The Automated Clearing House (ACH) is an electronic payment network used by individuals, corporations, businesses, financial institutions, and government entities. Approximately 98% of the nation's commercial financial institutions participate in the ACH Network.
- Reduces the costs of electronic fund transfers by allowing the transfer of credit or debit entries to savings accounts, demand deposit accounts, loan accounts, and other accounts.
- Eliminates costly wire transfers
- Direct deposit of payroll
- Payment of federal tax payments utilizing the Electronic Federal Tax Payment System
Types of ACH Processing
- PPD Prearranged Payment/Deposit
- CCD Cash Concentration/Deposit
- CCD+ Cash Concentration/Deposit plus Addenda
- CTX Corporate Trade Exchange
- PPB Prearranged Book Transfer (intrabank)
How It Works:
- You initiate ACH transactions via our Business Online Banking application or other agreed upon format. Certain addenda may be included with the payment, such as invoice number and date.
- Republic Bank translates and formats your data in order to send to the receiving bank, which then translates and reports the payment and addenda information for your vendor.
- Republic Bank has four "windows" or transmission times: 6:00 AM, Noon, 4:00 PM, and 7:30 PM. (Eastern Time)
To reduce the potential of unauthorized access, we have introduced the use of security tokens. These devices generate a new 6 digit code every 60 seconds to ensure a maximum level of security!
All wire and ACH clients are required to use a security token to release ACH and/or wire transactions via the Business Online Banking platform.
- Completion of an ACH Application which is underwritten by Republic Bank
- Completion of a signed ACH Agreement
|Need more information? Contact one of our Treasury Management Specialists at 1-866-534-2341.|