* Typhoon approaches Shanghai* Bird flu outbreak in China* Thai crash probe continues* Baghdad bombs kill seven* African floods displace thousands* Renewed flooding hits Dhaka* UK bank panic eases* Financial markets await Fed action* Fresh air fix for urb
(Chicago) Indiana police released videotape Monday night from a security camera that shows clear pictures of a suspect in a Valparaiso bank robbery. CBS 2 Northwest Indiana Bureau Chief Pamela Jones reports. .
(Pittsburgh) The FBI says that it needs your help to track down a serial bank robber; KDKA`s Stephanie Watson reports.
Automated Clearing House is an electronic network for financial transactions in the United States. ACH processes large volumes of both credit and debit transactions which are originated in batches. Rules and regulations governing the ACH network are established by NACHA-The Electronic Payments Association and the Federal Reserve . In 2002 this network processed an estimated 8.05 billion ACH transactions with a total value of 21.7 trillion. 1
ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums mortgage loans and other kinds of bills. Businesses are also increasingly using ACH to collect from customers online rather than accepting credit or debit cards.
Debit transfers also include new applications such as the Point-of-Purchase check conversion pilot program sponsored by NACHA. FedACH is the Federal Reserves centralized application software used to process ACH transactions. Both the government and the commercial sectors use ACH payments. The Electronic Payments Networkis the only private sector ACH Operator in the United States.
The Federal Reserve Banks are collectively the nations largest automated clearinghouse operator and in 2005 processed 60% of commercial interbank ACH transactions. The EPN processed the remaining 40%. EPN and the Reserve Banks rely on each other for the processing of some transactions in which either the Originating Depository Financial Institution or Receiving Depository Financial Institution is not their customer. These interoperator transactions are settled by the Reserve Banks.
