Payments Hub

Wire transfers can be made through online banking, in-person at a bank, through a mobile app, or through a money transmitter company online or at the money transfer company location.
Businesses can use their line of credit to pay for a wire transfer by sending the money needed for a wire transfer to their designated bank account

A bank code is a general term for different types of standard format sequences of numbers or alphanumerics to identify sending and receiving financial institutions like banks and their locations for financial transactions like bank transfers and secure communications. Specific bank codes are used domestically in the U.S. or worldwide for international transactions.

A disbursement is a cash business payment for operating expenses, including rent and payroll, purchasing inventory, supplies, fixed assets from vendors, interest expense and principal paid, and cash dividends to shareholders. Lenders initially make loan disbursements to borrowers. Escrow fund payouts are disbursements. 

Electronic funds transfer (EFT) has a broad definition that includes more than online ACH bank transfers and wire transfers. We define the meaning of EFT in business, economics, and online banking, then list and describe types of electronic funds transfers.

ACH is short for the Automated Clearing House and is run by the National Automated Clearing House Association (NACHA). It’s a system that facilitates electronic payments in the United States using EFTs (electronic funds transfers).

Nacha Operating Rules define roles for financial institutions that are Nacha Direct Members and guidance for third-party ACH network participants for electronic bank transfer transactions through the Automated Clearing House network, governed by the Nacha organization. Besides Nacha, payment association Direct Members of Nacha contribute to creating Nacha Operating Rules.