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Ensuring compliance with NACHA requirements is crucial for financial institutions, as it guarantees the secure, efficient, and reliable handling of electronic payments. Under NACHA’s stewardship, the ACH network processes various payments, including direct payments for payroll, social security benefits, tax refunds, and more.
This method is often used in business-to-business (B2B) , where companies exchange payment documents such as invoices and purchase orders electronically instead of as paper documents. EDI payments streamline the payment process, reduce human error, minimize manual data entry, and facilitate faster funds transfers between banks.
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