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Frequently Asked Question.

Q1. What is ACH?

Q2. Who are the participants in the ACH Network?

Q3. Definitions of ACH participants:

Q4. What is the ACH transaction flow?

Q5. How are ACH transaction categorized?

Q6. What are the advantages of using the ACH Network?

Q7. What is Settlement and Posting?

Q8. What are the terminologies used in ACH transactions?

Q9. What is SWIFT?

 


Q1. What is ACH?

Ans:

Automated Clearing House(ACH) is the name of an electronic network for financial transactions in the United States. ACH processes large volumes of both credit and debit transactions which are originated in batches. Rules and regulations governing the ACH network are established by NACHA-The Electronic Payments Association, formerly the National Automated Clearing House Association, and the Federal Reserve (Fed). In 2002, this network processed an estimated 8.05 billion ACH transactions with a total value of $21.7 trillion.[1] (Credit card payments are handled by separate networks.)

ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills. Businesses are also increasingly using ACH to collect from customers online, rather than accepting credit or debit cards.

Debit transfers also include new applications such as the Point-of-Purchase (POP) check conversion pilot program sponsored by NACHA. FedACH is the Federal Reserve's centralized application software used to process ACH transactions. Both the government and the commercial sectors use ACH payments. The Electronic Payments Network (EPN) is the only private sector ACH Operator in the United States.

The Federal Reserve Banks are collectively the nation's largest automated clearinghouse operator and in 2005 processed 60% of commercial interbank ACH transactions. The EPN processed the remaining 40%. EPN and the Reserve Banks rely on each other for the processing of some transactions in which either the Originating Depository Financial Institution (ODFI) or Receiving Depository Financial Institution (RDFI) is not their customer. These interoperator transactions are settled by the Reserve Banks.

 


Q2. Who are the participants in the ACH Network?

Ans:

   
1.

The originating company or individual (Originator)

   
2.

The Originating Depository Financial Institution (ODFI)

   
3.

The ACH Operator

   
4.

The Receiving Depository Financial Institution (RDFI)

   
5.

Receiving company, employee or customer (Receiver)

   
6.

Third - Party Service provider

   

Q3. Definitions of ACH participants:

 

Originator

 

The Originator is the entity that agrees to initiate ACH entries into the payment system according to an arrangement with a Receiver. The Originator is usually a company directing a transfer of funds to or from a consumer's or another company's account. In the case of a Customer Initiated Entry (CIE), the Originator may be an individual initiating funds transfer activity from his or her own account. The term "company" is intended to represent the Originator of electronic ACH entries and does not imply exclusion of other types of organizations (i.e., Federal, state and local government agencies). An Originator may be either a company or a consumer.

 

Originating Depository Financial Institution

 

The Originating Depository Financial Institution (ODFI) is the institution that receives payment instructions from Originators and forwards the entries to the ACH Operator. A depository financial institution (DFI) may participate in the ACH system as a Receiving Depository Financial Institution (RDFI) without acting as an ODFI; however, if a DFI chooses to originate ACH entries, it must also agree to act as an RDFI.

 

Automated Clearing House Operator

 

An Automated Clearing House (ACH) Operator is the central clearing facility operated by a private organization or a Federal Reserve Bank (FRB) on behalf of DFIs, to or from which Participating DFIs transmit or receive ACH entries. In some cases, there are two ACH Operators involved in a transaction, one operating as the Originating ACH Operator and the other as the Receiving ACH Operator.

 

Receiving Depository Financial Institution

 

The Receiving Depository Financial Institution (RDFI) is the DFI that receives ACH entries from the ACH Operator and posts the entries to the accounts of its depositors (Receivers).

 

Receiver

 

A Receiver is a natural person or an organization which has authorized an Originator to initiate an ACH entry to the Receiver's account with the RDFI. A Receiver may be either a company or a consumer, depending on the type of transaction.

 

Third-Party Service Provider

 

In some instances, an Originator, ODFI, or RDFI may choose to use the services of a Third-Party Service Provider for all or part of the process of handling ACH entries. A Third-Party Service Provider is an entity other than the Originator, ODFI, or RDFI that performs any functions of behalf of the Originator, ODFI, or RDFI with respect to the processing of ACH entries. A function of ACH processing can include, but is not limited to, the creation of ACH files on behalf of an Originator or ODFI, or acting as a Sending Point or Receiving Point on behalf of an ODFI or RDFI, respectively.

 

Q4. What is the ACH transaction flow?

