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An automated clearing house (ACH) is a computer-based electronic network for processing transactions, [1] usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits .
The Electronic Payments Network (EPN) is an electronic clearing house that provides functions similar to those provided by Federal Reserve banks' FedACH service. The Electronic Payments Network is the only private-sector operator in the ACH Network in the United States. [1]
A funds transfer can generally be described as a series of payment instruction messages, beginning with the originator's (sending customer's) instructions, and including a series of further instructions between the participating institutions, with the purpose of making payment to the beneficiary (receiving customer). [1] Funds Transfer example
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In the United States, the ACH Network is the national automated clearing house (ACH) for electronic funds transfers established in the 1960s and 1970s. It processes financial transactions for consumers, businesses, and federal, state, and local governments. ACH processes large volumes of credit and debit transactions in batches. ACH credit ...
EFTS transfers are often called "ACH transfers", because they take place through Automated Clearing Houses. One important way ACH transfers differ from wire transfer is that the recipient can initiate it. There are of course restrictions, but this is the way people often set up automatic bill payment with utility companies, for example.
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ACH became the primary method of electronic funds transfer [10] for agencies, businesses, and individuals to pay or collect money online, and is still commonly used today. Over the following decades, the evolution of payment technology accelerated. The first digital currency is attributed to an algorithm developed by David Chaum in 1983.