ACH
Short form of > Automated Clearing House.

ACH files / ACH file format
The official standarized file format for exchanging and processing clearing data in the US. ANYPAY generates these files.

Automated Clearing House (ACH)
This is the name of the national > automated clearing system in the USA. It is also used as a general term for one country's national clearing system.

Automated Clearing System
A system for exchanging and clearing payment transactions between banks. Each country has it's own system(s) - the > Automated Cleaing House, organised by the local central bank or sometimes by a large group of local banks.

BACS
Short form of > Bankers Automated Clearing System.

BACS files / BACS file format
The official standarized file format for exchanging and processing clearing data in the UK. ANYPAY generates these files.

Bankers Automated Clearing System (BACS)
The UK's > automated clearing system.

Bank Details
Information needed to identify one bank account. It mostly consists of the account number and the bank code, sometimes even a branch code. In some countries the bank code information is included within the account number. The bank code is named differently in each country: >"Routing Number" (US), >"Sort Code" (UK), "Bankleitzahl" (Germany).

Bankleitzahl (BLZ)
Name for the bank code in Germany. Has 8 digits.

Direct Credit
One type of > EFT transaction, issued by the payer, crediting the payee. The issuer has to know the > bank details of the receiver.

Direct Debit
One type of > EFT transaction, initiated by the payee, debiting the payer. The issuer has to know the > bank details of the receiver. Also, the payer's formal authorisation is required in some formal way, either written or electronically. (ANYPAY always asks for such authorisations on behalf of it's business EFT users.)

Direct Deposit
Other term for > Direct Credit.

Direct Payment
Other term for > Direct Debit.

DTA (DTAus) files / DTA (DTAus) file format
Short form of Datentraegeraustausch. The official standarized file format for exchanging and processing clearing data in Germany. ANYPAY generates these files.

Electronic Check (eCheck)
Special payment method only existing in the U.S.:
Basically, it is just the same like a > direct debit transaction. The difference is that eCheck transactions are subject to certain U.S. banking regulations and laws dedicated explicitly to check payments and therefore have different liability, quality and termination conditions.

Providers of eCheck processing services often combine their products with additional fraud prevention services like risk rating, address checks or blacklist lookups.

EFT
Short for > Electronic Funds Transfer.

Electronic Funds Transfer (EFT)
General term for the payment method that works by transfering money from one bank account to another using one country's automated banking clearing system. Two types exist: > Direct Debits and > Direct Credits.

EFT is often used as another word for it's most commonly used type > direct debits.

Routing Number
Name for the bank code in the US. Sometimes also named ABA [number]. Has 9 digits.

Sort Code
Name for the bank code in the UK. Has 6 digits.

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