Ft beneficiary meaning

A Funds Transfer (FT) contract is a transaction whereby funds are moved from the account of one party (called the remitter) to another party (called the beneficiary).

1. What does mobile channel FT mean?
2. What is the full form of FT Electronic Fund Transfer?
3. What is the meaning of beneficiary account?
4. What is a fund transfer order?

What does mobile channel FT mean?

Mobile channel FT payment stands for “funds transfer” mobile payment, wherein funds are moved from the account of one party (the remitter) to the account of another (the beneficiary). The reference “mobile channel FT” on a bank statement means that the funds have been made using a mobile banking app.

What is the full form of FT Electronic Fund Transfer?

1. What is an EFT payment? An electronic funds transfer (EFT), or direct deposit, is a digital movement of money from one bank account to another. These transfers take place independently from bank employees. As a digital transaction, there is no need for paper documents.

What is the meaning of beneficiary account?

A beneficiary account is also a type of saving account where funds are transferred to someone when the owner passes away. So, in simple words, the beneficiary would be the person/s who will receive your funds after you pass away. This is what is beneficiary account.

What is a fund transfer order?

(a) "Funds transfer" means the series of transactions, beginning with the originator's payment order, made for the purpose of making payment to the beneficiary of the order. The term includes any payment order issued by the originator's bank or an intermediary bank intended to carry out the originator's payment order.