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Definition of Wire house

Wire House Image 1

Wire house

A firm operating a private wire to its own branch offices or to other firms, commission houses or
brokerage houses.



Related Terms:

Automated Clearing House (ACH)

A collection of 32 regional electronic interbank networks used to
process transactions electronically with a guaranteed one-day bank collection float.


Automated Clearing House (ACH)

A banking clearinghouse that processes direct
deposit transfers.


Bank wire

A computer message system linking major banks. It is used not for effecting payments, but as a
mechanism to advise the receiving bank of some action that has occurred, e.g. the payment by a customer of
funds into that bank's account.


Block house

Brokerage firms that help to find potential buyers or sellers of large block trades.


Clearing House Automated Payments System (CHAPS)

A computerized clearing system for sterling funds
that began operations in 1984. It includes 14 member banks, nearly 450 participating banks, and is one of the
clearing companies within the structure of the Association for Payment Clearing Services (APACS).



Clearing house / Clearinghouse

An adjunct to a futures exchange through which transactions executed its floor are settled by a
process of matching purchases and sales. A clearing organization is also charged with the proper conduct of
delivery procedures and the adequate financing of the entire operation.


Clearing House Interbank Payments System (CHIPS)

An international wire transfer system for high-value
payments operated by a group of major banks.


Wire House Image 2

Commission house

A firm which buys and sells future contracts for customer accounts. Related: futures
commission merchant, omnibus account.


Fedwire

A wire transfer system for high-value payments operated by the Federal Reserve System.


Field warehouse

Warehouse rented by a warehouse company on another firm's premises.


Field warehouse

A warehouse into which service parts and finished goods are
stocked, and from which deliveries are made directly to customers.


In-house processing float

Refers to the time it takes the receiver of a check to process the payment and
deposit it in a bank for collection.


Public warehouse

Warehouse operated by an independent warehouse company on its own premises.


Trade house

A firm which deals in actual commodities.


Warehouse demand

The demand for a part by an outlying warehouse.


Warehouse receipt

Evidence that a firm owns goods stored in a warehouse.


Wire House Image 3

wire transfer

An electronic transmission of money from one place to another. For example, you might request that your bank transfer money from your bank account in Vancouver to the account of a relative in Quebec City. To do this, you would provide the relative’s name and account number, as well as the address of the bank in Quebec City. Your bank would then "wire" the funds, which would usually arrive within a couple of days.



 

 

 

 

 

 

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