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automated clearing house (ACH)

An Automated Clearing House (ACH) is a giro network used by financial service providers for wire transfers, payment advices, cash disbursements, and direct debits.

An Automated Clearing House (ACH) is an Electronic Funds Transfer( EFT) used to transmit electronic transactions between financial agencies and make payments to specified accounts at the appropriate financial institutions. Connected to the Gironet are all financial institutions with their branches and ATMs.

Automated Clearing Houses operate with batch processing, where transfers are processed sequentially in the order in which orders are received. Automated Clearing House (ACH) orders are placed by national financial institutions and executed by clearinghouses.

Informations:
Englisch: automated clearing house - ACH
Updated at: 09.09.2020
#Words: 102
Links: network, service, wire, EuroFile transfer (EFT), order
Translations: DE
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