Glossary / Also known as

ACH payment

Another name for ACH Transfer.

Other names

What does ACH payment mean?

ACH payment is another name for ACH Transfer. Batch-processed electronic bank transfers powering payroll, EMIs, and recurring payments across India.

The two names mean the same thing. You will see "ACH payment" in some ledgers, reports and contracts and "ACH Transfer" in others. The full entry covers how it works, with examples.

Read the full definition of ACH Transfer

Topics

Payments and banking

From the glossary

Related terms.

Payments and banking ACH Transfer Batch-processed electronic bank transfers powering payroll, EMIs, and recurring payments across India. Also called Automated Clearing House transfer, ACH payment, ACH Payments and banking RTGS (Real Time Gross Settlement) RBI's system for instant, irrevocable, high-value transfers - mandatory for payments above Rs 2 lakh. Also called RTGS transfer Payments and banking IMPS (Immediate Payment Service) India's 24x7 instant interbank transfer system - money in the beneficiary's account within seconds, any day, any time. Also called IMPS transfer Payments and banking UPI (Unified Payments Interface) India's real-time payment revolution - send money instantly using just a phone number or UPI ID, 24x7, for free. Also called UPI payment, BHIM UPI Bank reconciliation Bank Reconciliation Statement The detective work of matching your books against the bank's records to find every missing rupee. Also called BRS, bank reconciliation, bank rec Payments and banking Bank Guarantee Your bank's written promise to pay a third party if you can't deliver on a contract - widely used in tenders and trade. Also called BG, letter of guarantee

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