What Is ACH?
ACH, or Automated Clearing House, is an electronic network that facilitates the transfer of funds between banks across the United States. It allows for the seamless processing of large volumes of transactions, including direct deposits, bill payments, and fund transfers. ACH plays a critical role in the financial ecosystem by enabling businesses, governments, and consumers to conduct transactions efficiently and securely.
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ACH transfers are processed in batches, which makes them different from real-time transfers like wire transfers. While ACH transactions take longer to process, they are generally more cost-effective and reliable for recurring payments or high-volume transfers. Understanding how ACH works can help you make informed financial decisions, whether you’re a business owner handling payroll or an individual managing bill payments.
How Does ACH Work?
At its core, ACH operates as a batch-processing system, meaning that transactions are grouped together and processed at specific intervals during the day. When a payment is initiated through ACH, it moves through a series of steps to ensure the funds are transferred safely and accurately.
- Initiation of the Transaction: ACH transactions begin when a payer (such as a company or individual) authorizes a payment or funds transfer. This could be anything from an employee’s paycheck to a monthly utility bill.
- Submission to the Originating Bank: After authorization, the payer’s bank, also known as the originating depository financial institution (ODFI), submits the payment request to the ACH network.
- Clearing Process: The payment request is then grouped with other transactions into a batch. The ACH operator (either the Federal Reserve or a private ACH processor) takes these batches and sorts them, ensuring that each payment is routed to the correct receiving bank.
- Receiving Bank Processes the Payment: The receiving depository financial institution (RDFI) then processes the payment and credits the recipient’s account.
- Completion of the Transaction: The funds are finally transferred from the payer’s account to the recipient’s account, completing the ACH transaction.
ACH transactions typically take between one and two business days to complete, depending on when the transaction was initiated and the policies of the participating banks.
Types of ACH Transfers
There are two main types of ACH transfers: ACH credits and ACH debits. Understanding these two types is important for anyone who uses ACH for personal or business transactions.
ACH Credits
An ACH credit occurs when the payer (originator) initiates the transaction. In this case, the payer pushes funds from their account to the recipient’s account. A common example of an ACH credit is direct deposit, where an employer pushes funds to an employee’s account.
ACH Debits
On the other hand, an ACH debit is initiated by the recipient, who pulls funds from the payer’s account. This type of transfer is commonly used for bill payments, where a company pulls funds from a customer’s account on a set date to pay a utility bill, subscription service, or mortgage.
ACH vs. Wire Transfers
While both ACH and wire transfers are electronic methods for sending money, there are key differences between the two. ACH transfers are generally more affordable and suited for non-urgent, high-volume transactions, while wire transfers are faster and more commonly used for large, time-sensitive payments.
Cost Differences
ACH transfers are often free or low-cost for both businesses and individuals, making them ideal for regular payments like payroll, utilities, or subscriptions. Wire transfers, however, come with higher fees (often $25 or more per transfer) due to the immediacy and security measures involved.
Speed of Transfers
Wire transfers occur in real-time, meaning the funds are available to the recipient almost immediately. ACH transfers, as mentioned earlier, are batch-processed and can take 1–2 business days to complete.
ACH Network Participants
Several key players are involved in making the ACH network function smoothly:
- Originator: The individual or entity initiating the transaction, either to credit or debit an account.
- ODFI: The Originating Depository Financial Institution, typically the payer’s bank, which submits the transaction to the ACH network.
- RDFI: The Receiving Depository Financial Institution, which processes and credits the transaction to the recipient’s account.
- ACH Operator: This can be the Federal Reserve or a private ACH processor. They manage the batch processing and ensure that funds are transferred between the ODFI and RDFI.
Benefits of ACH Payments
ACH payments are popular because they offer several advantages over other types of transactions:
- Cost Efficiency: ACH transfers generally cost much less than wire transfers, making them attractive for businesses handling large volumes of transactions.
- Security: ACH transactions are considered highly secure due to their encryption and the requirement for both parties to be authenticated.
- Convenience: For recurring payments like payroll or monthly bills, ACH simplifies the process, eliminating the need to manually write checks or authorize payments each time.
- Automation: ACH enables automatic bill payments, eliminating the risk of late payments and ensuring timely transfers.
