554.12104 Funds transfer — definitions. In this Article unless the context otherwise requires:1. 'Funds transfer' means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order.The term includes any payment order issued by the originator’s bank or an intermediarybank intended to carry out the originator’s payment order. A funds transfer is completed byacceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary ofthe originator’s payment order. 2. 'Intermediary bank' means a receiving bank other than the originator’s bank or the beneficiary’s bank. 3. 'Originator' means the sender of the first payment order in a funds transfer.4. 'Originator’s bank' means the receiving bank to which the payment order of the originator is issued if the originator is not a bank, or the originator if the originator is a bank. 92 Acts, ch 1146, §4Referred to in §554.12102, 554.12105 Sat Dec 23 11:02:47 2023 Iowa Code 2024, Section 554.12104 (25, 0)
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