(a) Reliance by a Federal Reserve
Bank on number to identify a beneficiary’s bank. A Federal Reserve
Bank that receives a payment order from a sender containing a number
that identifies the beneficiary’s bank may rely on the number, even
if it identifies a bank different from the bank identified by name
in the payment order, if the Federal Reserve Bank does not know of
such an inconsistency in identification. A Federal Reserve Bank has
no duty to detect any such inconsistency in identification.
(b) Reliance by a Federal Reserve Bank
on number to identify beneficiary. A Federal Reserve Bank, acting
as a beneficiary’s bank, that receives a payment order from a sender
containing a number that identifies the beneficiary may rely on the
number, even if it identifies a person different from the person identified
by name in the payment order, if the Federal Reserve Bank does not
know of such an inconsistency in identification. A Federal Reserve
Bank has no duty to detect any such inconsistency in identification.
