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Glossary of ACH Terms

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Glossary of ACH Terms Glossary of ACH Terms ABA NUMBER – See Routing Number/Transit ACH - The Automated Clearing House network ACCESS DEVICE - A card, code, or other means of access to a consumer’s account that may be used to initiate electronic funds transfer. This does not include electronic devices, such as telephones or personal computers, typically used in such transfers. ACCOUNTS RECEIVABLE ENTRY (ARC) - A single entry ACH debit to a consumer’s account originated from converting a consumer check (source document) delivered to an Originator via the U.S. mail or at a drop box location or (effective March 16, 2012) in person for a payment of a bill at a manned location. ACCREDITED ACH PROFESSIONAL (AAP) - One who demonstrated their knowledge of the ACH system by passing the AAP examination and certification process. ACH PARTICIPANTS DIRECTORY - A directory, produced by NACHA that lists all RDFIs. This file distinguishes between members of clearing houses and those that participate only through the Federal Reserve. ACH NETWORK - The funds transfer system governed by the rules of NACHA which provides for the inter-financial institution clearing of electronic entries for participating financial institutions. ACH OPERATOR - The central clearing facility that receives entries from ODFIs, distributes the entries to RDFIs, and performs settlement functions. It provides services to DFIs on a local regional or national basis. ACH Operators may be private companies or offices of a Federal Reserve Bank. The ACH Operator is responsible for processing electronic entries received from other ACH Operators or ODFIs. ADDENDA RECORD - An ACH record type that carries supplemental data on a particular entry. Used with a type code that identifies the type of entry it supports. ADVICE OF CREDIT - The advice, either paper or electronic, prepared by the ACH operator for both receiving or originating financial institutions, stating the dollar value of all ACH files on a given day. This advice may include a number of files presented that day (Govt., next day exchange, and premium exchange). ANSI X 12 - A communications format for electronic business data interchange established by the American National Standards Institute, supported by the American Bankers Association. AUTHENTICATION – A data security technique used to ensure that the professed sender of information or a payment order is actually who they claim to be. AUTHORIZATION - A written agreement signed by an employee or customer, or an authenticated electronic process, that allows the posting of debits or credits arising from ACH transactions to the employee's or customer's account. AUTOMATIC ENROLLMENT (ENR) - A credit or debit enrollment entry initiated by a participating DFI to a Federal Government Agency on behalf of an account holder at the DFI. Glossary of ACH Terms BACK OFFICE CONVERSION (BOC) – A single entry debit initiated by an Originator to an account of the Receiver at the point-of-purchase or at a manned bill payment location to affect a transfer to funds from an account of the Receiver through subsequent conversion to an ACH debit during back office processing. BANKING DAY - Any day on which the DFI is open to the public for carrying on substantially all its banking functions. BATCH - A group of records considered a single unit for the purpose of data processing. BUSINESS DAY - A calendar day other than a Saturday, Sunday, or Federal holiday. CENTRAL INFORMATION FILE (CIF) - A master file maintained by the ACH or other interested party containing processing and routing information on financial institutions that have chosen to participate in the ACH system. CHARACTER - A letter, digit, or other symbol that is used as part of the organization, control, and/or representation of data. COMMERCIALLY REASONABLE SECURITY PROCEDURE – A security procedure for the transmission of payment orders which meets the relevant tests under UCC4A. COMPANY BATCH HEADER RECORD - The record(s) contained within an ACH file that describes the originator(s) of an ACH transaction(s). COMPANY/BUSINESS - An individual, sole proprietorship, partnership, or corporation engaged in a commercial enterprise or venture. COMPANY IDENTIFICATION NUMBER - The number in the company/batch header and control records, which identify the originating company. The number is usually the company's tax I.D. proceeded by a one. COMPOSITE RECEIVER FILE (CRF) - The directory of all receiving financial institutions served by an automated clearing house. The ACH processor usually maintains this file. CONSUMER ACCOUNT - Means an account held by a DFI and established by a natural person primarily for personal, family or household and not for commercial purposes. CONTESTED DISHONORED RETURN - A disputed dishonored return by the RDFI back to the ODFI CORPORATE CREDIT OR DEBIT (CCD) - An automated corporate payments application that transfers funds between corporate accounts for collection purposes (concentration) or for disbursement purposes. In most cases it is used as an intra-company application and used as a cash management