47-4A206. Transmission of payment order
through funds-transfer or other communication system
A. If a payment order addressed to a receiving bank is transmitted to a
funds-transfer system or other third-party communication system for transmittal to the
bank, the system is deemed to be an agent of the sender for the purpose of transmitting
the payment order to the bank. If there is a discrepancy between the terms of the
payment order transmitted to the system and the terms of the payment order transmitted by
the system to the bank, the terms of the payment order of the sender are those
transmitted by the system. This section does not apply to a funds-transfer system of the
federal reserve banks.
B. This section applies to cancellations and amendments of payment orders to the
same extent it applies to payment orders.
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