SOS Construction is currently building many new homes for students and therefore needs to purchase a large amount of building supplies from Alfred Lumber. Therefore, SOS Construction sends a payment order instruction to its bank to send funds to Alfred Lumber's bank to cover the costs of the supplies. SOS Construction is using what type of service?

Question

Quizplus · Accepted Answer

SOS Construction is using a commercial wire service to transfer funds directly from its bank to Alfred Lumber's bank, which is typically used for large and urgent transactions.

SOS Construction Is Currently Building Many New Homes for Students