WORLD OF FIs
Is an institution that provides financial services for its clients or members.
Financial Institutions
A BIC can have a length of?
8 TO 11
DEUTDEFF
DEUTSCHE BANK AG
Financial Institutions' lending activities add value for ING on a multiple level.
Lending Services
If a payment does not meet these standards then the payment will need to be repaired in order to be able to process the payment further
NSTP (Non Straight Through Payments)
Facilitates international transfer of payments between banks. Most banks are purely oriented towards managing the domestic needs of their client base, be that retail, corporate or a mix of the two.
Intermediary Bank/Correspondent Bank
SWIFT is an acronym of?
Society for Worldwide Interbank Financial Telecommunications
CHASUS33
J.P. Morgan Chase US
Responsible for overall client relationships, represents ING as the primary contact person.
Relationship Management/CSD
This is the date on which an account holder can have use of the funds on their account.
Value Date
The transfer of an item of value from one party.
Payment
Types of Charges in Field 71A
OUR, SHA, and BEN
OWHBDEFF
VTB BANK DETUSCHLAND AG
Trade government bonds and credits for the books of our banking clients as well as the funds of the asset managers.
Arises where a receiving bank receives value on a day later than the date agreed.
Back Valuation
An FI sends a payment instruction for credit to a retail or corporate client on ING’s books.
Incoming Payment
Agreement is managed by SWIFT and this is checked when one bank sends a SWIFT message to another bank
RMA (Relationship Management Application)
BCMRMXMM
BBVA BANCOMER SA
Manages internal accounts and ensures liquidity for internal accounts.
Internal Reconciliation
SEPA is an acronym of?
Single Euro Payments Area
This is an uncommitted and unconfirmed limit that is provided to an FI for easing the through flow of their payments during the business day. The FI is not told what the amount is and there are no guarantees associated with this amount, hence the description as “uncommitted and unconfirmed”.
Intra Day Credit Limit
ING bought BANK BRUSSELS LAMBERT SA and kept the original BIC since it was being used by clients.
Why does the ING BE BIC Begin with BBRU instead of INGB?
TGBPUS3W
WESTERN UNION BUSINESS SOLUTIONS US
Managing the ING reciprocity envelope for HVA transactions.
FIEFA/LMI
Is the practice of holding on to payment instructions received and releasing them at a point in time in the future.
Warehousing