Glossary

Correspondent Banking

A relationship entered into between a small bank and a big bank in which the big bank provides a number of deposit, lending, and other services.

Related Terms

  • Electronic Funds Transfer (EFT)

    Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. An EFT is the electronic exchange or transfer of money from one account to another, either within the same...

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  • Web Services

    Web service is part of a SOAP architecture and is defined as "a software system designed to support interoperable machine-to-machine communication”.

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