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. | ||||
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Automated clearing house definition was found in categories: Law(1) Business & Finance(1) Encyclopedia(1)
Automated clearing house Definition from Law Dictionaries & Glossaries
| The 'Lectric Law Library |
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.
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 Definition from Business & Finance Dictionaries & Glossaries
| European Central Bank Glossary |
automated clearing house (ACH)
An electronic clearing system in which payment orders are exchanged among financial institutions, primarily using magnetic media or via telecommunication networks, and handled by a data-processing centre.
See also:
clearing
An electronic clearing system in which payment orders are exchanged among financial institutions, primarily using magnetic media or via telecommunication networks, and handled by a data-processing centre.
See also:
clearing
Automated clearing house Definition from Encyclopedia Dictionaries & Glossaries
| Wikipedia English - The Free Encyclopedia |
Automated Clearing House
Automated Clearing House (ACH) is the name of an electronic network for financial transactions in the United States. ACH processes large volumes of both credit and debit transactions which are originated in batches. 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). In 2002, this network processed an estimated 8.05 billion ACH transactions with a total value of $21.7 trillion.[1] In the rest of the developed world, these rules and regulations are defined by each country's regulatory bodies. European Payments Council is currently implementing a PE-ACH, Pan-European ACH.
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