Drawbacks of ACH Payments
Although ACH payments come with many benefits, there are a few drawbacks:
- Processing Time: ACH transactions are not instant, taking up to two business days to complete. This can be a drawback if immediate fund availability is required.
- Transaction Limits: Many banks set limits on the amount of money that can be transferred through ACH, which may pose challenges for large payments.
- Dispute Resolution: In cases of unauthorized ACH transactions, dispute resolution can take time and may involve a lengthy process between the banks and the ACH operator.
How ACH Works for Businesses
For businesses, ACH is a crucial tool for handling payroll, supplier payments, and customer transactions. Businesses often prefer ACH for its cost-effectiveness, reliability, and ease of use. By setting up automated payments, businesses can reduce manual errors and streamline cash flow management.
Payroll Processing
One of the most common uses of ACH in business is payroll. Employers can use ACH credits to deposit wages directly into employees’ bank accounts, saving time and eliminating the need for paper checks.
Customer Billing
ACH debits allow businesses to automatically collect payments from customers. This is especially useful for companies offering subscription-based services or utility providers that bill customers monthly.
How ACH Works for Consumers
For consumers, ACH simplifies everyday financial tasks like paying bills, receiving direct deposits, and transferring funds between accounts. ACH eliminates the need to write checks, visit a bank, or manually authorize payments.
Bill Payments
Many consumers use ACH debits for paying bills automatically. Utility companies, credit card issuers, and mortgage providers often offer ACH as a payment option, ensuring that payments are made on time each month.
Transferring Funds
Consumers also use ACH to transfer funds between personal accounts, such as moving money from a checking account to a savings account or transferring funds to a family member.
Security Measures in ACH Transfers
ACH transactions are protected by multiple layers of security. Financial institutions use encryption, authentication protocols, and fraud detection tools to safeguard each transaction. Additionally, the ACH network adheres to strict compliance requirements to ensure that funds are transferred securely.
The Future of ACH Payments
As technology continues to evolve, the ACH network is expected to grow and adapt. The introduction of Same Day ACH, which allows for faster processing times, has already improved the efficiency of the network. Going forward, ACH will likely play a larger role in digital payments as businesses and consumers increasingly seek automated solutions for their financial needs.
Conclusion
ACH is an indispensable component of modern finance, allowing for the seamless transfer of funds between banks, businesses, and consumers. Whether you’re handling payroll, paying bills, or transferring money between accounts, understanding how ACH works can help you optimize your financial activities. With its cost-effectiveness, reliability, and security, ACH will continue to be a preferred method of payment for years to come.
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Frequently Asked Questions About How Automated Clearing House (ACH) Works
1. How Does ACH Work for Direct Deposits?
ACH (Automated Clearing House) enables employers to deposit employee wages directly into their bank accounts. The process starts when the employer’s payroll system sends the payment details to their bank, the Originating Depository Financial Institution (ODFI). The ODFI then submits the information to the ACH network, which batches transactions and sends them to the receiving banks (RDFIs).
Once the RDFI receives the transaction, it credits the employee’s account. This whole process typically takes 1–2 business days, though Same Day ACH can expedite deposits. Direct deposit via ACH is favored because it reduces administrative costs, eliminates paper checks, and ensures timely payroll disbursements.
For employees, ACH direct deposits are convenient as they eliminate the need to deposit checks manually. This method also ensures faster fund availability, so employees have access to their earnings as soon as the transaction clears. Direct deposit is a secure way to manage payroll, as ACH uses encryption and authentication protocols to safeguard personal financial information. Overall, ACH direct deposits simplify payroll for businesses and provide a seamless experience for employees.
2. How Does ACH Work for Bank Transfers?
ACH bank transfers allow individuals and businesses to move funds between bank accounts electronically. The process involves the payer initiating a transaction through their bank, which serves as the Originating Depository Financial Institution (ODFI). The ODFI submits the transfer request to the ACH network, where transactions are grouped into batches and sorted.
Once sorted, the ACH operator forwards the payment to the Receiving Depository Financial Institution (RDFI), where the recipient’s account is credited. ACH bank transfers are commonly used for moving money between personal accounts, paying bills, or transferring funds to friends and family. The process generally takes 1–2 business days, but Same Day ACH can speed this up for eligible transactions.
