Payments Hub

The main differences between ACH vs check payments are cost, security, and speed of delivery. ACH transfers are electronic whereas checks are physical documents…

A Banking as a Service provider is a FinTech or other third-party company offering businesses a software platform solution for embedding BaaS financial services…

With real time payments, the payee’s account is credited immediately, and the payer is instantly notified about the status. With a paper check, however, a pay…

A routing number is a nine-digit number located on the bottom left corner of a check. It identifies the specific bank or credit union where you set up your bank…

IBAN vs. SWIFT codes are both internationally recognized for identifying bank accounts when a transfer is being made. The specific identifier required depends o…

The term global ACH can be used to describe global bank-to-bank transfers going through networks similar to the Automated Clearing House when these payments are…

A bank code is used to send and receive payments for deposits using financial institution systems and networks. Types of bank codes used vary for some transacti…

A prenote (prenotification) is a zero-dollar transaction for validation of a bank account number and routing number sent before making an ACH debit or ACH credi…

There are many scenarios in which you may need to provide a bank routing number and account number, so it’s important to have this information on hand. The most…

The (MICR) machine-readable ABA number is printed with magnetic ink on the bottom left of each bank check. A fraction form shows a backup ABA number near the to…

The wire transfer recipient may need to complete incoming wire transfer instructions through a form from the recipient’s bank. The recipient’s bank is calle…

An outward remittance (aka wire transfer outward remittance) is the process of transferring money (in the form of foreign exchange) from a worker or business, t…

The Automated Clearing House (ACH) Network is a robust network that both consumers and businesses rely on for electronic payments. And when handling global ACH …

Electronic money is a digital store of a medium of exchange on a computerized device. E-money can be used for payment transactions, with or without bank account…

Is ACH Credit or ACH Debit Right for Your Business? ACH debits and credits are a convenient way of sending and receiving payments. They often provide advantages…

The remitter is the sender of the money who first goes to the bank to submit a request for payment to the recipient’s bank account. The remitter’s bank may …

ACH payments allow businesses to make electronic payments to vendors for products and services. Businesses can also leverage ACH payments to pay freelancers, en…

ACH payment processing works when ACH transfers go through a payment processor using either ACH credit or ACH debit. The ODFI  in the ACH network is the Origin…

A simple ACH transfer involves a request made from the payor’s bank account. This prompts a transfer of funds sent via the ACH network to a recipient’s bank. Th…

An ACH transfer is an electronic bank payment transaction or money transfer from a bank account to another bank account. The Automated Clearing House and its fi…

ACH software allows a business to easily create and transmit ACH files. Also called “treasury software,” an ACH payment solution provides a secure, reliable, an…

A bank remittance refers to funds that are sent or transferred to another entity as payment for services or a product. The word is derived from the term “remit”…

ePayables is an electronic payment solution that replaces your check payments with a virtual card assigned to each vendor. When an invoice is received and appro…

Remittance advice is a proof of payment letter sent by a customer to a supplier that verifies they have paid their invoice–sometimes, the payment is sent with…