(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 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 account
or when notice of the credit is sent to the beneficiary.