ACH transfers are secure and low-cost, often free for consumers or businesses. One major advantage is the ability to set up recurring transfers, which can automate bill payments or savings plans. However, because ACH transfers are processed in batches, they aren’t instantaneous. This is a consideration for users needing immediate access to funds. Overall, ACH bank transfers are a reliable and cost-effective way to transfer money domestically.
3. How Does ACH Work for Recurring Payments?
ACH facilitates recurring payments by automating regular transactions, such as utility bills, mortgage payments, or subscription services. The process begins when a customer authorizes a company or service provider to withdraw funds from their bank account on a recurring basis. This authorization allows the provider to initiate an ACH debit each billing cycle.
Once the authorization is in place, the business’s bank (ODFI) submits a debit request to the ACH network. The network processes the transaction in batches and routes it to the customer’s bank (RDFI), which deducts the amount from the customer’s account. ACH recurring payments are usually processed within 1–2 business days.
Recurring ACH payments are advantageous for both businesses and customers. For businesses, this system ensures timely collection of payments, improving cash flow and reducing manual invoicing. For customers, ACH eliminates the hassle of manually paying bills each month and helps avoid late payments. Recurring ACH payments are secure, as the ACH network uses encryption and strict authentication measures to protect financial data.
Although convenient, users must ensure their account has sufficient funds for each scheduled withdrawal to avoid overdraft fees or failed payments.
4. How Does ACH Work for Businesses?
For businesses, ACH is a powerful tool for managing payments, both incoming and outgoing. ACH helps businesses automate various transactions, such as payroll, vendor payments, and customer billing. When a business initiates a payment through ACH, its bank (ODFI) sends the payment details to the ACH network. The ACH network batches the payment with others and forwards it to the receiving bank (RDFI), which credits the recipient’s account.
Businesses frequently use ACH for payroll, as it ensures timely wage deposits and reduces administrative burdens. ACH is also popular for vendor payments, allowing companies to pay suppliers electronically instead of issuing paper checks. Furthermore, ACH debits help businesses automatically collect payments from customers, such as subscription fees or utility bills.
ACH is cost-effective for businesses since transaction fees are typically lower than those for wire transfers or credit card payments. It also enhances security by reducing the risks associated with paper checks. Additionally, the automation capabilities of ACH improve efficiency and reduce manual errors. However, businesses should be aware of the 1–2 day processing time, especially for critical or time-sensitive transactions.
5. How Does ACH Work for Payroll Processing?
ACH streamlines payroll processing by enabling employers to deposit wages directly into employees’ bank accounts through ACH credit transactions. Employers initiate the process by submitting payroll information to their bank (ODFI), which forwards the payment requests to the ACH network.
The ACH network processes the payroll payments in batches and routes them to the employees’ banks (RDFIs), where the funds are deposited into the employees’ accounts. This process typically takes 1–2 business days, although Same Day ACH can expedite the deposit in some cases.
For businesses, ACH payroll processing eliminates the need to issue paper checks, reducing administrative costs and ensuring timely payments. This is particularly beneficial for companies with a large workforce, as ACH automates the entire payroll process. Employees benefit by receiving their wages directly into their bank accounts, often with faster access to funds compared to check deposits.
The ACH network’s security protocols also ensure the safety of sensitive employee and financial data. Overall, ACH payroll processing provides a convenient, secure, and efficient way for businesses to manage employee compensation.
6. How Does ACH Work for Bill Payments?
ACH simplifies bill payments by allowing customers to set up automatic payments through ACH debits. When a customer authorizes a biller, such as a utility company or lender, to withdraw funds directly from their bank account, the biller initiates an ACH debit each billing cycle.
The biller’s bank (ODFI) submits the debit request to the ACH network, which processes it in batches. The customer’s bank (RDFI) then deducts the payment amount from their account and credits the biller. ACH bill payments usually take 1–2 business days to process, though Same Day ACH can expedite this timeline for certain payments.
For consumers, ACH bill payments are convenient as they automate recurring expenses, reducing the risk of missed payments. Billers benefit from the steady cash flow and reduced administrative costs associated with paper billing. Furthermore, ACH bill payments are secure and reliable, with stringent encryption and authentication measures to protect both parties.
This method is widely used for utility payments, mortgages, insurance premiums, and other recurring bills, offering a hassle-free way for consumers to manage their financial obligations.
