Fintech Perspectives

With the evolution of blockchain technology, also known as distributed ledger technology, fintech solutions are coming up with more ways for users to access and send money in and out of the U.S.

Sending money electronically is a fast and convenient way to pay for food, services, or even a favor. So when you send the money, you want to make sure that your banking information is safe.

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If you have ever sent money directly through your bank account, then you’ve interacted with the Automated Clearing House (ACH) Network. This network, which exists solely in the United States but operates similarly to other money transfer networks worldwide, is governed by the Office of Foreign Assets Control (OFAC).

An ACH transfer itself is a system of automated processes used by banking networks in the United States. These automated processes allow for money to be sent and received faster and more affordably than ever before.

Accepting ACH payments is far cheaper than a wire transfer and it can allow clients to avoid using a credit card for a transaction. These payments also process quickly so you can get cash in your account faster than other payment methods.

When experiencing an issue with an ACH payment processing, you’ll most likely receive a return reason code. Since these return codes can be a hassle, and most people do not like dealing with money issues, it is of your best interest to resolve ACH return codes as soon as possible.