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Correspondent Account
A correspondent account is an account (often called a nostro or vostro account) established by a banking institution to receive deposits from, make payments on behalf of, or handle other financial transactions for another financial institution. Correspondent accounts are established through bilateral agreements between the two banks. Application Commonly, correspondent accounts are the accounts of foreign banks that require the ability to pay and receive the domestic currency. A bank will typically require correspondent accounts for holding currencies outside of jurisdictions where it has a branch or affiliate. This is because most central bank settlement systems do not register deposits or transfer funds to banks not doing business in their countries. With few exceptions, the actual funds held in any foreign currency account (whether for a bank or for its customer) are held in the bank's correspondent account in that currency's home country. Even where a bank has branches or aff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Barrel (unit)
A barrel is one of several units of volume applied in various contexts; there are dry barrels, fluid barrels (such as the U.K. beer barrel and U.S. beer barrel), oil barrels, and so forth. For historical reasons, the volumes of some barrel units are roughly double the volumes of others; volumes in common use range approximately from . In many connections, the term is used almost interchangeably with ''barrel''. Since medieval times, the term as a unit of measure has had various meanings throughout Europe, ranging from about 100 litres to about 1,000 litres. The name was derived in medieval times from the French , of unknown origin, but still in use, both in French and as derivations in many other languages, such as Italian, Polish, and Spanish. In most countries, such usage is obsolescent, having been superseded by SI units. As a result, the meaning of corresponding words and related concepts (vat, cask, keg etc.) in other languages often refers to a physical co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
USA PATRIOT Act/Title III
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five major island territories and various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's third-largest land area and third-largest population, exceeding 340 million. Its three largest metropolitan areas are New York, Los Angeles, and Chicago, and its three most populous states are California, Texas, and Florida. Paleo-Indians migrated from North Asia to North America over 12,000 years ago, and formed various civilizations. Spanish colonization led to the establishment in 1513 of Span ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Title 31 Of The United States Code
Title 31 of the United States Code outlines the role of the money and finance in the United States Code. Legislative history The title was codified September 13, 1982 as "Money and Finance", , . Contents The latest contents, as of on May 17, 2017. Subtitle I: General * : Definitions * : Department of the Treasury * : Office of Management and Budget * : Government Accountability Office * : Agency Chief Financial Officers Subtitle II: The Budget Process * : The Budget and Fiscal, Budget, and Program Information * : Appropriations * : Appropriation Accounting Subtitle III: Financial Management * : Public Debt * : Depositing, Keeping, and Paying Money * : Accounting and Collecting * : Claims * : Administrative Remedies for False Claims and Statements * : Prompt Payment: this chapter provides for interest penalties where a federal agency does not pay a business concern's invoice by its due date. Subtitle IV: Money * : Coins and Currency ** : Denominations, specif ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Informal Value Transfer System
An informal value transfer system (IVTS) is any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form. Informal value transfers generally take place outside of the conventional banking system through non-bank financial institutions or other business entities whose primary business activity may not be the transmission of money. The IVTS transactions occasionally interconnect with formal banking systems, such as through the use of bank accounts held by the IVTS operator. History An informal value transfer system is an alternative and unofficial remittance and banking system, that pre-dates current day modern banking systems. The systems were established as a means of settling accounts within villages and between villages. It existed as far back as over 4000 years ago and even more. Their use as global networks for financial tra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hundi
A hundi or hundee is a financial instrument that was developed in Medieval India for use in trade and credit transactions. Hundis are used as a form of remittance instrument to transfer money from place to place, as a form of credit instrument or IOU to borrow money and as a bill of exchange in trade transactions. The Reserve Bank of India describes the hundi as "an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order." History Hundis have a very long history in India. Written records show their use at least as far back as the Twelfth century. The merchant Banarasi Das belonging to the Digambara Jain Sect, born in 1586, received a hundi for 200 rupees from his father to enable him to borrow money to start trading. During the colonial era, the British Empire regarded the hundi system as indigenous or traditional, but not informal. They were reluctant to interfere with it as it formed such an important ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hawala
Hawala or hewala ( , meaning ''transfer'' or sometimes ''trust''), originating in India as havala (), also known as in Persian, and or in Somali, is a popular and informal value transfer system based on the performance and honour of a huge network of money brokers (known as ''hawaladars''). They operate outside of, or parallel to, traditional banking, financial channels and remittance systems. The system requires a minimum of two hawaladars that take care of the "transaction" without the movement of cash or telegraphic transfer. While hawaladars are spread throughout the world, they are primarily located in the Middle East, North Africa, the Horn of Africa and the Indian subcontinent. Hawala follows Islamic traditions, but its use is not limited to Muslims. Origins The hawala system originated in India. In 2003 Hawala as a legal concept was documented, finding evidence of Hawala reaching back to 1327, in a publication by Matthias Schramm and Markus Taube, with the titl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Bank Of New York Mellon
The Bank of New York Mellon Corporation, commonly known as BNY, is an American international financial services company headquartered in New York City. It was established in its current form in July 2007 by the merger of the Bank of New York and Mellon Financial Corporation. Through the lineage of Bank of New York, which was founded in 1784 by a group that included Alexander Hamilton, BNY is regarded as one of the three oldest banks in the United States and among the oldest in the world. It was the first company listed on the New York Stock Exchange. In 2024, it was ranked 130th on the ''Fortune'' 500 list of the largest U.S. corporations by total revenue. As of 2024, it is the 13th-largest bank in the United States by total assets and the 83rd-largest in the world. BNY is considered a systemically important financial institution by the Financial Stability Board. BNY provides a wide range of financial services, including asset management, custody and securities services, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of America
The Bank of America Corporation (Bank of America) (often abbreviated BofA or BoA) is an American multinational investment banking, investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina, with investment banking and auxiliary headquarters in Manhattan. The bank was founded by the merger of NationsBank and Bank of America (1904–1998), Bank of America in 1998. It is the List of largest banks in the United States, second-largest banking institution in the United States and the second-largest bank in the world by market capitalization, both after JPMorgan Chase. Bank of America is one of the Big Four (banking)#United States, Big Four banking institutions of the United States. and one of eight systemically important financial institutions in the US. It serves about 10 percent of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup, and Wells Fargo. Its primary financial se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Credit Suisse
Credit Suisse Group AG (, ) was a global Investment banking, investment bank and financial services firm founded and based in Switzerland. According to UBS, eventually Credit Suisse was to be fully integrated into UBS. While the integration was yet to be completed, both banks are operating separately. However, on May 31, 2024, it was announced that Credit Suisse ceased to exist. Headquartered in Zürich, as a standalone firm, it maintained offices in all major financial centres around the world and provided services in investment banking, private banking, asset management, and shared services. It was known for strict Bank secrecy, bank–client confidentiality and Banking in Switzerland, banking secrecy. The Financial Stability Board considered it to be a Systemically important financial institution, global systemically important bank. Credit Suisse was also a primary dealer and Forex counterparty of the Federal Reserve in the United States. Credit Suisse was founded in 185 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ING Group
ING Group N.V. () is a Dutch multinational corporation, multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$967.8 billion, it is one of the biggest banks in the world, and consistently ranks among the List of largest banks, largest banks globally. ING is the Dutch member of the Inter-Alpha Group of Banks, a co-operative consortium of 11 prominent European banks. Since in 2012, ING Bank is a member in the list of systemically important banks, list of global systemically important banks. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank. In 2020, ING had 53.2 million clients in more than 40 countries. Th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