 

Ans:

 

In ACH terminology, Originator and Receiver refer to the participants that initiate and receive the ACH entries rather than the funds. Unlike a check, which is always a debit instrument, an ACH entry may be either a credit or a debit entry. By examining what happens to the Receiver's account, one can distinguish the difference between an ACH credit and an ACH debit transaction. If the Receiver's account is debited, then the entry is an ACH debit. If the Receiver's account is credited, then the entry is an ACH credit. Conversely, the offset to an ACH debit is a credit to the Originator's account and the offset to an ACH credit is a debit to the Originator's account.

 

1. ACH Credits

 

ACH credit entries occur when an Originator initiates a transfer to move funds into a Receiver's account. For example, when a consumer uses an automated bill payment service at a financial institution to pay cable access charges each month, the consumer originates the payment through the ODFI which then initiates the credit transaction to transfer the money into the cable company's account; the cable access company is the Receiver.

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ACH credit transactions involve both consumer and corporate payments with separate rules and regulations for each. The most typical consumer ACH application is Direct Deposit of Payroll.

   
1.

annuities

   
2.

custommer-initiated transaction(e.g.,telephone bill payaments)

   
3.

corporate-to-corporate payments

   
4.

dividends

   
5.

interest payments

   
6.

payrolls-private and government

   
7.

pensions-private and govenment

   
8.

social security payments

   
9.

tax payments

   
10.

government vendor payments

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For example:

a payroll deposit (PPD) credit flows from an account at a company's financial institution to an account at an employee's financial institution. Figure 3 also illustrates the flow of a corporate trade exchange (CTX) credit from an account at a company's financial institution to an account at a vendor's financial institution. Credit entries must be posted to a Receiver's account no later than Settlement Date. Consumer (PPD) entries that are made available to the RDFI by its ACH Operator by 5:00 p.m. (RDFI's local time) on the banking day prior to Settlement Date must be made available by opening of business on the Settlement Date.

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1.ACH Debits

 

In an ACH debit transaction, funds flow in the opposite direction. Funds are collected from a Receiver's account and transferred to an Originator's account, even though the Originator initiated the entry. For example, the Originator of a preauthorized debit is the company to which the amount is owed. Consumers authorize a cable access company to debit their accounts for their monthly bills. Once a month the cable access company initiates a debit file through its ODFI to withdraw the money from the consumers' accounts. The cable company is the Originator, and the consumers are the Receivers.

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Consumer acceptance is highest in the area of pre-authorized transfers involving regular, recurring payments, such as mortgage payments, installment loans and insurance premiums. Many corporations also use ACH debits to consolidate funds deposited in outlying divisions by operating branches or subsidiaries.

 
1.

association/club dues

   
2.

cash concentration

   
3.

distributor/dealer payments

   
4.

corporate-to-corporate payments

   
5.

contributions to Individual Retirement Accounts,SEPs,401Ks, etc.

   
6.

government saving bonds purchase

   
7.

insurance payments

   
8.

mortgage and installment loan payments

   
9.

point of sale purchase

   
10.

safe deposit box rentals

   
11.

utility payments

   
12.

tax payments

   
13.

charitable donations

 
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For example:
a payroll deposit (PPD) credit flows from an account at a company's financial institution to an account at an employee's financial institution. Figure 3 also illustrates the flow of a corporate trade exchange (CTX) credit from an account at a company's financial institution to an account at a vendor's financial institution. Credit entries must be posted to a Receiver's account no later than Settlement Date. Consumer (PPD) entries that are made available to the RDFI by its ACH Operator by 5:00 p.m. (RDFI's local time) on the banking day prior to Settlement Date must be made available by opening of business on the Settlement Date.

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A typical transaction as it flows through the ACH Network might follow the path described below:

 

1. The Originating Depository Financial Institution (ODFI) and the originating company determine, by agreement, how the information must be delivered to the ODFI. Ideally, the Originator would format the data in accordance with the requirements of the NACHA Operating Rules and transmit the information to the ODFI, but some financial institutions may take unformatted data as a service to their client companies. The ODFI establishes processing schedules and cutoff times with its Originators so that entries may be processed and transmitted in sufficient time for settlement to occur on the dates desired by its Originators.

 

2. The company delivers the file to its ODFI. The timing of delivery must conform to appropriate schedules in order for the payment to settle on the intended date.

