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Verrechnung der Gegenwerte

English translation: exchange settlement account

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Verrechnung der Gegenwerte
English translation:exchange settlement account
Entered by: casper
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19:09 Dec 14, 2010
German to English translations [PRO]
Bus/Financial - Finance (general) / Online banking conditions
German term or phrase: Verrechnung der Gegenwerte
Unter dem Stichpunkt "Berechtigungen der Nutzer" als einer der Unterpunkte: Wertpapierorder (zulässig: Depots, >>Konten zur Verrechnung der Gegenwerte
Elizabeth Kelly
Ireland
Local time: 13:56
exchange settlement account
Explanation:
Nearly every member of the community has a bank account or an account with a financial institution to conduct their everyday financial transactions.
Just like the members of the community, the banks need a way to settle transactions that occur on a daily basis.
To facilitate this process, each of the banks has an account with the Reserve Bank, known as the exchange settlement account (ESA). These accounts are used to settle overnight transactions between the banks and between the banks and Reserve Bank.

How does an exchange settlement account work?
Suppose, for example a student has an account with the Swampy Hollow Bank and writes a cheque for $1200 to Fred’s Travel Agency to pay for schoolies week.
The next day Fred deposits the cheque into his bank. The Swampy Hollow Bank owes Fred’s bank $1200. The Reserve Bank, as the banker to the banks, now credits Fred’s banks exchange settlement account with $1200, and debits the Swampy Hollow’s Banks exchange settlement account with $1200.
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casper
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Tanks! Also to Nicole for reference!
4 KudoZ points were awarded for this answer

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Summary of answers provided
3exchange settlement accountcasper
Summary of reference entries provided
Erklärung "Verrechnung der Gegenwerte"
Nicole Backhaus

  

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9 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Konto zue Verrechnung der Gegenwerte
exchange settlement account


Explanation:
Nearly every member of the community has a bank account or an account with a financial institution to conduct their everyday financial transactions.
Just like the members of the community, the banks need a way to settle transactions that occur on a daily basis.
To facilitate this process, each of the banks has an account with the Reserve Bank, known as the exchange settlement account (ESA). These accounts are used to settle overnight transactions between the banks and between the banks and Reserve Bank.

How does an exchange settlement account work?
Suppose, for example a student has an account with the Swampy Hollow Bank and writes a cheque for $1200 to Fred’s Travel Agency to pay for schoolies week.
The next day Fred deposits the cheque into his bank. The Swampy Hollow Bank owes Fred’s bank $1200. The Reserve Bank, as the banker to the banks, now credits Fred’s banks exchange settlement account with $1200, and debits the Swampy Hollow’s Banks exchange settlement account with $1200.
http://shortify.com/11590


casper
Native speaker of: Native in EnglishEnglish
PRO pts in category: 85
Grading comment
Tanks! Also to Nicole for reference!
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Reference comments


5 hrs
Reference: Erklärung "Verrechnung der Gegenwerte"

Reference information:
Auslandsüberweisungen
Zahlungsverkehr in das Ausland
Grundsätzlich unterscheidet sich der grenzüberschreitende Zahlungsverkehr sehr stark vom Inlandszahlungsverkehr. Dies hat folgende Gründe:

Für den Überweisungs- und Scheckverkehr unterhalten die Banken individuell umfassende internationale Korrespondenzbankverbindungen. Diese dienen zur Verrechnung der Gegenwerte der Zahlungen. Die dazugehörige Nachrichtenübertragung erfolgt weitestgehend über das SWIFT-Netz (vollelektronisches, belegloses Datenübertragungssystem), das die Banken gemeinschaftlich aufgebaut haben und unterhalten.

Der Zahlungsnachrichtendienst Society for Worldwide Interbank Financial Telecomminication (SWIFT) ist der einzige weltweit tätige Zahlungsnachrichtendienst und hat seinen Sitz in Belgien. Aus Gründen der Systemsicherheit speichert SWIFT die Transaktionsdaten vorübergehend in seinen Rechenzentren in den Niederlanden und USA. (Anlass dieser Information ist ein Beschluss der Datenschutzaufsichtsbehörde vom November 2006, mit dem diese auf Zugriffe von US-Behörden auf Überweisungsdaten im Rechenzentrum von SWIFT in den USA zum Zwecke der Bekämpfung des internationalen Terrorismus reagieren.)

http://www.berliner-volksbank.de/firmenkunde/auslandsgeschae...

Nicole Backhaus
Native speaker of: German
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Changes made by editors
Dec 19, 2010 - Changes made by casper:
Created KOG entryKudoZ term » KOG term


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