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… or bill payment error correction debits to an account held at a financial institution. Most commonly used for mortgage and other bill payments, as well as funds transfer and corporate cash management payments. Often recurring, but can also be sporadic. Does not include …
… A pre-authorized debit drawn on the account of a payor for the payment of goods or services related to a business or commercial activity of the payor. For …
… The financial Institution that holds the account of the payee (person receiving a payment). … Payee's financial institution (FI) …
… The financial institution that holds the account of the payor (person making a payment). … Payor's financial institution (FI) …
… The failure of the payments ecosystem to ultimately settle on the books of the central bank. … Systemic risk …
… A payment item drawn by a bank against its own account … Bank …
… Payment items through the Automated Clearing Settlement System (ACSS) Annual statistics … ACSS reporting system. The direct clearers are responsible for entering the volumes and values of payment items into their categories. All references to …
… A disruption to the payments ecosystem large enough to have a noticeable impact …
… An item dated more than six (6) months prior to presentment for payment. … Stale-dated …
… a convenient way to pay bills and make other payments automatically. Instead of sending a payment, a company withdraws funds from your … against improper withdrawals. If you need detailed information, Rule H1 (which applies to PADs) is available in …