Related Definitions Priority of Payment means the order in which payments are made to the "Lead Lender" and to the "Lender".
How long does a priority payment take?
Within EU or EEA your beneficiary will normally receive the money within 2 working days and up to 4 working days if outside EU.
What is priority payment CBA?
Priority payments enable you to make urgent same day payment to any Australian financial institution. The cut-off time for crediting a CBA account is 7pm (Sydney time). When crediting other financial institutions, the cut- off time is 4pm (Sydney time). These times are subject to variation.
Who owns priority payment systems?
Priority Technology Holdings
What is the purpose of payment systems?
Payment systems are essential to the effective functioning of financial systems worldwide. They provide the channels through which funds are transferred among banks and other institutions to discharge payment obligations arising from economic and financial transactions across the entire economy.
What are the advantages of payment systems?
- It saves time.
- It's more efficient.
- It takes cash out of the equation.
- It's more secure.
- It generates more revenue.
- It's easier to administer.
- There's a certainty of payment.
- It saves even more time.