technique by the corporate community. This type of payment can carry one addenda record of information formatted based on basic ANSI X-12 syntax. When this is done it is referred to as a CCD+. CORPORATE TRADE PAYMENTS (CTX) - This format was developed to make it possible for businesses to pay each other electronically, through the ACH system, and at the same time, pass needed information with the payment. This format is capable of carrying up to 9,999 addenda records with payment related information. Glossary of ACH Terms CORRESPONDENT FINANCIAL INSTITUTION - A financial institution that provides payment services to other depository institutions for a fee. This includes ACH processing and posting as well as checks clearing, DDA and savings posting, etc. CREDIT ENTRIES - An entry to the record of an account to represent the transfer or placement of funds into the account. CREDIT RISK - The risk that a party to a transaction cannot provide the necessary good funds, as previously committed by files originated, in order for settlement to take place. CUSTOMER INITIATED ENTRY (CIE) - A transaction originated by a financial institution at the request of a consumer that is its customer. Typically used for home banking services and telephone bill payment. DATA TRANSMISSION - A media by which ACH entries can be delivered to and from the ACH. Data transmission may be over regular phone lines, a dedicated line with numerous line speeds available, or through the Internet (through a secure server). This is the fastest and most efficient method of receiving and originating transactions. DEATH NOTIFICATION ENTRY (DNE) - An automated notice of death sent by a Federal Government Agency to a financial institution to notify it that a recipient of a benefit payment has passed away. DESTROYED CHECK ENTRY (XCK) - An ACH debit entry initiated in the event an eligible item (s) is lost or destroyed, or is otherwise unavailable and cannot be obtained by an ODFI. DEBIT ENTRY - An entry to the record of an account to represent the transfer or removal of funds from the account. DESCRIPTIVE STATEMENTS – Regulation E requires that a financial institution receiving ACH transactions make available a monthly statement with descriptive information included. See Regulation E for details on the requirements. The ACH Rules mirror this requirement. See Appendix Four in the Rules. DIRECT ACCCESS - A situation in which an Originator, Third-Party Sender, or a Third-Party Service Provider transmits credit or debit entries directly to an ACH Operator using the ODFI’s routing number and settlement account. DIRECT ACCESS DEBIT PARTICIPANT - An Originator, Third-Party Sender, or Third Party Service Provider with Direct Access for the origination of debit entries except (i) a Third Party Service Provider that transmits ACH files solely on behalf of an ODFI where that Third Party Service Provider does not have a direct agreement with an Originator (and is not itself an Originator), or (ii) an ODFI that transmits files using another Participating DFI’s routing number and settlement account. DIRECT DEPOSIT - A deposit made to a consumer's account at a receiving depository institution through the ACH. Typically refers to payroll deposits, social security payments and pension payments. DIRECT PAYMENTS - A charge to a receiver's account at the receiving depository financial institution through the ACH. Examples of direct payments include insurance, utility, mortgage, and car payments. Glossary of ACH Terms DISHONORED RETURN ENTRY - A return entry dishonored by the ODFI if the entry was untimely or if the information in the return entry was incomplete or incorrect. EFFECTIVE ENTRY DATE - The date the originating business or individual has requested that the entry posts to the receiver's account. ELECTRONIC AUTHORIZATION - An alternative means of authorization for ACH transactions. Electronic authorizations must be displayed in such a manner that the consumer can read the authorization, create a record or hard copy of the authorization (so the consumer can refer back to it) and must be authenticated in a similar manner to that in which a signature authenticates a written authorization (i.e., by a digital signature, PIN, or other code which uniquely identifies that consumer). ELECTRONIC DATA INTERCHANGE (EDI) - The movement of data relating to a transaction, or transactions, between two corporate trading partners. From an ACH standpoint, a financial EDI transaction would include a payment, and the data relating to the payment, within an ACH entry. ELECTRONIC FUNDS TRANSFER - Any transfer of funds initiated through a terminal, telephone, computer or magnetic tape for the purpose of instructing or authorizing a financial institution to debit or credit an account. ELECTRONIC RECORD - An agreement, authorization, written statement of unauthorized debit, or other record created, generated, sent, communicated, received, or stored by electronic means. ELECTRONIC SIGNATURE - An electronic sound, symbol or process attached to or logically associated with an agreement, authorization or other record and executed or adopted by a person with the intent to sign the record.
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