The move will help the bank to extend its US Dollar Express Wire for Asia services, which will allow faster execution of US Dollar payments by sending transactions to the beneficiary bank in Asia without loss of time.
What does BBK stand for?
BBK stands for Beneficiary Bank
This definition appears frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of BBK
We have 31 other meanings of BBK in our Acronym Attic
- Brass Band Junior Valaisan (Valais, Switzerland)
- Back Behind Keyboard (internet slang)
- Bandar Baru Klang (township; Malaysia)
- Bank of Bahrain and Kuwait
- Bank of Bilbao (Spain)
- Barclays Bank of Kenya
- Basketball Baseball Kickball (game)
- BB King (blues artist)
- Be Back Ok?
- Beatbox Kids (gang)
- Benkard Bario Kings (gang)
- Bibliothekarisch Bibliographische Klassifikation (German)
- Big Brake Kit
- Bilateral Below Knee (amputation)
- Bilbao Bizkaia Kutxa (Bank of Bilbao, Spain)
- Birkbeck College (University of London; England, UK)
- Boy Better Know (band)
- Brauner-Briggs-Klar (wave function in atom-electron scattering)
- British Born Killers (gaming clan)
- Bundesamt für Bevölkerungsschutz und Katastrophenhilfe (German)
Samples in periodicals archive:
Directly moving the money to beneficiary bank accounts also leaves a clear paper trail that can be examined, minimising the potential for a percentage of the money to ' disappear' along the way.
While transactions pertaining to Axis Bank accounts would be credited instantly, the ones pertaining to non-Axis Bank accounts would be processed on real time basis and the final credit to beneficiary accounts shall take one to two working days depending on the respective beneficiary banks.
In light of these discussions, it appears that 1-Link has issued schedule of charges periodically to its member banks and taken decisions to fix interchange fee paid by issuer bank to acquirer bank in respect of ATM cash-withdrawal services, interchange fee paid by sending bank to beneficiary bank in respect of IBFT services and bill payee bank fee in respect of UBPS and also the rates of ATM cash withdrawal and UBPS charges to be paid by the customers of member banks.
In light of these discussions, it appears that 1-Link has issued schedule of charges periodically to its member banks and taken decisions to fix interchange fee paid by issuer bank to acquirer bank in respect of ATM cash-withdrawal services, interchange fee paid by sending bank to beneficiary bank in respect of IBFT services and bill payee bank fee in respect of UBPS and also the rates of ATM cash withdrawal and UBPS charges to be paid by the customers of member banks Fixing interchange fee, and maintaining uniform rates to be charged from customers in respect of inter-bank ATM transactions deprives banks to individually bargain or negotiate these rates based on their own business dynamics.
However, in cases where the money is released to an incorrect beneficiary because a sender provided the wrong account details, Lloyds TSB said the remitting bank would work with the beneficiary bank to try to get the funds remitted back to the sender.
This will eliminate these payments being rejected by the beneficiary bank resulting in delays for the customer.
The remitting customer needs to furnish the following information for effecting NEFT remittance: Within hours Amount to be remitted, name of the beneficiary bank and branch, name of the beneficiary customer, core banking account number of beneficiary customer, and the IFSC code of the receiving branch, if available with the customer Akber Mustafa Sultan, managing director of Mustafa Sultan Enterprises, inaugurated formally launched the 'SBI NEFT', in the presence of Shabbir Mustafa Sultan, director; Minoo Saher, Group CEO and Sudhir Naik, Group CFO.