Automated Clearing House (ACH)
A collection of 32 regional electronic interbank networks used to process transactions electronically with a guaranteed one-day bank
collection float.
Automated Clearing House (ACH)
A facility used by financial institutions to distribute electronic debit and credit entries to bank accounts and settle such entries. Under the automated clearinghouse system, banks exchange checks and drafts drawn upon each other and settle their daily balances.
Automated Clearing House (ACH)
1) An electronic clearing system in which a data processing center handles payment orders that are exchanged among financial institutions, primarily through telecommunications networks. ACH systems process large volumes of individual payments electronically. Typical ACH payments include salaries, consumer and corporate bill payments, interest and dividend payments, and Social Security payments.
2) An electronic clearing system in which a data processing center handles payment orders that are exchanged among financial institutions, primarily via telecommunications networks. ACH systems process large volumes of individual payments electronically. Typical ACH payments include salaries, consumer and corporate bill payments, interest and dividend payments, and Social Security payments.
Free Download Now!
