Most ACH systems support the following two types of transactions:
Credit transfers involve non-immediate transfers of funds between two accounts. This is generally used by retail customers for bill payments, which are non-urgent e.g. paying electricity bill through a credit card.
Direct debits are payments of bills on a periodic basis. These types of payments are used by companies that collect payments from a customer on a regular basis as part of a subscription, e.g. Netflix.
How does it work?
The following steps are involved in processing a typical transaction through ACH:
Initiation: Customer initiates the transaction and sends the information to the bank.
Batch-making: Bank gathers all ACH transaction requests, and combines them into one batch.
Dispatch: On a periodic basis, the bank sends the combined batch information to the ACH network.
Combining the information: ACH operator combines all the information submitted by the banks within each cycle.
Net Settlement Amount: ACH operator communicates to the bank the net settlement amount which it has to pay/receive for each cycle.
Ensuring Compliance: ACH operator ensures all banks pay the settlement amounts for the cycle; this is done to reduce the risk of payment failure.
Execution: ACH operator informs the banks of the transaction. When the transaction arrives, the bank executes the transaction: such as crediting the payment to beneficiary, while the other bank has to debit the ordering customerâ€™s account.
Aim and Benefits
The main goal is to successfully facilitate an exchange of payment, while reducing the risk in transferring the money. ACH networks are able to reduce risk because they are encrypted; which means they use stringent security measures to prevent hackers from accessing critical information. Since banks may not have sufficient resources to ensure this, a central body NACHA (National Automated Clearing House Association) is better suited for this task.
Speed: ACH systems have greatly improved the efficiency and speed of money transfer. Prior to these systems, transferring funds via check used to take days, where now the money can be transferred within a few hours using ACH networks.
Government and Business Transactions: ACH networks have greatly improved the timeliness of government and business transactions. This has resulted in faster decision making and responsiveness in government projects and actions.
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