Asked by Irissel Amaya on Oct 01, 2024
________ is a process which begins with the buyer giving the seller a check,and the seller using the information on that check to name itself as the payee and forwarding it for collection through an automated clearing house.
A) Source documentation
B) Check conversion
C) Account aggregation
D) Check truncation
Check Conversion
The process by which a paper check is transformed into an electronic payment, speeding up the transaction process and reducing the need for physical handling of the check.
Automated Clearing House
An electronic network for financial transactions, used for the transfer of funds between bank accounts, including direct deposits and bill payments.
Source Documentation
The original records and documents related to a study, project, or transaction, serving as evidence for claims and conclusions.
- Acquire knowledge on the methods and legalities involved in the conversion and truncation of checks in the realm of electronic banking.
Learning Objectives
- Acquire knowledge on the methods and legalities involved in the conversion and truncation of checks in the realm of electronic banking.