WebAm I an ‘Ordering Institution’? If you are the first money remitter involved in receiving the funds from the person that is sending them, together with an authority or instruction to transfer them to the beneficiary, you are the Ordering Institution [4] [4]. WebApr 12, 2024 · institution in British English (ˌɪnstɪˈtjuːʃən ) noun 1. the act of instituting 2. an organization or establishment founded for a specific purpose, such as a hospital, church, company, or college 3. the building where such an organization is situated 4. an established custom, law, or relationship in a society or community 5.
Ordering - definition of ordering by The Free Dictionary
WebDec 9, 2024 · the sender (if the sender is not the ordering institution) – the financial institution that transmits the instruction to the beneficiary institution. This is often the ordering institution, but not always. the beneficiary institution – the financial institution that receives the instruction and makes the money available to the payee; the ... WebSep 30, 2024 · Definition. Outside the field of sociology, people often use the term "social order" to refer to a state of stability and consensus that exists in the absence of chaos and upheaval. Sociologists, however, have a more complex understanding of the term. Within the field, it refers to the organization of many interrelated parts of a society. portsdown furniture portsmouth
2. Funds Transfer - An Overview - Oracle
Webbeneficiary institution, in relation to a wire transfer from an ordering institution, means any person who receives those funds and then makes those funds available to a person (the payee) by— (a) crediting it to an account held by the payee; or WebOrdering Institution This is the financial house that is approached by an ordering customer to initiate the funds transfer contract. The institution processes the funds transfer contract on behalf of the ordering customer. Our Correspondent WebThe term “electronic fund transfer” or “EFT” means any transfer of funds that is initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account. 12 CFR 1005.3(b)(1). portsdown group doctors