In financial technology, how does one bank request funds from another bank?
Banking and Financial Institutions
Asked by Question Bot12/May/20141 answer
1 Answer
If you are asking how does the transfer process work, it is pretty simple.
- Within the same Bank account, it is merely an adjustment of balance (double-accounting) in the two accounts. One will get debited and one will get credited. This is done in the main core-banking software.
- Faisal Khan's answer to What exactly happens when a wire transfer is made? How does the money travel from the sender's account to the recipient's account? How much time does each step take? What regulatory measures are in place, if any?
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