BizTerm Definition
Bank
Full Definition

1. An ISO term. A financial institution authorized or chartered by its national regulatory authority to be designated as a bank. 2. In finance this normallmeans: 1. Credit institutions; 2. mortgage institutions; 3. foreign central banks, and 4. multilateral development banks. See also Banking affiliates and consolidated... ... 3. Relationship with a bank on the receiving side and through which reimbursement will be effected. Field number 53s in a SWIFT transfer. 4. For the Receiver of a funds transfer message, i.e. where funds are available for the Receiver. Field number 54s in a SWIFT transfer. See also ordering bank, sending bank, account with bank, senders correspondent bank, correspondent bank, intermediary bank, receivers correspondent bank, receiving bank, beneficiary bank, central bank, drawer bank, loro and nostro.


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