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Scheck-Wechsel-Verfahren

English translation: note on kiting

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05:29 Jan 30, 2001
German to English translations [Non-PRO]
Bus/Financial
German term or phrase: Scheck-Wechsel-Verfahren
Method of payment; I know that one is a check and the other a bill of exchange, but is there an English term for the whole thing?
Birgit
English translation:note on kiting
Explanation:
This is of course going to depend on your context, but I would like to urge caution in the use of any form of the word kite. Here is a definition of "kiting" from an auditing textbook:
"Many businesses maintain checking accounts with a number of banks and often find it necessary to transfer funds from one bank to another. When a check drawn on one bank is deposited in another, several days (called the float period) usually pass before the check clears the bank on which it is drawn. During this period, the amount of the check is included in the balance on deposit at both banks. Kiting refers to manipulations that utilize such temporarily overstated bank balances to conceal a cash shortage or meet short-term cash needs."
Then again, maybe this is exactly what you're looking for. I had not heard it referred to as kite flying before, but that term seems to fit in with the above definition as well.
Good luck!


Selected response from:

Beth Kantus
United States
Local time: 16:18
Grading comment
Thanks for the comprehensive explanation - I do think this floating period is what they refer to; I have, however, just used the plain term that I had looked up as it is within a contract, hence I feel this highly specific term would be a little too much...
4 KudoZ points were awarded for this answer

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Summary of answers provided
nachecking and bill of exchange transactions
Parrot
nanote on kitingBeth Kantus
nakite flying
Mats Wiman


  

Answers


9 hrs
kite flying


Explanation:
Scheck-Wechsel-Verfahren is normally called 'Wechsel-Scheck-Verfahren' or 'Wechselreiterei' (literally=bill of exchange riding' (Swedish: växelrytteri)) which has taken the form 'kite flying' (literally='Drachenfliegen')


    Reference: http://europa.eu.int/eurodicautom/
Mats Wiman
Sweden
Local time: 22:18
Native speaker of: Native in SwedishSwedish
PRO pts in pair: 1498
Login to enter a peer comment (or grade)

9 hrs
note on kiting


Explanation:
This is of course going to depend on your context, but I would like to urge caution in the use of any form of the word kite. Here is a definition of "kiting" from an auditing textbook:
"Many businesses maintain checking accounts with a number of banks and often find it necessary to transfer funds from one bank to another. When a check drawn on one bank is deposited in another, several days (called the float period) usually pass before the check clears the bank on which it is drawn. During this period, the amount of the check is included in the balance on deposit at both banks. Kiting refers to manipulations that utilize such temporarily overstated bank balances to conceal a cash shortage or meet short-term cash needs."
Then again, maybe this is exactly what you're looking for. I had not heard it referred to as kite flying before, but that term seems to fit in with the above definition as well.
Good luck!





    Auditing, Kurt Pany, O. Ray Whittington
Beth Kantus
United States
Local time: 16:18
Native speaker of: English
PRO pts in pair: 924
Grading comment
Thanks for the comprehensive explanation - I do think this floating period is what they refer to; I have, however, just used the plain term that I had looked up as it is within a contract, hence I feel this highly specific term would be a little too much...
Login to enter a peer comment (or grade)

10 hrs
checking and bill of exchange transactions


Explanation:
"Verfahren" is really "procedure". I suspect what confuses here is how the methods are lumped together by the grammar.


    Muret-Sanders
Parrot
Spain
Local time: 22:18
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 315
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