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Money is a business document. Wire transfer of money is recognized in the banking industry worldwide. Irrespective of the banks being used, wire transfer is
Money is a business document. Wire transfer of money is recognized in the banking industry worldwide. Irrespective of the banks being used, wire transfer is a standardized process that the banking industry recognizes and accepts. In a wire transfer, the involved banks know from which account the money is sent and when date and time it was sent. Like so the involved banks also know to which account the money was deposited and the date & time of the deposit. Generalizing this further, while keeping a record of all submission and receipt details, the following facilitates the digital transfer of business documents across organizations in an industryrecognized manner: Electronic Data Interchange EDI Electronic Information Exchange EIX Business Digital Information Capture BDIC ClarkFisher Data Exchange CFDE Hierarchy of exchange in the Maslows Pyramid HXMP
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