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Receiving Depository Financial Institution
In the United States, the ACH Network is the national automated clearing house (ACH) for electronic funds transfers established in the 1960s and 1970s. It is a financial utility owned by US banks, and is one of the largest payments networks in the United States, both by volume and by customer reach; virtually every bank account in the US, whether personal or commercial, is connected to the network. ACH has a wide variety of consumer and enterprise applications, processing financial transactions for consumers, businesses, and federal, state, and local governments. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit for payroll, Social Security, and other benefit payments, tax refunds, and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills. The rules and regulations that govern the ACH network are established and maintained by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque
A cheque (or check in American English) is a document that orders a bank, building society, or credit union, to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the ''drawer'', has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the ''drawee'', to pay the amount of money stated to the payee. Although forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non-cash method for making payments during the 20th century and usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked in or a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business-to-business
Business-to-business (B2B or, in some countries, BtoB) refers to trade and commercial activity where a business sees other businesses as its customer base. This typically occurs when: * A business sources materials for its production process for output (e.g., a food manufacturer purchasing salt), i.e. providing raw material to the other company that will produce output. * A business needs the services of another for operational reasons (e.g., a food manufacturer employing an accountancy firm to audit their finances). * A business re-sells goods and services produced by others (e.g., a retailer buying the end product from the food manufacturer). Business-to-business activity is thought to allow business segmentation. B2B is often contrasted with business-to-consumer (B2C) trade. Organization Successful B2B operations depend upon sales personnel understanding the purchasing behaviour and outlook of the types of business they wish to work with. B2B involves specific challenges a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treasury Management
Treasury management (or treasury operations) entails management of an enterprise's financial holdings, focusing on the firm's liquidity, and mitigating its financial-, operational- and reputational risk. Treasury Management's scope thus includes the firm's collections, disbursements, concentration, investment and funding activities. In corporates, treasury overlaps the financial management function, although the former has the more specific focus mentioned, while the latter is a broader field that includes financial planning, budgeting, and analysis. In banks, the function plays a slightly different, more integral role, managing also the link between the institution and the financial markets. In both, there is a close relationship with the financial risk management area. Permjit Singh (2021)"The Corporate Treasurer Serves as a Financial Risk Manager" Investopedia A company's treasury operation, typically, is under control of the CFO or Vice-president / Director of Fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trends In Noncash Paymentsin The US, By Value, 2000–22
A fad, trend, or craze is any form of collective behavior that develops within a culture, a generation, or social group in which a group of people enthusiastically follow an impulse for a short time period. Fads are objects or behaviors that achieve short-lived popularity but fade away. Fads are often seen as sudden, quick-spreading, and short-lived events. Fads include diets, clothing, hairstyles, toys, and more. Some popular fads throughout history are toys such as yo-yos, hula hoops, and fad dances such as the Macarena, floss and the twist. Similar to habits or customs but less durable, fads often result from an activity or behavior being perceived as popular or exciting within a peer group, or being deemed " cool" as often promoted by social networks.Kornblum (2007), p. 213. A fad is said to "catch on" when the number of people adopting it begins to increase to the point of being noteworthy or going viral. Fads often fade quickly when the perception of novelty is gone. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was created by the Banking Act of 1933, enacted during the Great Depression to restore trust in the American banking system. More than one-third of banks failed in the years before the FDIC's creation, and bank runs were common. The insurance limit was initially US$2,500 per ownership category, and this has been increased several times over the years. Since the enactment of the Dodd–Frank Wall Street Reform and Consumer Protection Act in 2010, the FDIC insures deposits in member banks up to $250,000 per ownership category. FDIC insurance is backed by the full faith and credit of the government of the United States, and according to the FDIC, "since its start in 1933 no depositor has ever lost a penny of FDIC-insured funds". Deposits placed wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Institution
A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial institution: # Depository institution – deposit (finance), deposit-taking institution that accepts and manages deposits and makes loans, including bank, building society, credit union, trust company, and mortgage broker; # Contractual institution – insurance company and pension fund # Investment institution – investment banking, investment bank, underwriter, and other different types of financial entities managing investments. Financial institutions can be distinguished broadly into two categories according to ownership structure: * commercial bank * cooperative banking, cooperative bank Some experts see a trend toward homogenisation of financial institutions, meaning a tendency to invest in similar areas and have similar business str ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Electronic Funds Transfer
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit and credit accounting entries necessary to complete the transaction. An electronic funds transfer starts when the sending customer send an electronic instruction with the purpose of making payment to the beneficiary or the receiving customer. Process According to the United States Electronic Fund Transfer Act of 1978 it is "a funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account". EFT transactions are known by a number of names across countries a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NACHA
Nacha, originally the National Automated Clearinghouse Association, manages the ACH Network, the backbone for the electronic movement of money and data in the United States, and is an association for the payments industry. The ACH Network serves as a network for direct consumer, business, and government payments, and annually facilitates billions of payments such as Direct Deposit and Direct Payment. The ACH Network is governed by the Nacha Operating Rules. In 2022, the Nacha through its ACH network handled 30.00 billion payments (3.03% year-over-year (YoY) gain), totaling US$76.7 trillion (5.6% YoY gain). From 2013-22, overall gain in the volume of transactions was 70.95%, or 5.51% annualized. The 2013-22 overall gain of the value of the transactions was 98.25%, or 7.08% annualized. Nacha is a not-for-profit association under the Internal Revenue Service code 501(c)(6) and was incorporated in 1974. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supplemental Security Income
Supplemental Security Income (SSI) is a means-tested program that provides cash payments to disabled children, disabled adults, and individuals aged 65 or older who are citizens or nationals of the United States. SSI was created by the Social Security Amendments of 1972 and is incorporated in Title 16 of the Social Security Act. The program is administered by the Social Security Administration (SSA) and began operations in 1974. Individuals or their helpers may start the application for SSI benefits by completing a short form on SSA's website. SSA staff will schedule an appointment for the individual or helper within one to two weeks and complete the process. SSI was created to replace federal-state adult assistance programs that served the same purpose, but were administered by the state agencies and received criticism for lacking consistent eligibility criteria. The restructuring of these programs was intended to standardize the eligibility requirements and level of benefits ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Direct Deposit
A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account. Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' accounts, but the facility can be used for payments for any purpose, such as payment of bills, taxes, and other government charges. When making a direct deposit by means of electronic funds transfer, the payer also normally enters reference information to make it easy for the payee to recognise who made the deposit and which account to credit. The reference may be an account number, an invoice number, the payer's name, or some other meaningful identification. Alternatives If a funds recipient does not have a bank account, but a payer is obligated to pay by electronic funds transfer, alternative payment arrangements need to be made. For example, a US law of 1996 required the federal government to make electronic payments, such as direct depos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Social Security Administration
The United States Social Security Administration (SSA) is an Independent agencies of the United States government, independent agency of the Federal government of the United States, U.S. federal government that administers Social Security (United States), Social Security, a social insurance program consisting of retirement, disability and survivor benefits. The Social Security Administration was established by the Social Security Act of 1935 and is codified in (). It was created in 1935 as the "Social Security Board", then assumed its present name in 1946. Its current leader is Commissioner Frank Bisignano. SSA offers its services to the public through 1,200 field offices, a website, and a national toll-free number. Field offices, which served 43 million individuals in 2019, were reopened on April 7, 2022 after being closed for two years due to the COVID-19 pandemic. SSA is headquartered in Woodlawn, Baltimore County, Maryland, Woodlawn, Maryland, just to the west of Baltimore, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
