processes and delivers electronic debit and credit payments among participating institutions, usually commercial and savings banks, savings and loan associations, and credit unions
First, the customer authorizes an electronic entry to their account. Second, the company introduces the electronic payment data through its bank. Third, the originating institution receives...
The main advantage of the clearning house is to pass the payment for various cheques and other pay orders. Normally the state bank of India will act as a clearning house other banks are the members...
An agency or separate corporation of a futures exchange responsible for settling trading accounts, clearing trades, collecting and maintaining margin monies, regulating delivery and reporting trading...