Payments

In Canada, the organization responsible for clearing and settling payments is the Automated Clearing Settlement System (ACSS). Created in 1984 as a branch of the Canadian Payments Association, the ACSS is responsible for clearing both check and electronic funds transfers, unlike the split between the two in the United States. The ACSS has 11 member...… Read More

In September 2006, the National Automated Clearing House Association (NACHA) implemented an amendment to the NACHA Operating Rules, which provides clarification of the business check conversion process. Previous rules stated that all business checks were ineligible for conversion. The new rule- Identification of Business Checks Ineligible for Conversion- provides methods for identifying business checks eligible...… Read More

Background Electronic Funds Transfer or EFT is simply any method of transferring funds electronically from one bank account to another without producing a check. Two types of EFT commonly used in payables in place of checks are automated clearinghouse (ACH) transactions and wire transfers. An ACH transaction uses a batch process, store-and-forward system to accrue,...… Read More

Check 21 Summary Effective date: October 28, 2004 What it does: Authorizes a new negotiable instrument called a substitute check or image replacement document (IRD) Purpose: improve efficiency of check clearing in the U.S. Affect on AP: reduces float by a day or two Fraud concern & recommendations: Key security features of original checks are...… Read More

According to the Board of Governors of the Federal Reserve System, a remotely created check (RCC), also called a "telecheck," a "demand draft," or a "preauthorized draft," is "a check that is drawn on a customer account at a bank, is created by a person other than the paying bank and does not bear a...… Read More

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