12 CFR 210.31 : Banks And Banking (§ 1.1 To Parts 1816-1899) — (Part 200 To § 219.24) — Federal Reserve System (Part 200 To § 219.24) — Board Of Governors Of The Federal Reserve System (Part 200 To § 219.24) — Collection Of Checks And Other Items By Federal Reserve Banks And Funds Transfers Through Fedwire (Regulation J) (§ 210.1 To Appendix B To Subpart B Of Part 210) — Funds Transfers Through Fedwire (§ 210.25 To Appendix B To Subpart B Of Part 210) — Payment by a Federal Reserve Bank to a receiving bank or beneficiary.

(a) Payment to a receiving bank. Payment of a Federal Reserve Bank's obligation to pay a receiving bank (other than a Federal Reserve Bank) occurs at the earlier of the time when the amount of the payment order is credited to the receiving bank's account or when the payment order is sent to the receiving bank.

(b) Payment to a beneficiary. Payment by a Federal Reserve Bank to a beneficiary of a payment order, where the Federal Reserve Bank is the beneficiary's bank, occurs at the earlier of the time when the amount of the payment order is credited to the beneficiary's account or when notice of the credit is sent to the beneficiary.