In seven days, nearly $ of fraudulent wire transfers were made from Patco’s account by the time the fraud came to light. The Court found the bank’s security procedures were not “commercially reasonable” under Article 4A of Uniform Commercial Code.
Finally, and more generally, financial integration can help to promote the development and modernisation of financial markets, institutions and infrastructures, thereby helping, through various channels, to support economic activity and raise the potential for economic growth. Deeper and wider markets encourage savings, offer more and better investment opportunities, reduce the cost of capital and intermediation, and facilitate a more efficient allocation of financial resources.