network rather than a clearing system. The EU has been behind the creation of TARGET, the Trans European Automated Real time Gross settlement Express Transfer system.<\/p>\n
A transfer comprises a number of distinct transactions, rather than an actual transfer of funds.\u00a0 The debtor instructs his bank to pay creditor to transfer funds.\u00a0 The debtor\u2019s bank communicates with the creditor\u2019s bank to arrange creditor\u2019s bank to collect the funds so that they are at the disposal of the creditor.<\/p>\n
The banks deal with each other for the purpose of settlement. \u00a0Each bank deals with its respective customer but they have duties of care to the third parties although this is debatable.<\/p>\n
Settlement may occur through intermediaries.\u00a0 The debtors and creditors bank made deal directly if they are both members of the same clearing system.\u00a0 Otherwise they will act through intermediaries.<\/p>\n\n
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Funds Transfers A funds transfer is a direction by the customer to the bank to make the requisite transfer.\u00a0 The legal position depends on the underlying contract, as well as the mandatory terms protective of consumers in the Payment Services Regulations. The credit institution is obliged obey the payer\u2019s proper instructions.\u00a0 They must act with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/574"}],"collection":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/comments?post=574"}],"version-history":[{"count":3,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/574\/revisions"}],"predecessor-version":[{"id":585,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/posts\/574\/revisions\/585"}],"wp:attachment":[{"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/media?parent=574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/categories?post=574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalblog.ie\/wp-json\/wp\/v2\/tags?post=574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}