 

3. The ODFI generally removes "on-us" entries and transmits the remaining entries to the originating ACH Operator by the ACH Operator's processing deadline. An "on-us" transaction is one in which the Receiver and the Originator both have accounts at the same financial institution. Therefore, the transaction need not be sent through the ACH Network but instead may be simply retained by the financial institution and posted to the appropriate account.

 

4. The ACH Operator sorts the entries by RDFI routing number and transmits the payment information to the appropriate RDFI(s) for posting.

 

5. On Settlement Date, all parties to the transaction effect the appropriate settlement of funds.

 

Q5. How are ACH transaction categorized?

 

Ans:

 

ACH transactions are typically categorized as either consumer payments or corporate payments, depending on the relationship of the parties involved in the transaction and the type of Receiver account. In addition, payments are distinguished as Federal Government payments (representing automated disbursements originating from the United States Government, such as Social Secumrity benefits, military and civilian payrolls, retirement benefits, tax refunds, and disbursements for state and federal revenue sharing programs) or commercial payments (initiated by both individual consumers and corporations).

Consumer payments currently made via the ACH Network include credit applications such as payroll, retirement, dividend, interest, and annuity payments, in addition to educational benefit reimbursements, payments and advances, and many others. Consumer ACH debit applications include, among others, the collection of insurance premiums, mortgage and rent payments, utility payments, installment payments, a variety of membership dues, and other recurring obligations. The ACH Network is also widely used to settle consumer transactions made at automated teller machines and point-of-sale terminals.Corporate ACH applications include cash concentration and disbursement, corporate trade payments, state and Federal tax payments and financial electronic data interchange (EDI). Cash concentration and disbursement allows companies to achieve efficiencies in cash management through timely intra-company transfer of funds. Corporate trade payments enable corporations to exchange both data and funds with trading partners, facilitating an automated process of updating their accounts receivable and accounts payable systems.

 

Q6. What are the advantages of using the ACH Network?

 

Ans:

 

Each participant in the ACH Network benefits through improvements in service and reductions in operating costs. The following specific advantages have been identified for each participant:

 

Advantages to Consumers

 

Direct deposit offers the following benefits to the recipient:

   

Elimination of time and cost involved in depositing checks.

   

Consistent availability of funds on a timely basis, even during vacation, illness, or business trips.

   

Elimination of the possibility of lost or stolen checks. Debit applications provide the following benefits to the consumer:

Convenience of not having to write checks.

   

Elimination of postage expense and the risk of late payments.

   

Avoidance of late or interest charges through prompt, timely payments.

   

Establishment of excellent payment and credit records.

 

Advantages to Companies (Originators or Receivers)

 

1. Reduction of administration and operating expenses.
2. Elimination of time lost by employees who deposit checks during working hours.
3. Reduction of clerical cost for account reconciliation.
4. Elimination of stop payment charges and check reissue costs.
5. Reduced remittance processing costs (paper handling) resulting from the absence of the check.
6. Accelerated availability of funds.
7. Better cash management forecasting.
8. Improved business relationships.
9. Certainty of delivery.
10. Possible reduction of bank service charges.

 

Advantages to the Originating Depository Financial Institution
Reduction of costs through increased automated processing.

1. New opportunities for increased business through expanded services.
2. Enhanced public recognition through provision of effective, efficient,
3. and innovative payment services.

Advantages to the Receiving Depository Financial Institution

Reduction of costs through automated processing of electronic entries and elimination of handling individual items

1. Alleviation of teller-line congestion during peak periods (particularly on payday).
2. Ability to offer improved services to both consumer and corporate account holders.
3. Enhanced public recognition through provision of effective, efficient, and innovative payment services.

 

Q7. What is Settlement and Posting?


Ans:

Settlement is the actual transfer of the value of funds between financial institutions to complete the payment instruction of an ACH entry.The Federal Reserve provides settlement services for ACH entries processed by the Federal Reserve and for private sector ACH Operators that process ACH entries. The Federal Reserve ACH Operator calculates the net credit and debit positions of financial institutions and applies those credits or debits to the reserve accounts of the financial institutions (or their correspondent banks) that are maintained on the books of the Federal Reserve.The following are the three main participants (ODFI, ACH Operator, RDFI) and their responsibilities concerning settlement and posting.

1. ODFI
Settlement with the ODFI for entries originated usually occurs using the same procedures used for settlement of entries received. If the scheduled settlement date of a credit entry is not a banking day for the ODFI, but the applicable Federal Reserve office is open on that date, settlement shall occur on the scheduled Settlement Date.
Specific procedures and timing of settlement between the ODFI and the Originator are solely at the discretion of the ODFI and the Originator and, therefore, governed by agreement between them. It is the ODFI's responsibility to monitor the credit-worthiness of its corporate customers to ensure that the ODFI's risk in originating ACH payments is managed efficiently.


