Bank Wire
An electronic message system allowing major banks to communicate various actions or occurrences regarding client accounts. The wire represents a secure computerized messaging system that sends account information, notifications and transaction requests between banks. Investopedia Says:
While the bank wire does not affect actual transfer payments, such as a wire transfer, it will provide the financial institutions with knowledge of such events. For example, the purpose of a bank wire would be to notify a bank if a client has deposited funds into its account. Related Terms:
Bank
Fedwire
Wire Fraud
Wire House
Wire Transfer |