a central clearing facility, operated by a Federal Reserve Bank or a private sector organization on behalf of depository financial institutions in which participating DFIs transmit or receive ACH entries.
A nationwide network linking U.S. banks and financial institutions for the purpose of electronic money movement.
funds transfer system governed by the NACHA Operating Rules which provides for the interbank clearing of electronic entries for participating financial institutions.
(ACH) A computer-based clearing and settlement operation, often operated by a Federal Reserve Bank, established for the exchange of electronic transactions among participating depository institutions. Such electronic transactions can be substituted for paper checks used to make recurring payments such as mortgages, or in direct deposit distribution of federal and corporate benefits payments including Social Security payments. The U.S. Treasury uses the ACH extensively to pay certain obligations of the government.
A nationwide payment and collection system that provides for electronic distribution and settlement of funds. Although the term Electronic Fund Transfer (EFT) is technically more inclusive than the term ACH, the term EFT is often used synonymously with ACH..
An electronic method of transferring funds between banks via the federal reserve system. ACH is used by most banks physically located in the United States. The merchant's bank must utilize ACH transactions in order to deposit credit card funds to the merchant's checking account.
A type of payment system designed to allow corporations and consumers to reduce or eliminate the use of paper checks when making routine high-volume, low value payments. ACH systems process large volumes of individual payments electronically. Typical ACH payments include salaries, consumer and corporate bill payments, interest and dividend, and Social Security. Examples of private sector ACH providers in the U.S. include VISA, the New York Clearing House, and the American Clearing House.
A computer-based system for processing deposits and payments electronically.
ACH is an automated process in which funds are deposited electronically. The process also allows for payments to be electronically withdrawn from your account.
A nationwide electronic funds transfer system that provides for interbank clearing of electronic payments for participating financial institutions.
Electronic clearing and settlement system for exchanging electronic transactions among participating depository institutions; such electronic transactions are substitutes for paper checks and are typically used to make recurring payments such as payroll or loan payments. The Federal Reserve Banks operate an automated clearing house, as do some private-sector firms.
A computerized facility that electronically processes debits and credits among member financial institutions.
A method of transferring funds between the banks and financial institutions via the Federal Reserve System.
The U.S. Federal Reserve Bank's system that allows for electronic funds transfer between banks. Direct deposits, monthly debits and other fund transfer transactions are handled by the automated clearing house. Operations are performed in batch mode, so the time it can take for money to be transmitted is up to 72 hours. Insufficient funds will result in a return notification.
The Automated Clearing House system used to transfer payments electronically.
the ACH acts as a central facility for processing electronic payments and receipts. Given the national scope and function of the ACH system, your members’ dues payments can be debited from virtually any account at any bank, savings and loan, credit union or other participating financial institution, regardless of geographic location in the United States.
The Automated Clearing House (ACH) is a nationwide mechanism that processes large volumes of electronically originated batches of credit and debit transactions. Rules and regulation governing ACH is established by the National Automated Clearing House Association (NACHA) and the Federal Reserve. ACH credit transfers include direct deposit payroll payments and payments to contractors and vendors. ACH debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills.
The ACH is a network of regional associations, inter–bank associations, and private–sector processors. ACH payments are processed and settled electronically, thereby increasing reliability, efficiency and cost effectiveness. ACH payments are generally settled in one day or greater.
Computer-based clearing and settlement facility for interchange of electronic debits and credits among financial institutions.
A secure payment transfer system that connects all U.S. financial institutions. The ACH network acts as the central clearing facility for all Electronic Fund Transfer (EFT) transactions that occur nationwide, representing a crucial link in the national banking system.
The networks used as a means to transfer money electronically between accounts at different institutions, usually in one day.
A computerized facility that performs the clearing of paperless entries between member depository institutions. It is a batch process system that is destined for future settlement of transactions. The ACH will take the transaction information and store it until necessary for payment to occur on the settlement date.
Electronic Drafting system that debits an authorized bank account and electronically transfers funds scheduled for remittance.
(Direct Deposit) – Method used to automatically transfer funds from UNC to individual bank accounts.
