(1) “funds transfer” means the series of transactions, beginning with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order; the term includes any payment order issued by the originator’s bank or an intermediary bank intended to carry out the originator’s payment order; a funds transfer is completed by acceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary of the originator’s payment order;
Terms Used In Alaska Statutes 45.14.104
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
(2) “intermediary bank” means a receiving bank other than the originator’s bank or the beneficiary’s bank;(3) “originator” means the sender of the first payment order in a funds transfer;(4) “originator’s bank” means
(A) the receiving bank to which the payment order of the originator is issued if the originator is not a bank; or(B) the originator if the originator is a bank.
