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| Definition Of: |
daylight credit
Credit extended for a period of less than one business day. Daylight credit may be extended by central banks to even out mismatches in payment settlements. In a credit transfer system with end-of-day final settlement, daylight credit is, in effect, extended by a receiving institution if it accepts and acts on a payment order even though it will not receive final funds until the end of the business day.
Copyright © 2006, European Central Bank, Frankfurt am Main, Germany. This information may be obtained free of charge through the ECB's website.
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European Central Bank Dictionary INDEX:
List of Terms: Terms beginning with "A", Page 1 |
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1 2 A: Page 1 of 2.
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