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They check for fraud and fundavailability (Verification) before depositing the money into your account (Completion). Payments can also be made to local vendors via electronicbank transfers, or fund global transactions with wire transfers. With other EFT methods, only the payer can send payment manually.
How Does an Electronic Check Work? An electronic check is part of a large electronicbanking system and a subset of transactions referred to as electronicfund transfers (EFTs). The process of clearing an electronic check can vary slightly between different providers, which may affect their processing times.
Payment Authorization: Before the funds are transferred, the payment may undergo authorization processes to ensure security and legitimacy. This step can involve verification of the payer’s identity and authorization of the transaction by relevant stakeholders within the buying organization.
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