Business > EXAM > AAP Flashcards | 151 Questions with 100% Correct Answers (All)

AAP Flashcards | 151 Questions with 100% Correct Answers

Document Content and Description Below

A company or individual that has been authorized by the Receiver to initiate either a credit or debit ACH entry to their account. - ✔✔Originator A financial institution that receives payment ins ... tructions from Originators and forwards the entries to the ACH Operator. - ✔✔Originating Depository Financial Institution (ODFI) ACH Payment Transaction are accumulated throughout the day, sent to the ACH Operator, sorted by destination, and transmitted in groups at specified times. - ✔✔Batch Process, store-and-forward system An individual or a company that has authorized the Originator to initiate an ACH entry to their account with the RDFI. - ✔✔Receiver Financial institution identified by the routing number encoded on the MICR lineof a check. - ✔✔Paying Bank (Payor's Depository Financial Institution) A financial institution that receives ACH entries from the ACH Operator and posts the entries to the accounts of its depositors. - ✔✔Receiving Depository Financial Institution (RDFI) The central clearing facility for ACH transactions. - ✔✔ACH Operator A voluntary association of depository institutions that facilitate the clearing of checks or electronic items through the direct exchange of funds between memebers. - [Show More]

Last updated: 3 years ago

Preview 1 out of 12 pages

Buy Now

Instant download

We Accept: