PPS Bank definition
Examples of PPS Bank in a sentence
Statuses reflect the status of the instruction at the Clearing House and not at the relevant Depository, Central Bank or PPS Bank.
For cash instructions via PPS, the details the Clearing Member inputs into the CMS will form the basis of the call or the SWIFT MT202 payment instruction sent to the relevant PPS Bank.
The Clearing House will update the status of an instruction in the CMS to reflect the status of the corresponding instruction at the relevant Depository or PPS Bank.
For this purpose, a payment instruction will only be recognised to the extent that the Clearing House has taken steps to transfer to the PPS bank any such sums as may be necessary to enable that payment instruction to be performed by the PPS Bank.
Clearing members must ensure that they have contingency arrangements to ensure continuity of margin payment in the event of failure of their nominated PPS Bank.
Clearing members must ensure that they have contingency arrangements to ensure continuity of Collateral payment in the event of failure of their nominated PPS Bank.
Statuses reflect the status of the instruction at the Clearing House and not at the relevant Depository or PPS Bank.
Statuses reflect the status of the instruction at the Clearing House and not at the relevantDepository or PPS Bank.
However if: (g) Currency Holidays In respect of currency holidays for EUR, GBP and USD (“Major Currencies”) Clearing Members are required to be able to meet PPS calls in all of the three Major Currencies and therefore must have an account with a PPS Bank in London in each of EUR, GBP and USD.
Receiving Paying Bank PPS Bank PPSoptionalThe following diagram shows the message flows for banks requiring combined credit and liquidity management of interbank RITS Payments.