Automated Clearing House Operator definition

Automated Clearing House Operator or "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.
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Automated Clearing House Operator means the person so appointed pursuant to the Rules to (1) provide clearing, delivery and settlement services for Entries between Participating DFIs and (2) process and edit Files based on the requirements of the Rules.
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Examples of Automated Clearing House Operator in a sentence

  • Except as provided in Sections 5 and 6 of this Exhibit, Bank shall (i) process Entries received from Company to conform with the file specifications set forth in the ACH Rules, (ii) transmit such Entries as an Originating Depository Financial Institution to a Federal Reserve Bank, acting as an Automated Clearing House Operator (the “ACH Operator”), and (iii) settle for such Entries as provided in the ACH Rules, using the designated Merchant Settlement Account for that purpose.

  • Except as provided in Section 8, On-Us Entries, and Section 10, Rejection of Entries, Bank will (i) process Entries properly sent by Customer to conform with the file specifications set forth in the Rules, (ii) transmit such Entries as an Originating Depository Financial Institution to a Federal Reserve Bank acting as an Automated Clearing House Operator (the “ACH Operator”), and (iii) settle for such Entries as provided in the Rules.

  • Except as provided in Sections 1(e) and (f), Bank shall (i) process Entries received from Customer to conform with the file specifications set forth in the Rules, (ii) transmit such Entries as an Originating Depository Financial Institution to the Federal Reserve Bank of Philadelphia (the “ACH Operator”) acting as an Automated Clearing House Operator and (iii) settle for such Entries as provided in the Rules.

  • Except as provided Section 5, Rejection of Entries, UFCU shall (i) process requests for Entries received from You that comply with this Agreement and the Rules, (ii) create Entries on your behalf, and serve as their Originator, as such is defined in the Rules, (iii) settle for such Entries as provided in the Rules and (iv) transmit such Entries as an Originating Depository Financial Institution to the applicable Automated Clearing House ("the ACH") acting as an Automated Clearing House Operator.

  • Bank will transmit such Entries as an Originating Depository Financial Institution (ODFI) to an Automated Clearing House Operator, and settle the Entries in accordance with the policies of Bank.

  • Except as provided in the section “Rejection of Entries", the Bank shall (i) process Entries received from the Company to conform to the file specifications set forth in the Rules, (ii) transmit such Entries as an Originating Depository Financial Institution to an Automated Clearing House Operator, and (iii) settle for such Entries as provided in the Rules.

  • Processor also shall not be responsible for acts or omissions by any Federal Reserve Bank, Automated Clearing House Operator, transmission or communications facility, Receiver and/or RDFI, and none of the aforementioned entities shall be deemed to be the Processor’s agent.

  • Either party may refer any grievance, dispute or difference unresolved through the procedure(s) in Article 9 Grievance Procedure, to a single Arbitrator within ninety (90) calendar days of written reasons for denying the grievance at Step 3.

  • Processor also shall not be responsible for acts or omissions by any Federal Reserve Bank, Automated Clearing House Operator or transmission or communications facility, and Receive r or RDFI, and no such person other than Processor’s officers and employees shall be deemed the Processor’s agent.

  • Except as provided in On-Us Entries Section and Rejection of Entries Section, MPB shall process Entries received from Customer to conform with the file specifications set forth in the Rules, transmit such Entries as an ODFI to Federal Reserve Bank (FRB), acting as an Automated Clearing House Operator (the “Operator”), and settle for such Entries as provided in the Rules.

Related to Automated Clearing House Operator

  • Automated Clearing House or “ACH” means a national and governmental organization that has authority to process electronic payments, including, but not limited to, the national automated clearing house association and the federal reserve system.

  • Clearing House means a clearing house recognised by the laws of the jurisdiction in which the Shares (or depositary receipts therefor) are listed or quoted on a stock exchange or interdealer quotation system in such jurisdiction.

  • recognised clearing house means an organisation recognised as such pursuant to FSMA;

  • Clearing House Rules means the Certificate of Incorporation, the By- Laws and any rule, interpretation, stated policy, or instrument corresponding to any of the foregoing, in each case as adopted or amended from time to time by the Clearing House relating to any or all of the Swaps.

