Text 30985, 64 rader
Skriven 2009-04-08 18:02:35 av Roy Witt (1:397/22)
  Kommentar till text 30967 av Robert Bashe (2:2448/44)
Ärende: Changes
===============
08 Apr 09 11:28, Robert Bashe wrote to Roy Witt:


 RW>>>> Chicago last week. It was a direct deposit transfer.

 WD>>> How primitive ...

 RW>> LOL! It's the identical wire transfer system as used in the EU.
 RW>> Instead, ours has Federal Reserve System written all over it.

 RB> You write LOL and then go on to correct your own claim.

No, I in fact corrected Dossche's ignorance, as I explained above.

 RB> Nothing like Fedwire here in the EU, and...

Well Duhhhh!! Fedwire is merely the name under which we know it here. It
works identically to what you and Dossche use and have been saying yours
is somehow superior to ours. One can't be superior to another when they
work identically.

 RW>> ... Whereas you guys use SWIFT exclusively to transfer funds, we use
 RW>> Fedwire for domestic transfers and SWIFT for payments to other
 RW>> countries.

 RB> SWIFT only defines the account and the holder, whereas BIC is the
 RB> Bank Identification Code and must also be specified (except in
 RB> specific countries, where the account number is adequate).

Fedwire uses BIC as well.

 RB> And actually, the SWIFT/BIC codes are used not only for inter-EU
 RB> transfer, but are good throughout the world, even in the USA.

That's what I said. The BIC in Fedwire is also the bank address via wire.

 RB> The only thing special about using them in an EU account-to-account
 RB> transfer is that the cost of the international transfer may not
 RB> exceed the cost of a donmestic transfer, which in Germany means the
 RB> cost is generally zero. If I remember correctly, that applies to
 RB> transfers of up to EUR 25,000.

 RW>> PS - Fedwire is a 'Real Time Gross Settlement Funds Transfer' system
 RW>> operated by the Federal Reserve Banks that enables financial
 RW>> institutions to electronically transfer funds between its more than
 RW>> 9,289 participants (as of March 19, 2009).

 RW>> In conjunction with the privately held 'Clearing House Interbank
 RW>> Payments System' (CHIPS), Fedwire is the primary United States
 RW>> network for large-value or time-critical domestic and international
 RW>> payments, and it is designed to be highly resilient and redundant.
 RW>> The average daily value of transfers over the Fedwire Funds Service
 RW>> in 2007 was approximately $2.7 trillion, and the daily average
 RW>> number of payments was about $537,000.

 RB> Intresting. Never heard of this, and thanks for the explanation.

                R\%/itt




--- Twit(t) Filter v2.1 (C) 2000
 * Origin: SATX Alamo Area Net * South * Texas, USA * (1:397/22)