Bank Draft
Bank draft is a payment instrument whose funds are guarantee by the banks or financial institutions.
A bank draft is a cheque which is used to pay someone who is not willing to accept a personal cheque.
It is drawn by one bank to another bank which is more reliable than personal cheque as it backed by the bank itself on the behalf of the payer.
Bank Overdraft Bank overdraft is an extension of credit granted by a bank to its special customers with certain percentage of interest rate.
Even though both financial services have various differences to each other yet both services provided to the liquidity in the market and satisfy the customers’ financial needs or requirements. Therefore, Draft and overdraft are important services and these two services
It helps to avoid a lot of room for human error by replacing TELEX as a means of messaging to carryout international fund transfer.
It has facilitated banks and other financial institution to quickly, accurately, and securely send and receive money transfer instructions, it communicate security and treasury transactions as well.
It has facilitated to conduct financial transactions to a wide variety of different industries around the world.
It provides informative details about the financial institutions that allow stakeholders to make important financial decisions.
It identifies greater market trends by taking granular data and by interpreting such data.
It offers various tools for enforcing financial law and flagging financial crimes.
It ensures that operations continue safety and securely no matter what challenges the institution may experience.
It considered the gold standard for the reliable and secure financial messaging.
