Download Managing the Risks of Payments Systems by Paul S. Turner PDF

By Paul S. Turner

Presents a finished review of resources of company probability and significant regulate measures.

  • Identifies hazards inherent in company funds systems.
  • Shows how you can verify credits chance, boost guidelines, and keep watch over the total probability administration process.

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Additional info for Managing the Risks of Payments Systems

Example text

To XYZ Corp. If XYZ Corp. , 27 Checks and the Risk of Fraud XYZ Corp. , for two reasons. First, XYZ Corp. is entitled to payment of the trade indebtedness in the underlying transaction for the sale of merchandise. Second, XYZ Corp. is entitled to payment on the draft. As noted earlier, the payee of a draft is entitled to payment from the drawer when the drawee declines to pay it. Assume, however, that the merchandise that XYZ Corp. delivered to ABC Inc. was not the merchandise that ABC Inc. had ordered.

ABC Inc. ’s breach of its obligation under the sales contract as a defense to its obligation as drawer to pay XYZ Corp. as the payee of the draft. If the check has not yet been presented to the bank, ABC Inc. can contact the bank and ask the drawee not to pay the draft upon presentment—in other words, the drawer can ask the drawee to stop payment on the check. • What if the draft has been negotiated? Suppose that XYZ Corp. has agreed to sell merchandise to ABC Inc. for $100,000. To pay for the merchandise, ABC Inc.

The receiving bank acknowledges the message and pays the beneficiary. SWIFT is a communication system only and does not play any part in the settlement between sending and receiving banks. Settlement is typically achieved by debits and credits to “due from” or “nostro” accounts, and “due to” or “vostro” accounts, maintained by the sending and receiving banks if the banks have a correspondent relationship. If the banks do not have a correspondent relationship, intermediary banks that maintain “due from” and “due to” accounts for the sending and receiving banks may be used for settlement.

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