Automated Payment System Definition

Automated clearing house ach is a secure payment transfer system that connects all u s.

Automated payment system definition.

An automatic bill payment is a money transfer scheduled on a predetermined date to pay a recurring bill such as a mortgage or credit card bill. Multinational banks principally use chaps. The ach network acts as the central clearing facility for all electronic fund. The ach system is designed to process batches of payments containing numerous transactions and charges fees low enough to encourage its use for low value.

This includes the institutions instruments people rules procedures standards and technologies that make its exchange possible. Automated system operations aso is the set of software and hardware that allows computer systems network devices or machines to function without any manual intervention. The clearing house automated payments system chaps is a u k based system that facilitates large british pound denominated money transfers. How to use automated in a sentence.

A payment system is any system used to settle financial transactions through the transfer of monetary value. An automated clearing house ach is a computer based electronic network for processing transactions usually domestic low value payments between participating financial institutions it may support both credit transfers and direct debits. Automated definition is operated automatically.