BankWire Law and Legal Definition
A bank wire is an electronic communications message network developed by an association of banks to communicate information between members of the association. Advantages of bank wire network are :
speedy transfer of funds;
reports security transactions;
quotes the payment and nonpayment of items; and
gives credit information on individuals and organizations.
However, the system is not used to send actual payments. The system is used to inform banks in the association about the movement of certain funds affecting a particular bank's account. Bank Wire offers a clearing service called Cash Wire. Cash wire provides a settlement facility.
