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Define: Cover Payment

Cover Payment means a process of transferring funds, where a direct payment message from an ordering institution to a beneficiary one pairs with accompanying routing instructions through [number] of intermediary institutions

Cover Payment means a process of transferring funds, where a direct payment message from an ordering institution to a beneficiary one pairs with accompanying routing instructions through [number] of intermediary institutions.

Relevant Circumstances

  • When a transaction involves multiple parties.
  • When funds need to be transferred internationally.
  • When the beneficiary and ordering institutions are distinct entities.

Relevant Sectors

Relevant Contract Types

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