Tracking the status of payment
Is it possible to track the true status of a payment right through to crediting the beneficiary account?
If i send a wire payment form my bank account to a beneficiary account at another bank, is it possible for me to know, via my bank that the beneficiary account has been credited?
What about if i send an ACH payment ? Anyone know how the banks communicate back to each other or if they do when they apply funds to the beneficiary account ? thanks :)
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You haven't specified the country.
The answer to this depends on the country and the clearing scheme. Some inter-bank clearing schemes today work on no news is good news. Other schemes work with explicit acknowledgement on receipts of funds in beneficiary account.
In US the Bank would know the status of ACH Credit, i.e. it can assume paid if there is no return initiated by the Beneficiary Bank in the specified time, depends on the transaction type.
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