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Financial Terms

Electronic Clearing Service (ECS)

This system allows for the automatic transfer of funds from one bank account to another.

Understanding the intricacies of financial transactions is crucial in the world of finance. One such method is the Electronic Clearing Service (ECS), utilized by banks, corporations, and financial institutions for seamless payment transfers. This automated system eliminates the need for manual intervention and enables swift and secure fund transfers between two bank accounts. Let's delve deeper into the workings of ECS and its significance in the financial landscape.

Customs duty

A duty, also known as a tariff, is a tax that is charged on goods imported into or exported out of a country. These duties are typically paid by the importer and exporter, a...

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Combating Financing of Terrorism

The concept of Combating Financing of Terrorism involves preventing the flow of funds through financial channels for illegal activities. This includes measures to prevent ...

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Insolvency

It is a crucial concept in finance, as it can have significant consequences for individuals and organizations. Insolvency can lead to bankruptcy, which involves a legal proce...

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Interest Rate Swap

This is typically done to manage or hedge against fluctuations in interest rates. An Interest Rate Swap is a financial tool used by two parties to exchange future interest p...

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