A transfer is operationally, the sending (or movement) of funds or securities or of a right relating to funds or securities from one party to another party by (i) conveyance of physical (ii) accounting entries on the books of a financial intermediary; or (iii) accounting entries processed through securities transfer system. The act of transfer affects the legal rights of the transferor, transferee and possibly third parties in relation to the money balance, security or other financial instrument being transferred.

Source: BIS Glossary of terms used in payments and settlement systems

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