ACH Network
is the center and hub of money moving and information from one bank account to
another through direct deposit and direct payments. Each year it
moves more than $40 trillion and nearly 23 billion electronic
financial transactions, and currently supports more than 90 percent of the
total value of all electronic payments in the U.S. As such, the ACH
Network is now one of the largest, safest and most reliable payment systems in
the world, creating value and enabling innovation for all participants.
·
ACH
Network is batch processing system where many financial systems accumulate ACH
transaction of whole day for later processing.
·
ACH
transaction is transmitted electronically over the traditional paper checks, thus
allowing for faster processing saving time and overheads costs.
·
The
ACH Network
processes two types of transactions: Direct Deposits via ACH and Direct
Payments via ACH.
·
ACH
credit and debit transaction process quickly Settlement, or the transfer of
funds from one financial institution to another to complete the transaction,
generally happens next day.
