(a) Payment to a receiving
bank. Payment of a Federal Reserve Bank’s obligation to pay a
receiving bank (other than a Federal Reserve Bank) occurs at the earlier
of the time when the amount of the payment order is credited to the
receiving bank’s settlement account or when the payment order is sent
to the receiving bank.
(b) Payment
to a beneficiary. Payment by a Federal Reserve Bank to a beneficiary
of a payment order, where the Federal Reserve Bank is the beneficiary’s
bank, occurs at the earlier of the time when the amount of the payment
order is credited to the beneficiary’s settlement account or when
notice of the credit is sent to the beneficiary.