7. How Does ACH Work for International Transfers?
ACH is primarily a domestic system for processing electronic payments within the United States. For international transfers, ACH may be used in conjunction with other payment networks or systems like SWIFT or SEPA. Typically, international transfers require more steps, as they involve converting currencies and navigating foreign banking regulations.
When an international ACH payment is initiated, the funds move from the payer’s bank through the ACH network, but additional processes are involved to ensure the payment reaches an international recipient. The payment is often routed through intermediary banks or currency exchange services before it reaches the final receiving bank.
While ACH is not the primary method for international payments, some cross-border transactions are possible, especially when transferring funds between U.S. territories or within North America. However, for most global transactions, wire transfers or specialized international payment networks are preferred due to their speed and broader reach.
Consumers and businesses should be aware that international ACH transfers may take longer to process and come with additional fees due to currency conversion and intermediary banking services.
8. How Does ACH Work in the U.S. Banking System?
The ACH network plays a crucial role in the U.S. banking system by facilitating electronic payments between financial institutions. The ACH network, governed by NACHA (National Automated Clearing House Association), handles millions of transactions each day, including payroll deposits, bill payments, and transfers between accounts.
Banks and credit unions in the U.S. use ACH to process both ACH credits and ACH debits. ACH credits involve sending funds, such as direct deposits or payments, from one bank account to another. ACH debits, on the other hand, allow billers or businesses to withdraw funds directly from customers’ accounts with proper authorization.
The ACH network relies on a batch-processing system, meaning transactions are grouped together and processed at specific intervals during the day. This results in efficient, cost-effective, and secure transactions, making ACH a cornerstone of the U.S. financial system. Both businesses and consumers benefit from the low fees and convenience offered by ACH.
While not as fast as real-time payment systems, ACH provides a reliable way to handle non-urgent, high-volume transactions across the U.S.
9. How Does ACH Work with Online Banking?
ACH plays a vital role in online banking by enabling users to transfer funds between accounts, pay bills, and set up automatic payments electronically. When a customer initiates an ACH transfer via their online banking platform, their bank (the Originating Depository Financial Institution or ODFI) sends the transaction request to the ACH network, where it is processed in batches.
The ACH network forwards the transaction to the receiving bank (RDFI), which credits or debits the recipient’s account accordingly. These transactions typically take 1–2 business days to complete, but Same Day ACH can speed up the process for eligible payments.
ACH is commonly used for person-to-person (P2P) payments, bill payments, and inter-bank transfers in online banking platforms. Customers benefit from the convenience of managing their payments and transfers from anywhere, with low or no transaction fees. ACH also supports recurring payments, making it easier to automate bill payments or savings plans through online banking.
Security is another key advantage, as ACH transactions are encrypted and require authentication, ensuring that users’ financial information remains protected. Overall, ACH enhances the efficiency and convenience of online banking, providing customers with a reliable tool for managing their financial activities digitally.
10. How Does ACH Work Compared to Wire Transfers?
ACH and wire transfers are both methods of moving funds between accounts, but they operate differently. ACH transactions are processed in batches and can take 1–2 business days to settle. In contrast, wire transfers are processed individually and typically clear within a few hours, making them faster for urgent transactions.
ACH is generally more cost-effective than wire transfers, with low or no fees for the sender and recipient. Wire transfers, on the other hand, often come with higher fees, especially for international transactions. ACH is ideal for non-urgent, recurring transactions such as payroll, bill payments, or moving money between accounts. Wire transfers are more suitable for large, one-time payments where speed is a priority.
Another key difference is the level of reversibility. ACH payments can be reversed in case of errors or fraud, providing an extra layer of security. Wire transfers, once sent, are final and cannot be easily reversed. Both methods are secure, but the choice between ACH and wire transfers depends on factors like speed, cost, and transaction size.
11. How Does ACH Work for Credit Card Payments?
ACH is an alternative to credit card payments, allowing businesses to collect payments directly from customers’ bank accounts through ACH debits. When a customer authorizes a company to withdraw funds via ACH, the business’s bank (ODFI) sends a debit request to the ACH network, which processes the transaction and routes it to the customer’s bank (RDFI).
The RDFI debits the customer’s account and credits the business’s account, typically within 1–2 business days. Unlike credit card transactions, ACH payments are processed in batches, and they usually have lower transaction fees, making them an attractive option for businesses that handle recurring payments or large transactions.
