Fintech Perspectives

An ACH payment is a bank-to-bank transfer facilitated by the Automated Clearing House (ACH) Network and other ACH Operators. Because it is automated and far more reliable than sending other forms of electronic payment, many people prefer to use ACH payment as the primary form of sending money in the United States, either for business or for a personal transaction.

ODFIs and RDFIs must adhere to strict regulations that protect and safeguard sensitive banking and client information. Understandably, it may be difficult to understand what these acronyms mean and how they relate to an ACH payment process.

If you operate as a financial institution or a third party payment processor (TPPP) and wish to send money through the U.S.’s Automated Clearing House (ACH), then you must follow the guidelines for knowing and verifying your customers. Older guidelines were centered around Customer Due Diligence (CDD), but more updated measures look to KYC, or the Know Your Customer rule.

Sending electronic money is a fast and easy way to pay bills, pay for a product or service, or save money. You can send money electronically with a wire transfer, an automated EFT payment, and a credit card. It can also be done through ACH payments.

With the development of ACH APIs, more technologies and apps are able to bypass bank controls and open up or expand the ways that Americans can control their money. Among online and app-based investing, ACH API development is allowing more and more Americans to freely exchange their money.

Smart contracts will automate financial transactions and decentralize the authority of contract law, proving value in the FinTech world.

Financial technology developments are solving long-standing customer concerns and demands while creating opportunity for business leaders.

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