Definitions.

CFR · 2024-01-01 · US · Title 12

As used in this subpart, the following definitions apply: (1) The term is limited to a beneficiary's bank in a funds transfer that is sent through the FedNow Service; (2) A Federal Reserve Bank need not be identified in the payment order in order to be the beneficiary's bank; and (3) The term includes a Federal Reserve Bank when that Federal Reserve Bank is the beneficiary of a payment order.

official document · source cfr-2024 · id 12:§ 210.41