ACH/AUTOMATED CLEARING HOUSE : An “ACH” is a transfer between accounts. When a user of an Internet banking system requests to move $50 from a checking to a savings account, the transfer ends up in an ACH file. This ACH file contains the instructions for the bank’s core software on various transactions to perform.
ACCOUNT ANALYSIS : Method by which a bank will wave certain “hard charges” to their customers account depending on their average balance.
CASH MANAGEMENT : Software that allows retail Internet banking, plus features designed for corporate banking, such as payroll, wire transfers, tax payments and more.
EBPP/ELECTRONIC BILL PAYMENT & PRESENTMENT : Allows the customer to view bills (such as cable TV or utilities) via their browser and allows the option of payment. There are four stages to EBPP:
- enrollment of customer
- presentment of bill
- customer’s approval of payment
- payment of bill
EFT/ELECTRONIC FUNDS TRANSFER : The transfer of money from one account to another by computer.
EFTPS : The payment of taxes over the Internet.
EDI : Electronic data interchange (EDI) is the exchange of documents in a structured form between computers via telephone lines.
FASTPA (OR QUIC PA,etc.) : A local electronic transfer from one account to another. Payments are routed internally from the sender’s account to the receiver’s account without leaving the bank.
FEDI FILE : This is the file that contains ACH’s, which are moving money from an end user’s Account inside the bank (or credit union) to an account at another bank or credit union.
FEDI : Financial Electronic Data Interchange (FEDI) involves the computer to computer transmission of both payment instructions and remittance details using international message standards. An example would be trade payments – e.g. a retailer sending a payment to a supplier in payment of multiple invoices.
INTERNET BANKING (ALSO CALLED ONLINE BANKING, etc…) : The technology, tools and processes that give you access to your bank accounts and banking transactions from your personal computer. Typically this includes checking account balances, obtaining a list of transactions affecting an account, and perhaps transferring funds from one online account into another.
MEMO POST : A file that gets posted to your account when you perform a transaction that has not officially cleared. This is the feature that adds and subtracts funds from your account throughout the day, even though technically the money hasn’t left your account, because your bank operates in the batch mode. Real Time financial institutions do not need Memo Post.
NSF : “Not Sufficient Funds” in your account to cover the specific amount of a transaction.
Page Counter : Normally found at the bottom of a webpage, a page counter actually counts the number of times people have viewed the webpage.
SET : (Secure Electronic Transaction) A standard protocol from MasterCard and Visa for securing online credit card payments via the Internet. It is a three-way transaction: the user, merchant and bank must use the SET protocols. Credit card data and a digital certificate (for authentication) are stored in a plug-in to the user’s Web browser.
TIN : “Taxpayer Identification Number” assigned to you by the internal revenue service.
TRANSACTIONAL WEBSITE : A website that allows transactions, such as Internet Banking allows you to pay bills or transfer funds, or an e-commerce site that allows you to make purchases.