Automated Payment System Definition

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 payment system definition.

Asos allow computer systems to work without a human operator physically located at the site where the system is installed. 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. Automated definition is operated automatically. 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. A payment system is any system used to settle financial transactions through the transfer of monetary value. Automated system operations are a part of the. The ach network acts as the central clearing facility for all electronic fund.

A common type of payment system is called an operational network that links bank accounts and provides for monetary exchange using bank deposits. Automated clearing house ach is a secure payment transfer system that connects all u s. 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.