Automated Clearing House (ACH),
Definition of Automated Clearing House (ACH):
NACHA is a self-regulating institution, and it gives the ACH network its management, development, administration, and rules. The organization's operating rules are designed to facilitate growth in the size and scope of electronic payments within the network.
The Automated Clearing House (ACH) Network is an electronic funds-transfer system run by NACHA, formerly the National Automated Clearing House Association, since 1974. This payment system provides ACH transactions for use with payroll, direct deposit, tax refunds, consumer bills, tax payments, and many more payment services in the United States.
An electronic network established to process the credit and debit transactions of the public and private sectors. Credit transfers include direct deposits and vendor payments and debit transfers include consumer payments made on mortgages, insurance premiums and most credit card bills. The Federal Reserve Banks comprise the largest automated clearinghouse processing more than 60% of all commercial ACH transactions.
How to use Automated Clearing House (ACH) in a sentence?
- Recent rule changes are enabling most credit and debit transactions made through the ACH to clear on the same business day.
- The ACH is run by the National Automated Clearing House Association (NACHA).
- The automated clearing house (ACH) is an electronic funds-transfer system that facilitates payments in the U.S.
Meaning of Automated Clearing House (ACH) & Automated Clearing House (ACH) Definition