A Universal Payment Identification Code (UPIC) is an identifier (or banking address) for a bank account in the United States used to receive electronic credit payments. A UPIC acts exactly like a US bank account number and protects sensitive banking information. The actual bank account number, including the bank's ABA routing transit number, are masked by the UPIC. Only credit transactions to an account can be initiated with a UPIC. All direct debits are blocked, which should mitigate unauthorized transactions to an account. Other benefits of UPICs include: * UPICs mask confidential banking information, reducing the risk of fraud while facilitating secure electronic payments. * UPICs are restricted to credit payments, preventing unauthorized debits. * UPICs remain with the customer regardless of banking relationships, making any change of bank or account transparent to trading partners. * UPICs point to a single bank account. However, one account can have several UPICs Concerns with UPIC include: * UPICs only work for NACHA's Automated Clearing House (ACH) credit transactions.

Fedwire Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its ...

credits cannot use UPICs. * A bank must use the

Electronic Payments Network The Electronic Payments Network (EPN) is an electronic clearing house that provides functions similar to those provided by Federal Reserve banks. The Electronic Payments Network is the only private-sector operator in the ACH Network in the United S ...

for ACH processing to issue UPICs.

External links

UPIC home

UPIC FAQ from The Clearing House
Banking terms {{US-finance-company-stub