ACH Operator means the central clearing facility operated by a Federal Reserve Bank or a private organization on behalf of the Depository Financial Institutions (DFI), to or from which a participating DFI transmits or receives ACH Entries.
ACH Operator means the central clearing facility, operated by a Federal Reserve Bank ("FRB") or a private organization, which receives entries from the ODFI or the Third Party processor acting as an agent for the ODFI, and distributes entries to the appropriate RDFI or the Third Party processor acting as an agent for the RDFI, and performs the settlement functions for the affected financial institutions.
ACH Operator means either the Federal Reserve ACH Operator or the EPN (Electronic Payments Network) private ACH Operator. “Administrator” has the meaning set forth in Section 12(a).
Examples of ACH Operator in a sentence
The ODFI shall notify the Originator in accordance with Attachment 1 of the receipt of a returned Entry/notification of change from the ACH Operator no later than one business day after the business day of such receipt.
The ODFI shall notify the Originator in accordance with Attachment 1 of such rejection no later than the business day such Entry would otherwise have been transmitted by the ODFI to the ACH Operator or, in the case of an On-Us Entry, the day prior to the Effective Entry Date.
Originator acknowledges and agrees that, pursuant to the Rules, the ODFI makes certain warranties to the ACH Operator and other RDFIs and that such warranties are made in reliance on: (i) the representations and warranties of the Originator, including but not limited to those contained in this section 4 of this Agreement and (ii) Originator’s agreement to be bound by the Rules and applicable law.
More Definitions of ACH Operator
ACH Operator means a Federal Reserve bank, including without limitation, the United States Federal Reserve Bank of Kansas City, or other entity that provides clearing, deliver, and settlement services for ACH Entries, as defined by the Rules, and other services, all as more fully described and defined in the Rules.
ACH Operator means a Federal Reserve Bank or other (n) ".On-us entry" means an entry that credits or debits an entity that provides clearing,delivery and settlement services for entries, account maintained with us. as further defined in the rules. (b) "Authorized representative." means each person (o) ".Receiver." means the person or entity that has identified in your ACH origination service profiles as they are in effect at authorized you to initiate a debit or credit entry to the account of that the relevant time, who is authorized (unless otherwise indicated in your person or entity maintained at the RDFI as further defined in the rules. service profiles) to give us instructions and to verify the total dollar (p) ",RDFI" means the receiving depository financial amount of entries in a file by submitting control totals(as defined below) institution as further defined in the rules, in writing, by a method acceptable to us, or through our phone authorization Line, or"PAL"system, if you have elected to use our PAL (q) ".Rules." means the Operating Rules and Operating system. Guidelines adopted by NACHA,as in effect at the relevant time. (c) ".Batch" means entries that have been grouped together (r) ".Third-party sender." means a person that is not an and that have the same effective entry date and entry class code and originator that has authorized an ODFI (or another third-party sender)to that settle to the same designated account. transmit,for the account of the third-party sender(or another third-party sender), (i)a credit entry to the account of a receiver with an RDFI (or,if (d) ".Business day."means Monday through Friday,excluding the receiver is also the RDFI, to such receiver) in order to effect a banking holidays. payment from the originator to the receiver, or (ii)a debit entry to the (e) ".Cut-off deadline." means the time on a business day by receiver's transaction account or general ledger account with an RDFI which we must receive an entry for processing on that business day as (or, if the receiver is also the RDFI, to such receiver) in order to effect a we update it from time to time, payment from the receiver to the originator. (f) ".Designated account" means the account(s) to be used 4.
ACH Operator means an organization serving as a central clearing facility that receives entries from the ODFIs and distributes the entries to the appropriate RDFI.
ACH Operator refers to a processor between originating and receiving banks.
ACH Operator a Federal Reserve Bank that performs the following (in part): • adhere to these rules (except to the extent inconsistent with the policies or practices of the Federal Reserve Banks) and other applicable laws, regulations, and policies;
ACH Operator means an operator that processes entries between the originator and receiver. There are currently two ACH operators which are: Federal Reserve Bank and Electronic Payments Network.
ACH Operator means an organization that processes all ACH transactions that flow between different depository financial institutions. An ACH Operator serves as a central clearing facility that receives entries from the ODFIs and distributes the entries to the appropriate Receiving Depository Financial Institution.