(a) Payment. A receiving bank (other than a Federal Reserve Bank) that receives
a payment order from its Federal Reserve Bank authorizes
that Federal Reserve Bank to pay for the payment order by crediting
the amount of the payment order to the receiving bank’s account.
(b) Off-line banks. An off-line bank that does not expressly notify its Federal Reserve
Bank in writing that it maintains an account for another bank warrants
to that Federal Reserve Bank that the off-line bank does not act as
an intermediary bank or a beneficiary’s bank with respect to payment
orders received through the Fedwire Funds Service for a beneficiary
that is a bank.
