Term Glossary

automated clearing house (ach) a computer based funds transfer system established by nacha to process the exchange of transactions between participating financial institutions in the u s ; uses batch processing and a store and forward system bacs global ach – bankers’ automated clearing system bacs payments are electronic payments where money in gbp moves from one bank account to another within the united kingdom this is similar to ach, however since these payments are processed in uk, they are transmitted by bacs payment schemes limited checkprint a check that is printed and cut by the bank instead of in house of the business the user submits check print files for the bank to print and distribute to vendors fedwire domestic wire usd an electronic funds transfer system that occurs in real time for central bank funds it is used by federal reserve banks to transfer funds between participating member institutions no physical money is transferred between banks or financial institutions when conducting a wire transfer instead, information is passed between banking institutions about the recipient, the recipient bank account number, and the amount transferred global ach / cpa payments electronic payments where money moves from one bank account to another within canada this is similar to ach, however since these payments are processed in canada, they are transmitted with the help of the canadian payments association (cpa) network international wire usd an electronic transfer of funds sent internationally across a payment network administered by hundreds of banks or transfer service agencies across the world no physical money is transferred between banks or fis when conducting a wire transfer instead, information is passed between banking institutions about the recipient, the recipient bank account number, and the amount transferred sent from an usd origin account, funds may be exchanged into the local currency once deposited into the payees bank account positive pay an automated cash management service offered by financial institutions for fraud prevention checks that a company presents for payment are matched against the checks that were issued by the company to detect check fraud fispan helps the client to digitally transmit a list of checks that it has issued physically via mail the bank compares the list to the actual checks, flags any that do not match, and notifies the client the client will then tell the bank whether or not to cash the check sepa (single euro payments area) a system that harmonizes the way cashless payments transact between european countries in euros, created by the european union (eu) you can now use your debit card anywhere in this area and do easy cross border bank transfers single use account (sua) aka virtual card network (vcn) a single use account is a card based payment solution that acts like a check by providing a 16 digit virtual account number for each payment the credit limit of each card is determined by the specific payment amount sua payments are issued by email to the vendor