Bank Wire

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Dictionary Says

Definition of '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

Investopedia explains 'Bank Wire'

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.

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