2003 ELECTRONIC PAYMENTS REVIEW AND …（2003年电子支付审查和u2026）.pdfVIP

2 0 0 3 E L E C T R O N I C P A Y M E N T S R E V I E W A N D B U Y E R ’ S G U I D E UNDERSTANDING THE ACH NETWORK: AN ACH PRIMER which must be physically handled. according to an arrangement with a his article is designed to provide those who are not familiar with Instead of using paper to carry neces- Receiver. The Originator is usually a Tthe ACH Network with a basic sary transaction information, ACH company directing a transfer of funds transactions are transmitted electroni- to or from a consumer ’s or another understanding of the fundamentals of cally between financial institutions company’s account. In the case of a the ACH Network, briefly summariz- through data transmission. Customer Initiated Entry (CIE), the ing the Network’s operation, partici- Originator may be an individual initi- pants, ACH products and services, 1. Participants ating funds transfer activity from his or settlement and posting mechanism, Typically, five participants are her own account. The term “company” legal framework, and history. For com- involved in an ACH transaction: is intended to represent the Originator plete information on ACH processing, of electronic ACH entries and does not please refer to the NACHA Operating (a) the originating company or indi- Rules and the