Automated Payment System Definition

The ach network acts as the central clearing facility for all electronic fund. An automated clearing house ach is a computer based electronic network for processing transactions usually domestic low value payments between participating financial institutions it may support both credit transfers and direct debits. Automated system operations aso is the set of software and hardware that allows computer systems network devices or machines to function without any manual intervention.

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A payment system is any system used to settle financial transactions through the transfer of monetary value.

Automated payment system definition.

A common type of payment system is called an operational network that links bank accounts and provides for monetary exchange using bank deposits. Automated clearing house ach is a secure payment transfer system that connects all u s. The clearing house automated payments system chaps is a u k based system that facilitates large british pound denominated money transfers. Asos allow computer systems to work without a human operator physically located at the site where the system is installed.

How to use automated in a sentence. This includes the institutions instruments people rules procedures standards and technologies that make its exchange possible. Automated system operations are a part of the. An automatic bill payment is a money transfer scheduled on a predetermined date to pay a recurring bill such as a mortgage or credit card bill.

Multinational banks principally use chaps. Automated definition is operated automatically. The ach system is designed to process batches of payments containing numerous transactions and charges fees low enough to encourage its use for low value.

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