What Does It Mean
This industry is laden with acronyms and in our most recent survey, some of you expressed confusion with the various letters. So, we've decided to help you out and print a few acronyms with their definitions each issue.
ACH-Automated Clearing House. Computer-based clearing and settlement for exchange of electronic transfer among participating depository institutions. Often operated by a Fed Reserve Bank.
CBCT-Customer Bank Communications Terminal- Another name for ATM, Automated Teller Machine
RSU-Remote Service Unit- Another name for ATM
EFTS-Electronic Funds Transfer Systems- Variety of systems for transferring funds electronically, rather than by check. Includes Fedwire, Bankwire, ACH.
ECP-Electronic Check Presentment. Electronic transmital of check payment information captured from checks' MICR line, followed by the corresponding paper checks. See issues 97:01:02, 97:06:03.
ETA-Electronic Transactions Association (formerly BSA, Bankcard Services Association). For more information check out issue 97:03:01 or call the ETA at 800-695-5509.
NACHA-National Automated Clearing House Association. See issue 97:06:01.
MSP-Member Service Provider, see story on page 3.
FDCPA-Fair Debt Collection Practices Act. Act enacted in 1977 to protect consumers from abusive debt collection practices. See http://www.reciprocalgroup.com/todaylaw/current/fdcpa.htm. Also, see GS issue 97:07:01
Look for more definitions in upcoming issues.
