Donnerstag, 22. Mai 2014
Cash Payment Banks transfer money around the world for clients trading goods, making investments and paying suppliers. The two cash-payment networks in the U.S., one run by the Federal Reserve and the other a cooperative of some of the largest banks, settle about $4 trillion of transactions daily. The Fedwire Funds Service functions as the domestic cash-payment network for about 8,300 financial institutions. The Clearing House Interbank Payments System brings together some of the world’s largest firms, easing transfers in and out of the U.S. More than half of its 50 participants are headquartered overseas. BNP Paribas is a member of both networks. Banks charge little for cash transfers, which are done electronically and in real time, bringing down the cost to the lenders. The Clearing House estimated in a 2011 study that wire-transfer fees in the U.S. were about $500 million a year. That would be 0.0001 percent of the $973 trillion of wire transfers in 2010, according to Bank for International Settlements data. Additional Expense Based on that estimate, BNP Paribas’s cost for paying another bank to clear its clients’ wire transfers for a few months wouldn’t exceed a few million dollars.
BNP Paribas Risks Client Flight as Ban on Transfers Looms
Eingestellt von rolf j. koch um 08:27