article thumbnail

Modernizing Government Payment Systems for Efficiency and Trust

Clearly Payments

Stronger Security: Advanced encryption, tokenization , and fraud detection protect sensitive data and bolster public trust. Example 5: Social Services Disbursements A provincial government in Canada modernized its social services disbursement process by offering direct deposit and reloadable payment cards.

article thumbnail

What Is a Clearinghouse and How Does It Facilitate Safe Transactions?

EBizCharge

Payment clearinghouses consist of: Automated clearinghouse (ACH): Handles electronic payments such as direct deposits, bill payments, and money transfers. Payment clearinghouses Clearinghouses for payments facilitate the processing and settlement of financial transactions between banks, businesses, and individuals.

article thumbnail

What is ACH Credit and ACH Debit and How Do They Work?

Stax

It’s like a direct deposit from one account to another, but unlike wire transfers, they are not subject to a fee by the processing banks. When a customer initiates an ACH credit payment, they are routed through an encrypted network and all data sent via the network is protected by multiple levels of security.

ACH 88
article thumbnail

How to Choose Between EFT vs ACH: A Comprehensive Guide

Stax

ACH Credit or direct deposit refers to when the payer pushes funds into the recipients bank account or credit union account. The Electronic Funds Transfer Act (EFTA) also requires added security features, such as multi-factor authentication, end-to-end encryption, and tokenization.

ACH 88
article thumbnail

100+ Payment Industry Terms Explained in Plain English

Clearly Payments

Encryption Scrambling card data so it cant be read by anyone else. ACH Bank-to-bank transfers, like direct deposit or bill pay. Integrated Payments Payment systems built into your POS or software. mPOS (Mobile Point of Sale) A point of sale system on a mobile device. 3D Secure An added layer of authentication (e.g.,

article thumbnail

Instant Financial Launches New Mobile App to Support Employees With Faster Access to Earned Wages

The Fintech Times

Modern Security Features: State-of-the-art security protocols, such as facial and fingerprint biometrics, multi-factor authentication, and encryption technologies protect user information and provide peace of mind. Flexible Payment Options: Users have the freedom to choose how and when they access their wages.

article thumbnail

ACH Payment vs Wire Transfer Similarities and Differences: How to Choose Between ACH vs Wire

Stax

sanctioned countries Security Features Highly secure with financial industry standards, encryption, and strict protocols Enhanced security with proof of identity required Best for Recurring bills, payroll, government transactions, B2B payments High-value transactions, urgent payments, international transfers What is ACH (Automated Clearing House)?