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These transactions usually process within one to three business days and are most commonly used for payments such as directdeposits for payroll, recurring bill payments, and B2B invoice payments. Another significant NACHArule is the requirement for authorization.
Key regulations governing EFT payments include the National Automated Clearing House Association (NACHA) rules, which establish guidelines for ACH transfers, and the Payment Card Industry Data Security Standard (PCI DSS), which sets security standards for handling card information.
ACH is widely known for processing large credit and debit transactions, including directdeposits and bill payments. Standards: EDI follows strict international standards for formatting electronic documents, whereas ACH transactions comply with the National Automated Clearing House Association (NACHA) rules.
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