2. ACH Operator
ACH Operators calculate settlement totals owed to and by Participating DFIs based on the effective entry dates and processing dates contained within batches of transactions. ACH Operators provide information to participants on the dollar amounts that will be settled for each institution on each Settlement Date. ACH entries processed by the Federal Reserve ACH Operator are settled against the Participating DFI's settlement account held at the Federal Reserve. Settlement for transactions processed by private sector ACH Operators is determined by an arrangement with the Federal Reserve.

 

3. RDFI

 

(a) Posting

 

The RDFI is responsible for posting entries and for providing funds availability, both of which are determined by the Settlement Date in the Company Batch Header Record.

 

1. ACH debits will be delivered to an RDFI no earlier than one banking day prior to the Settlement Date. NACHA Operating Rules state that debits cannot be posted prior to the Settlement Date.
If an RDFI is closed for business on the scheduled settlement date of a debit entry, but the Receiving ACH Operator is open, the RDFI will be debited on the scheduled Settlement Date unless it has advised the ACH Operator to delay settlement to the next business day of the RDFI. If the ACH Operator agrees to delay settlement, the RDFI must pay for any costs of float resulting from the deferral of settlement.

2. ACH credits will be delivered to an RDFI no earlier than two banking days prior to the settlement date. It is recommended that credits be posted on the settlement date; credit entries may, however, be posted prior to the settlement date if the RDFI cannot warehouse the entry. NACHA Operating Rules require that credit entries must be available for withdrawal or cash withdrawal by the customer no later than the settlement date of the entry. Further, according to NACHA Operating Rules, each PPD credit entry that is made available to an RDFI by its ACH Operator by 5:00 p.m. (RDFI's local time) on the banking day prior to the settlement date must be made available to the Receiver for withdrawal or cash withdrawal at the opening of business on the settlement date. For the purposes of the preceding sentence, opening of business is defined as the later of 9:00 a.m. (RDFI's local time) or the time the RDFI's teller facilities (including ATMs) are available for customer account withdrawals.

 

(a) Settlement

 

Settlement between the Originator and the ODFI is governed by agreement. Settlement between the RDFI and the Receiver is determined by the NACHA Operating Rules, Federal Reserve availability schedules, and agreement.


When an ACH file is processed by the receiving ACH Operator, the ACH Operator will read the Effective Entry Date in the Company/Batch Header Record and settle according to that date. If the file has been delivered to the ACH Operator so that the ACH Operator is able to settle on the Effective Entry Date, it will insert the corresponding Julian Date in the Settlement Date field. If the ACH Operator cannot settle on the Effective Entry Date due to a stale date, weekend, or holiday, the ACH Operator will insert the Julian Date of the next business day into the Settlement Date field reflecting that settlement will occur on that date.

 

1. Settlement information is produced by the ACH Operator as ACH entries are processed. This information is accumulated based on the type of entry (debit or credit) by settlement date. These settlement totals are reported to the RDFI or its settlement member correspondent.

2 . The ACH Operator may provide ACH settlement information in a machine-readable format to facilitate the automation of settlement accounting for correspondent RDFIs.

3 . Settlement totals should be balanced daily against totals posted to the RDFI's customer accounts and against any rejects that may occur. Rejects and other differences must be resolved immediately.

4 . Settlement totals should be balanced daily against totals posted to the RDFI's customer accounts and against any rejects that may occur. Rejects and other differences must be resolved immediately.

 

Q8. What are the terminologies used in ACH transactions?


Ans:

Addenda Record
An ACH record type that carries the supplemental data needed to completely identify an account holder(s) or provide information concerning a payment to the RDFI and the Receiver.Authorization

A written agreement with the originating company signed or similarly authenticated by an employee or customer to allow payments processed through the ACH Network to be deposited in or withdrawn from his or her account at a financial institution. (For specific applications, written authorization for debits to consumer accounts is not required. Refer to the NACHA Operating Rules for details.) Can also be a written agreement that defines the terms, conditions and legal relationship between trading partners. For ACH credit entries, authorization may also be by verbal or other non-written means.

Automated Clearing House (ACH) Network
A funds transfer system, governed by the NACHA Operating Rules, that provides for the interbank clearing of electronic entries for participating financial institutions.

