Encyclopedia

Everything to do and know about financial innovations

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ACH - Automated Clearing House
Acquirer
Anti-Money Laundering (AML)
Blockchain
Cash Flow
Cash Management
EACHA European Automated Clearing House Association
Facial Recognition
Hybrid cloud
Messaging commerce
Outsourcing
Quick response (QR) codes
Wholesale banking
ach-automated-clearing-house
ACH - Automated Clearing House

The automated clearinghouse (ACH) system is a nationwide network through which depository institutions send each other batches of electronic credit and debit transfers. The direct deposit of payroll, social security benefits, and tax refunds are typical examples of ACH credit transfers. The direct debiting of mortgages and utility bills are typical examples of ACH debit transfers. While the ACH network was originally used to process mostly recurring payments, the network is today being used extensively to process one-time debit transfers, such as converted check payments and payments made over the telephone and Internet.

The Reserve Banks and Electronic Payments Network (EPN) are the two national ACH operators. As an ACH operator, the Reserve Banks receive files of ACH payments from originating depository financial institutions, edit and sort the payments, deliver the payments to receiving depository financial institutions, and settle the payments by crediting and debiting the depository financial institutions' settlement accounts. The Reserve Banks and EPN rely on each other to process interoperator ACH payments--that is, payments in which the originating depository financial institution and the receiving depository financial institution are served by different operators. These interoperator payments are settled by the Reserve Banks.
Source: https://www.federalreserve.gov/paymentsystems/fedach_about.htm

acquirer
Acquirer

A company that buys the rights to another company or business relationship. Acquirers are also financial institutions which buy rights to a merchant account which allows them to service and manage the merchant’s bank account.

anti-money-laundering-aml
Anti-Money Laundering (AML)

This is a set of laws and regulations. Specific procedures that aim at preventing criminals from disguising illegally obtained funds as legitimate income. Source

blockchain
Blockchain

A blockchain is a continuously growing list of records/ledgers, called blocks, which are linked and secured using cryptography, eliminating the need for a third party to process payments or other underlyings. Blocks, or the most recent transactions being recorded, are like an individual banking statement. Each completed block is added to the chain, and another block begins, forming the constantly growing blockchain.

cash-flow
Cash Flow

Cash flow is defined as the(net) amount of real or virtual movement of money in and out of the business.Positive cash flow indicates an increasing of liquid assets.

cash-management
Cash Management

Cash Management refers to a broad area of corporate processes of collecting and managing cash, as well as using it for normally very short-term investing. In banking Cash Management or Treasury Cash Management refers to certain services offered related to cash flow.

eacha-european-automated-clearing-house-association
EACHA European Automated Clearing House Association

The European AutomatedClearing House Association (EACHA) is the technical cooperation forum ofEuropean ACHs. Its membership, currently comprising 26 institutions, gathers twice a year to discuss European developments in retail payments. The philosophy of EACHA is that healthy competition also means teamwork. This is why EACHA believes firmly in developing a common vision for the future, and favouring harmonious implementation of European policies and schemes including interoperability based on open standards. www.eacha.org

facial-recognition
Facial Recognition

A biometric software application capable of uniquely identifying or verifying a person by comparing and analysing patterns based on the person's facial contours. Facial recognition is mostly used for security purposes, though there is increasing interest in other areas of use. In fact, facial recognition technology has received significant attention as it has potential for a wide range of application related to law enforcement as well as other enterprises. Facial recognition is also known as face recognition.

hybrid-cloud
Hybrid cloud

A cloud computing environment that uses a mix of on-premises, private cloud and third-party, public cloud services with orchestration between the two platforms. By allowing workloads to move between private and public clouds as computing needs and costs change, hybrid cloud gives businesses greater flexibility and more data deployment options.

messaging-commerce
Messaging commerce

Messaging commerce or conversational commerce is a term coined by Uber's Chris Messina in 2015. The term refers to the intersection of messaging apps and shopping. Meaning, the trend toward interacting with businesses through messaging and chat apps such as Facebook Messenger, WhatsApp, Talk, and WeChat.

outsourcing
Outsourcing

The practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company's own employees and staff.

quick-response-qr-codes
Quick response (QR) codes

A type of 2D bar code that is used to provide easy access to information through a smartphone.

wholesale-banking
Wholesale banking

Banking services between merchant banks and other financial institutions. This type of banking deals with larger clients, such as large corporations and other banks, whereas retail banking focuses more on the individual or small business. Wholesale banking services include currency conversion, working capital financing, large trade transactions and other types of services.

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