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 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 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 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