  • Automated Message Accounting (AMA) is a structure inherent in switch technology that initially records Telecommunication message information. AMA format is contained in the Automated Message Accounting document published by Telcordia (formerly known as Bellcore) as GR-1100-CORE, which defines and amends the industry standard for message recording.

  • Automated Message Accounting (AMA) means the structure that is inherent in switch technology that initially records Telecommunication message information. AMA format is contained in the Automated Message Accounting document published by iconectiv (formerly known as Telcordia) as GR-1100-CORE, which defines and amends the industry standard for message recording.

  • ACH means automated clearing house transfers.

  • EFT means electronic funds transfer.

  • Boarding house means a residence in which lodging and meals are provided. Each resident of a boarding house is charged a lump sum to cover the costs of lodging and meals with no separate accounting for the fair selling price of the meals.

  • Automated driving system means the same as that term is defined in Section 41-26-102.1.

  • Recognised Clearing System means any clearing system listed in Section 246A of the Taxes Act (including, but not limited to, Euroclear, Clearstream Banking AG, Clearstream Banking SA and CREST) or any other system for clearing shares which is designated for the purposes of Chapter 1A in Part 27 of the Taxes Act, by the Irish Revenue Commissioners, as a recognised clearing system.

  • Depository The Depository Trust Company, or any successor Depository hereafter named. The nominee of the initial Depository for purposes of registering those Certificates that are to be Book-Entry Certificates is Cede & Co. The Depository shall at all times be a "clearing corporation" as defined in Section 8-102(a)(5) of the Uniform Commercial Code of the State of New York and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended.

  • Clearing means the clearing and removal of vegetation, whether partially or in whole, including trees and shrubs, as specified;

  • Clearing System means Monte Titoli S.p.A., with offices in Piazza degli Affari no. 6, Milan, Italy ("Monte Titoli").

  • Euroclear Operator means Euroclear Bank S.A./N.V., as operator of the Euroclear System, and its successor and assigns in such capacity.

  • Central Depository means Centrálny depozitár cenných papierov SR, a.s., with its registered seat at ul. 29. augusta 1/A, Bratislava 814 80, Slovak Republic, registered in the Commercial Register maintained by the District Court Bratislava I, Section: Sa, Insert No.: 493/B;

  • Appropriate office of the state employment service system means the local office of the federal-state national system or public employment offices with assigned responsibility for serving the area where the employment opening is to be filled, including the District of Columbia, Guam, Puerto Rico, and the Virgin Islands.

  • Rooming house means any dwelling, or that part of a dwelling containing one or more rooming units in which space is let by the owner or operator to three or more persons who are not husband and wife, son or daughter, mother or father, or sister or brother of the owner or operator.

  • Repo Custodian shall have the meaning set forth in the preamble of this Agreement.

  • Clearinghouse means the Federal Motor Carrier Safety Administration Commercial Driver's License Drug and Alcohol Clearinghouse.

  • Reinsurance intermediary means a reinsurance intermediary-broker or a reinsurance intermediary-manager.

  • Interstate system means that portion of the National System of Interstate and Defense Highways located within this State, as officially designated, or as may hereafter be so designated, by the Department of Transportation, and approved by the Secretary of Commerce or other appropriate federal official, pursuant to the provisions of Title 23 of the United States Code.

  • Certified automated system means computer software certified under the agreement to calculate the tax imposed by each jurisdiction on a transaction, determine the amount of tax to remit to the appropriate state, and maintain a record of the transaction.

  • Electronic Funds Transfer (EFT) indicator means a four-character suffix to the unique entity identifier. The suffix is assigned at the discretion of the commercial, nonprofit, or Government entity to establish additional System for Award Management records for identifying alternative EFT accounts (see subpart 32.11) for the same entity.

  • Designated Depository Institution A depository institution (commercial bank, federal savings bank, mutual savings bank or savings and loan association) or trust company (which may include the Trustee), the deposits of which are fully insured by the FDIC to the extent provided by law.

  • Electronic Funds Transfer means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, which is initiated through an electronic terminal, telephonic instrument, computer, or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account. Such term includes, but is not limited to, point-of-sale transfers, automated teller machine transactions, transfers initiated by telephone, wire transfers, and automated clearinghouse transfers.