Specific things that are not financial products: electronic funds transfers
7.1.07G Specific things that are not financial products: electronic funds transfers
For paragraph 765A(1)(y) of the Act, a non‑cash payment facility is not a financial product if:
the issuer is:
a body corporate that is an ADI (within the meaning of the Banking Act 1959); or
an operator of a payment system; and
under the facility, as instructed by the client, the issuer makes money available (or causes it to be made available) to a person nominated by the client:
within 2 business days of receiving the client’s instruction; or
within the time reasonably required to complete the transaction subject to any constraints imposed by law; and
under the facility the funds are transferred by electronic means for collection by, or for the credit of, the payer or another person; and
the issuer and the payer do not have a standing arrangement to transfer funds in this manner.
Telegraphic transfers and international money transfers offered by banks and remittance dealers.
This Act’s bill:Explanatory statement
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