automated clearinghouse

automated clearinghouse definition - business

automated clearinghouse

A computer-based clearing and settlement service for the interchange of electronic transactions among participating institutions. Electronic transactions are increasingly substituted for paper checks as individuals and businesses choose direct deposit and online payments.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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