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Definitions (137)
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aba routing number
The American Banking Association (ABA) routing number is a unique, bank-identifying number that directs electronic ACH deposits to the proper bank. This number precedes the account number printed at the bottom of a check and is usually printed with magnetic ink.
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ach
Automated Clearing House is an electronic payment Network that exchanges funds via Electronic Funds Transfer (EFT) throughout the U.S. Over 98% of the nation’s banks including the Federal Reserve belong to the ACH. ACH is the paperless funds transfer system maintained by the Federal Reserve or other entities that have networks to exchange electroni [..]
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ach associations
Provide rules and guideline for the efficient operation of the ACH Network. There are 36 regional ACH associations whose memberships include financial institutions and affiliates. NACHA, the National Automated Clearing House Association forms the governing foundation for the regional associations.
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ach network
The ACH network was established in the 1970s to facilitate direct deposit of military payroll and other federal payments. The network is made up of four central clearing facilities. In addition to three private sector facilities, the Federal Reserve became a central clearing house under the Monetary Control Act of 1980. The Monetary Control Act req [..]
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acquirer
Any bank, financial institution, and public or private company that maintains a seller’s credit card processing relationship and receives all transactions from the seller to be distributed to the credit card issuing banks.
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acquirer payment gateway
System operated by an acquirer for the purpose of providing electronic commerce services to merchants who interface with the acquirer for authorizing and capturing transactions.
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address verification
A service provided in which the seller verifies the cardholder’s address with the Issuing Bank. Address Verification does not guarantee that a transaction is valid. The codes are as follows:
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agent bank
A bank that participates in another bank’s card issuing program. This bank turns over the merchant applications to the processing bank and acts as a depository for merchants.
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american express
An organization that issues cards and acquires transactions, unlike Visa and MasterCard, which are bank associations.
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