Asked by Sharee Posey on Jul 27, 2024
Verified
A business receiving money by electronic transfer is known as the beneficiary.
Electronic Transfer
The digital movement of funds from one account to another, either within the same financial institution or between different ones.
Beneficiary
An person or entity designated to receive benefits or assets under a legal arrangement or instrument, such as a will, trust, or insurance policy.
- Identify the roles and responsibilities in electronic fund transfers.
Verified Answer
AH
Autumn HamiltonJul 31, 2024
Final Answer :
True
Explanation :
This statement is true. The beneficiary is the party that receives funds through electronic transfer, such as a wire transfer or automated clearing house (ACH) payment.
Learning Objectives
- Identify the roles and responsibilities in electronic fund transfers.
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