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KembaraXtra- Financial Terms- advise fate is a banking request made by a collecting bank that wants immediate confirmation on whether a cheque will be paid by the paying bank.
The cheque is usually sent directly to the paying bank instead of passing through the normal clearing system. This speeds up the process of obtaining payment information.
The paying bank is asked to “advise the fate” of the cheque, meaning it must quickly report whether the cheque will be honoured or rejected.
This procedure is often used when urgent payment confirmation is required in commercial or banking transactions.
Advise fate arrangements help businesses and banks reduce uncertainty and improve cash-flow management by obtaining faster payment decisions.
The cheque is usually sent directly to the paying bank instead of passing through the normal clearing system. This speeds up the process of obtaining payment information.
The paying bank is asked to “advise the fate” of the cheque, meaning it must quickly report whether the cheque will be honoured or rejected.
This procedure is often used when urgent payment confirmation is required in commercial or banking transactions.
Advise fate arrangements help businesses and banks reduce uncertainty and improve cash-flow management by obtaining faster payment decisions.
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