OMF Wire Transfers
OMF transfers (Fund Movement Orders) or urgent transfers have the peculiarity that the transfer will be deposited in the indicated account the same day the operation is performed.
Another peculiarity of OMF transfers is that they are made through the Bank of Spain, and for this reason they are known as transfers via the Bank of Spain.
Banks that allow their customers to make OMF transfers or urgent transfers must have a treasury account at the Bank of Spain.
The OMFs are not carried out through the ordinary system of clearing and settlement of movements between financial institutions (SNCE-2), they use the TARGET-2 system where the Bank of Spain acts as an intermediary.