A banking industry mechanism used between banks for the exchanging of funds and information among trading partners. Bar Code – A series of bars printed on labels which contain UPC codes, price, stock number, etc. Usually placed on individual items, individual box, carton, pallets, and containers.
This is a highly reliable and efficient nationwide electronic funds transfer system to provide for the inter-bank transfer of electronic payments. CircleLending uses ACH to transfer funds between borrowers' and lenders' bank accounts.
A computer-based interchange for clearing deposits and payments electronically.
A facility that processes electronic debit and credit transfer such as Direct Deposit or Automatic Payments.
32 regional bank networks used to process electronic transactions with a guaranteed collection float of 1 day
a domestic payment system providing electronic check clearing but with additional information, more reliable and cost efficient
An alternative method for pre-authorized, electronically transmitted transfers of funds between one person's or organization's account to another's.
A facility provided to handle payments between financial institutions electronically rather than by paper based transactions.
A central distribution and settlement point for electronic items, including funds, exchanged between depository financial institutions. The ACH funds transfer system is governed by the Rules of the National ACH Association ( NACHA).
The Automated Clearing House (ACH) Network is a US nationwide electronic payments system used by more than 20,000 participating financial institutions, over 3.5 million corporations, and 130 million consumers. ACH is a method of transferring funds between banks via the Federal Reserve System and is used as a synonym for electronic check processing in the USA.
A pre-authorized, electronic method of transferring funds between accounts.
A US term for an organization set up by financial institutions agreeing to initiate and receive among themselves electronic transfers of funds authorized by their customers.
A central automated clearing house facility that: receives paperless entries from ODFI's (originating deposit financial institutions) distributes entries to RDFI's (receiving deposit financial institutions) performs the settlement function with the Federal Reserve Bank on behalf of those institutions
A Federal Reserve Bank or private financial institution acting on behalf of an association operating a facility that serves as a clearinghouse for direct deposit transactions. Entries are received and transmitted by the ACH under the rules of the association.
ACH (Automated Clearing House) processing occurs between a nationwide network of financial institutions that send electronic messages, via telecommunication lines instead of paper (checks), to transfer money between two parties. The most common ACH transactions are direct deposit, pre-authorized debits, cash concentration and corporate to corporate payments.
A method of transferring funds between banks via Federal Reserve Systems used by most, but not all, financial institutions.
An ACH transaction is an electronic fund transfer through the Federal Reserve Bank from a checking or savings account.
ACH securely and efficiently transfers funds electronically through participating financial institutions. Page Top
The electronic funds transfer network that enables you to make a direct transfer of money from your bank account to your mutual fund, provided your bank participates in the ACH.
The Automated Clearing House network is a nationwide, wholesale electronic payment and collection system. It is a method of transferring funds between banks via the Federal Reserve System.
An organization that handles automated payments, e.g. direct debits, standing order payments, direct payroll deposits and other electronic credit transfer, and to consolidate provider billings for healthcare claims across multiple payers.
A group of processing institutions linked by a computer network to exchange (clear and settle) electronic payment transactions. They electronically process payment of funds and government securities among financial institutions and businesses.
A system maintained by the Federal Reserve Bank that allows banks to process checks, transfer funds, and other things.
A U.S. term for an organisation set up by financial institutions agreeing to initiate and receive among themselves electronic transfers of funds authorised by their customers. Typically, payments made via ACH are not time-sensitive and may take a day or two longer to complete than Fedwire payments.
Automated Clearing House. A method of transferring funds. Member banks wire instructions to the Automated Clearing House which then wires to the appropriate receiving bank.
The national computer system, linked to the Federal Reserve Banking system, that allows participants to electronically transfer money.
Primary electronic funds transfer (EFT) system used by agencies to make payments. Additional Information: http://www.fms.treas.gov/ach
The Automated Clearing House (ACH) is an electronic network for financial transactions. ACH processes large volumes of both credit and debit transactions which are originated in batches. Within the United States, rules and regulations governing the ACH network are established by NACHA-The Electronic Payments Association, formerly the National Automated Clearing House Association, and the Federal Reserve (Fed).