While ACH payments lack the instant approval of credit card transactions, they offer more flexibility for businesses that want to avoid the high fees associated with credit card processing. Additionally, ACH payments are secure, as they use encryption and authentication to protect financial data.
Businesses that accept ACH payments can improve cash flow by automating payment collection and reducing the risk of late payments, making ACH an effective tool for managing customer billing.
12. How Does ACH Work for Government Payments?
ACH is widely used by government agencies for disbursing payments, such as Social Security benefits, tax refunds, and unemployment benefits. The process starts when the government agency submits a payment request to its bank (ODFI), which sends the payment information to the ACH network.
The ACH network processes the payment in batches and forwards it to the recipient’s bank (RDFI), which credits the individual’s bank account. ACH payments from government agencies are secure, fast, and reliable, typically taking 1–2 business days to complete. In some cases, Same Day ACH is used to expedite payments.
One of the biggest advantages of ACH for government payments is its ability to reduce the costs and inefficiencies associated with issuing paper checks. Direct deposit through ACH ensures that individuals receive their benefits on time, even in cases of mail delays or disruptions. For recipients, ACH direct deposit offers the convenience of automatic payments, eliminating the need to deposit paper checks manually.
Government agencies favor ACH for its cost-effectiveness, security, and ability to streamline disbursements to millions of people.
13. How Does ACH Work for Same Day Transfers?
Same Day ACH was introduced to speed up the standard ACH processing time, allowing certain transactions to be settled on the same day they are initiated. This option is available for both ACH credits and ACH debits, but there are limitations on the types and amounts of transactions that can qualify for Same Day ACH.
When a Same Day ACH transfer is initiated, the payer’s bank (ODFI) submits the payment information to the ACH network by a designated cutoff time. The network processes the transaction in a special batch and routes it to the recipient’s bank (RDFI), where it is credited or debited on the same business day.
Same Day ACH is particularly useful for urgent payments like payroll, bill payments, or last-minute vendor payments. However, there are transaction limits, typically around $1 million per payment. This expedited service offers more flexibility for businesses and consumers who need faster settlements.
Same Day ACH is secure and uses the same encryption and authentication protocols as regular ACH transactions, ensuring that payments are processed quickly without compromising safety. However, there may be additional fees for Same Day ACH services, depending on the bank.
14. How Does ACH Work in Processing Refunds?
ACH can also be used to process refunds for overpayments, returned goods, or service cancellations. The refund process starts when the business initiates an ACH credit to the customer’s bank account. The business’s bank (ODFI) sends the refund request to the ACH network, which processes it in batches and forwards it to the customer’s bank (RDFI).
Once the refund is processed by the ACH network and reaches the customer’s bank, the funds are credited to the customer’s account. ACH refunds typically take 1–2 business days to process, though Same Day ACH can expedite the timeline for certain transactions.
ACH refunds are secure and less costly than refunding via credit card payments, which often come with higher processing fees. For businesses, ACH offers a reliable way to handle large-volume refunds efficiently. Customers also benefit from the direct deposit of refunds into their bank accounts, avoiding the need to wait for checks to arrive by mail.
ACH refunds are subject to the same security measures as other ACH transactions, ensuring that financial data is protected throughout the process.
15. How Does ACH Work for Payment Disputes?
In cases of unauthorized or incorrect ACH transactions, payment disputes can be initiated. A customer who believes there has been an error, such as an incorrect amount debited or an unauthorized transaction, must notify their bank (RDFI) within 60 days.
The bank will investigate the claim and, if warranted, initiate a reversal through the ACH network. The ACH network allows for the reversal of ACH debits in cases of errors, fraud, or duplicate transactions. The bank (ODFI) that originated the transaction may be required to return the funds to the customer’s bank (RDFI) if the dispute is resolved in the customer’s favor.
Customers must provide supporting evidence to their bank, and the bank may provide provisional credit to the account while the investigation is underway. Payment disputes are handled securely, with both banks and the ACH network following strict procedures to ensure fairness and accuracy in resolving issues.
ACH’s ability to handle disputes and reversals makes it a safer option for consumers compared to other payment methods where recovery of funds may be more difficult.
16. How Does ACH Work for Utility Payments?
ACH is commonly used for utility payments, allowing customers to automate their monthly bills. The process begins when a customer authorizes the utility company to withdraw funds directly from their bank account. Once authorized, the utility company’s bank (ODFI) submits an ACH debit request to the ACH network for processing.
