What Are Same-Day Funds?

On the day of the fund's international settlement in US dollars, such as the allocation of US dollars from London to Paris, in fact, it is just a book on the bank's books. In other words, the bank in London has an account in New York, such as Chase Bank, and the bank in Paris has an account with another bank, such as Bankers Trust. When a bank in London wants to make a payment to a bank in Paris, it only needs to contact Chase Bank in New York and ask the latter to pay the bank in Paris through Bankers Trust. The account is handled by Chase Bank in the account of the Bank of London. For the debits, Bankers Trust put a credit on the BNP Paribas account. ^[1]