We have perfected debiting bank accounts in one country and crediting in another country with USD settlement.
Funds clear the same or next business day, depending on the time at processing.
Our Federal Reserve instruments are for the B2B market place as well as for the B2C. Paymasters Group is instrumental in assisting the transfers of monies using the eCheck System: ‘International Authorized Debit Instruments’.
This method of transferring money is used in substitution to wire transfers which in today’s market place is easier and more convenient. The security of this method of transfer is very high since both the depositing bank and receiving bank obtain prior notification of the financial transaction days before it occurs, allowing ample time for OFAC and Patriot Acts to be executed by the time monies are disbursed.
Recurring transactions are much faster and easier since the Customer Bank) already has in place the Debit Authorization on file by the account owner.