Abstract: A system and method for transferring funds. An electronic request for a transfer of funds between a sending account and a destination account is received. A determination is made whether the sending account and the destination account are with a destination bank controlling the destination account. The funds are transferred from the sending account to a receiving account of the service provider. The funds are transferred from a service provider account at the destination bank to the destination account in response to determining that the sending account and the destination account are not with the destination bank. A service provider is compensated for the transfer of funds and the transfers are recorded in a database in response to completion of the electronic request.