The ACH network processes the payment in batches and forwards it to the customer’s bank (RDFI), which debits the specified amount from the customer’s account. This process is typically completed within 1–2 business days. ACH payments are secure and cost-effective, making them a popular choice for both utility companies and customers.
Automating utility payments through ACH offers several benefits. Customers can avoid late payments and associated fees by setting up recurring ACH debits, ensuring that bills are paid on time each month. For utility companies, ACH reduces the administrative burden of paper billing and helps maintain consistent cash flow.
ACH utility payments are also secure, as the network employs encryption and authentication to protect customer data. It is a reliable method for both recurring and one-time utility payments.
17. How Does ACH Work for Personal Transfers?
ACH facilitates personal transfers between bank accounts, either within the same bank or across different financial institutions. This is commonly done through online or mobile banking apps, where users can initiate ACH transfers to move money between accounts or send funds to family and friends.
The process begins when the payer authorizes a transfer via their bank (ODFI). The ACH network processes the transaction in batches and forwards it to the recipient’s bank (RDFI), which credits the funds to the designated account. ACH personal transfers typically take 1–2 business days, although Same Day ACH can expedite the process for eligible transactions.
ACH transfers are a convenient and low-cost way for individuals to move funds domestically. For example, ACH can be used to pay rent, split bills, or send money to family members. Unlike wire transfers, which have higher fees, ACH transfers are often free or come with minimal charges.
Although ACH transfers are not instant, they provide a secure and reliable way to handle personal transactions. Both sender and recipient benefit from the protections offered by ACH, such as the ability to reverse transactions in cases of fraud or error.
18. How Does ACH Work for Loan Payments?
ACH is frequently used for loan payments, allowing borrowers to automate their monthly repayments. The process starts when the borrower authorizes the lender to withdraw funds from their bank account through ACH debits. The lender’s bank (ODFI) submits a debit request to the ACH network for processing.
The ACH network processes the payment and routes it to the borrower’s bank (RDFI), where the loan payment amount is debited from the borrower’s account and credited to the lender. ACH loan payments are typically processed within 1–2 business days, though Same Day ACH can expedite the process.
Automating loan payments through ACH ensures that borrowers make their payments on time, reducing the risk of late fees or missed payments. For lenders, ACH streamlines the payment collection process and improves cash flow predictability.
Borrowers benefit from the convenience of automatic payments and the ability to manage their loan repayments without needing to remember due dates. ACH loan payments are secure, using encryption and authentication protocols to protect borrower information.
19. How Does ACH Work for International Payments?
While the majority of ACH payments occur within the United States, international ACH payments (IAT) allow for cross-border transactions. IAT payments work similarly to domestic ACH payments, but they must comply with additional regulations and involve currency conversions.
An international ACH transfer starts when the payer’s bank (ODFI) submits the payment to the ACH network. The network processes the payment and forwards it to a corresponding foreign bank, which handles the currency conversion and credits the recipient’s account.
International ACH payments can take longer than domestic transactions, often requiring 3–5 business days to complete due to currency conversions and additional regulatory checks. IAT payments are most commonly used for recurring transactions, such as international payroll or pension disbursements.
Compared to wire transfers, international ACH payments are typically more cost-effective, but they are slower. Additionally, not all countries participate in the ACH network, so other payment methods may be required for certain regions.
20. How Does ACH Work with Mobile Payments?
ACH supports mobile payments by allowing users to link their bank accounts to mobile payment apps, such as Venmo, PayPal, or Zelle. When a user sends money through a mobile payment app, the app initiates an ACH transfer to move funds from the sender’s bank account to the recipient’s bank account.
The ACH network processes the transaction in batches, and the funds are typically available within 1–2 business days. Mobile payment apps may offer faster settlement for a fee, but the underlying transfer method is often ACH.
ACH enables mobile payment platforms to offer secure, low-cost transactions for peer-to-peer transfers, bill payments, and other financial activities. Users benefit from the convenience of transferring money through their mobile devices while leveraging the security and reliability of the ACH network.
Mobile payments via ACH are encrypted and authenticated, ensuring that users’ bank account information is protected throughout the transaction process.
FURTHER READING
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LINKS TO EXTERNAL ARTICLES
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