Interbank Settlement definition

Interbank Settlement means the settlement of accounts between the Originator Bank and the Beneficiary Bank through the use of Clearing and Settlement Mechanisms or Intermediaries as these are defined in the SEPA Credit Transfer Scheme Rulebook.
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Interbank Settlement means the transfer of funds between the bank of the originator and the bank of the beneficiary in relation to a payment transaction.
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Examples of Interbank Settlement in a sentence

  • Interbank Settlement: Settlement of accounts between Originator Bank and Beneficiary Bank through the Use of Clearing and Settlement Mechanisms or Intermediaries as same is defined in the SEPA Credit Transfer Scheme Rulebook.

  • In the event Developer fails to initiate or complete the repair or replacement of the defective or deficient Improvements to the City’s satisfaction within the time periods set forth in this Subsection F, the City may draw upon, as applicable, the Security or Warranty Collateral to complete the necessary repair or replacement; notwithstanding Section VIII below, the City shall not be required to provide Developer with additional written notice or a Cure Period prior to exercising this remedy.

  • Paragraph 2(tt), is amended by deleting the phrase “TARGET2”, the second generation Trans-European Automated Real Time Gross Settlement Express Transfer System”, and replace with “TISS”, Tanzania Interbank Settlement System”.

  • A Reject occurs when a credit transfer is not accepted for normal execution before Interbank Settlement i.e. settlement between the Originator Bank and the Beneficiary Bank.