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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 is a financial utility owned by US banks, and is one of the largest payments networks in the United States, both by volume and by customer reach; virtually every bank account in the US, whether personal or commercial, is connected to the ...
The bank gathers all transaction initiations for an ACH that arrive from different customers (combining manual and file-based). On a periodic basis, the bank creates a file that it dispatches to the ACH either at the end of day or in cycles throughout the day.
A more recent option, Zelle, is a bank-to-bank platform. Unlike PayPal or Venmo, which rely on the ACH network, a Zelle money transfer between banks that are both in the network uses Zelle’s own ...
An ACH is considered a net settlement system, which means settlement may be delayed. This poses what is known as settlement risk . Real-time gross settlement systems (RTGS) are funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real-time" and on "gross" basis.
Unlike FedNow, bank holidays and weekends will still impact the time required for sending or receiving money via ACH, a wire transfer and in depositing checks – with funds available.
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According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account".
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