ACH Network Clause Samples
ACH Network. Automated Clearing House Network is a batch processing, store-and- forward system that accumulates and distributes ACH transactions that are received from ODFI (defined below) and are forwarded to the specified RDFI (defined below) according to the specific schedules established by the participants. Acquirer – A sponsoring financial institution or payment processor that enters into an agreement which enables merchants or their Agent(s) to submit Transactions to a payment network. Affiliate – A business entity effectively controlling or controlled by another or associated with others under common ownership or control. Agent - Any director, officer, employee, representative, affiliate, third-party vendor or any other person acting on behalf of the Merchant with the actual, implied or apparent authority of ▇▇▇▇▇▇▇▇. Beneficial Owner - A beneficial owner is any individual, group of individuals, or entity that, directly or indirectly, owns 25% or more of the equity interests of a Merchant. Business Banking Day – Monday through Friday excluding banking holidays. CPA - Canadian Payment Association responsible for operating the two primary settlement systems (payment networks) in Canada, as well as establishing, revising and Chargeback – A Transaction that is rejected by the owner of the account debited or charged because a dispute exists between the Originator of the Transaction (typically a Merchant) and the account owner. Credit Entry – An ACH/EFT Transaction that is intended to deposit funds into a Receiver’s (defined below) account which has been withdrawn from Merchant’s Settlement Account (defined below).
ACH Network. Automated Clearing House Network is a batch processing, store-and-forward system that accumulates and distributes ACH transactions that are received from ODFI (defined below) and are forwarded to the specified RDFI (defined below) according to the specific schedules established by the participants. ACH Transactions – All Entries, including but not limited to Debit and Credit Entries (defined below) that are transmitted through the ACH Network. Affiliate – A business entity effectively controlling or controlled by another or associated with others under common ownership or control. Business Banking Day – Monday through Friday excluding banking holidays. Credit Entry – An ACH Transaction that is intended to deposit funds into a Receiver’s (defined below) account which has been withdrawn from Merchant’s Settlement Account (defined below).
ACH Network. The Automated Clearing House Network, an electronic payment system operated by The Federal Reserve Banking System.
ACH Network. The Automated Clearing House Network NACHA – National Automated Clearing House Association Originator – A person or entity that initiates an ACH entry (transaction) according to a prior arrangement with the Receiver (consumer) ODFI – The Originating Depository Financial Institution is the financial institution that initiates the ACH entries into the ACH Network on behalf of an Originator RDFI – The Receiving Depository Financial Institution is the financial institution that receives and posts an ACH entry against the account of the Receiver
ACH Network. Automated Clearing House Network is a batch processing, store-and-forward system that accumulates and distributes ACH transactions that are received from ODFI (defined below) and are forwarded to the specified RDFI (defined below) according to the specific schedules established by the participants. » ACH TRANSACTIONS –All Entries, including but not limited to Debit and Credit Entries (defined below) that are transmitted through the ACH Network. » BUSINESS BANKING DAY – Monday through Friday, normal operating hours, excluding Federal holidays. » CREDIT ENTRY – An ACH Transaction that is intended to deposit funds into a Receiver’s (defined below) account which has been withdrawn from a Company’s Settlement Account (defined below). » DEBIT ENTRY – An ACH Transaction that is intended to withdraw funds from a Receiver’s account for deposit into Company’s Settlement Account. » NACHA – National Automated Clearing House Association responsible for establishing, revising and enforcing the Operating Rules for the ACH Network. » OPERATING RULES (THE “RULES”) –The operational rules established by NACHA which govern all transactions and parties utilizing the ACH Network. » ODFI –Originating Depository Financial Institution is the financial institution through which PRIORITY sends transactions to the FED. » RDFI – Receiving Depository Financial Institution is the financial institution that receives the ACH Transactions from the FED and posts these Transactions to the accounts of the Receivers (defined below).
ACH Network. Automated Clearing House Network is a batch processing, store-and- forward system that accumulates and distributes ACH transactions that are received from ODFI (defined below) and are forwarded to the specified RDFI (defined below) according to the specific schedules established by the participants. Acquirer – A sponsoring financial institution or payment processor that enters into an agreement which enables merchants or their Agent(s) to submit Transactions to a payment network. Affiliate – A business entity effectively controlling or controlled by another or associated with others under common ownership or control. Agent Any director, officer, employee, representative, affiliate, third-party vendor or any other person acting on behalf of the Merchant with the actual, implied or apparent authority of Merchant. Beneficial Owner - A beneficial owner is any individual, group of individuals, or entity that, directly or indirectly, owns 25% or more of the equity interests of a Merchant. Business Banking Day – Monday through Friday excluding banking holidays. CPA - Canadian Payment Association responsible for operating the two primary settlement systems (payment networks) in Canada, as well as establishing, revising and enforcing the operating Rules for the Canadian payment networks. Chargeback – A Transaction that is rejected by the owner of the account debited or charged because a dispute exists between the Originator of the Transaction (typically a Merchant) and the account owner. Credit Entry – An ACH/EFT Transaction that is intended to deposit funds into a Receiver’s (defined below) account which has been withdrawn from Merchant’s Settlement Account (defined below).