Banking Day
Any day on which a participating depository financial institution is open to the public during any part of the day for carrying on substantially all its banking functions.

Batch
A group of records or documents considered as a single unit for the purpose of data processing.

Consumer Account
A deposit account held by a financial institution and established by a natural person primarily for personal, family, or household use and not for commercial purposes.

Corporate-to-Corporate Payments
Any of the class of automated payment formats developed for the ACH Network that allow concurrent exchange of funds and remittance information between trading partners.

Credit Entry
An entry to the record of an account to represent the transfer or placement of funds into the account.

Data Transmission
The electronic exchange of information between two data processing points.

Debit Entry
An entry to the record of an account to represent the transfer or removal of funds from the account.

Direct Debit
A method of collection used in the ACH for certain claims, generally those that are repeated over a period of time, under which the debtor gives his or her financial institution authorization to debit his or her account upon the receipt of an entry issued by a creditor.

Direct Deposit
An ACH service that provides for the electronic transfer of funds directly into the account of a payee, usually an employee receiving pay or a Social Security beneficiary receiving retirement benefits.

Direct Payment
A method of collection used in the ACH Network for certain claims, generally those that are repeated over a period of time, for which the debtor gives the Originator an authorization to debit his or her account.

EDI Payment
Is the computer-to-computer transmission of a payment and related information in a standard format.

Effective Entry Date
The date the originating company expects payment to take place. The ACH Operator reads the effective entry date to determine the settlement date.

Electronic Funds Transfer (EFT)
A generic term used to describe any ACH or wire transfer.

Entry
An electronic item representing the transfer of funds in the ACH.

Field
One or more consecutive character positions within an ACH entry mapped to contain specific information. For credit, debit or ATM cards, a defined area within an information track of the magnetic stripe of fixed or variable length.

File
A group of ACH batches initiated into the ACH Network or sorted for delivery to ACH receiving point(s). A file must be transmitted electronically via data transmission between the sending point and the receiving point. A file may be delivered to an end-point via direct data transmission, magnetic tape, or floppy diskette. A file may contain one or more batches of entries.

Financial EDI
Electronic data interchange for financial transactions/applications between companies and financial institutions, including payment and remittance advice, account analysis, and balance reporting.

Funds Availability
The time at which the funds resulting from a funds transfer are made available to the customer.

Green Book
A publication assembled by the U.S. Department of the Treasury that specifies the procedures to be used in Automated Clearing House transactions originated on behalf of the United States Federal Government.

Live Dollar Entry
"Live" refers to an entry that affects a funds transfer rather than non-dollar entries, such as prenotifications.

MICR line
The magnetic ink character recognition inscription at the bottom of a paper check.

National Automated Clearing House Association (NACHA)

The national association that establishes the standards, rules and procedures that enable depository financial institutions to exchange payments on a national basis

NACHA Formats
The ACH record format specifications described in the NACHA Operating Rules and Guidelines are the accepted and warranted payment format standards for payments delivered through the ACH.

Notification of Change(NOC)
Information sent by an RDFI to notify the ODFI that previously valid information for a receiver has become outdated or that information contained in a prenotification is erroneous. The standard entry class code is COR.

On-Us Entry
Entry within an ACH file destined for an account held at the ODFI.

Originating Depository Financial Institution (ODFI)
A participating financial institution that initiates ACH entries at the request of and by agreement with its customers. ODFIs must abide by the provisions of the NACHA Operating Rules and Guidelines.

Originator
Any individual, corporation or other entity that initiates entries into the Automated Clearing House Network.

Posting
The process of recording debits and credits to individual account balances.

Prenotification
A non-dollar entry that may be sent through the ACH Network by an Originator to alert an RDFI that a live-dollar transaction will be forthcoming and that verification of the Receiver's account number is required.

Receiver
An individual, corporation or other entity who has authorized an originator to initiate a credit or debit entry to an account held at an RDFI.Receiving Depository Financial Institution (RDFI). Any financial institution qualified to receive ACH entries that agrees to abide by the NACHA Operating Rules and Guidelines.

Receiving Point
A site where entries are received from an ACH Operator for processing. It may be the RDFI, its data center or a data processing service bureau authorized to receive entries on behalf of a RDFI.

Regulation E
A regulation promulgated by the Federal Reserve Board of Governors in order to ensure consumers of a minimum level of protection in disputes arising from electronic funds transfers.

Return
Any ACH entry that has been returned to the ODFI by the RDFI or by the ACH Operator because it cannot be processed. The reason for each return is included with the return in the form of a "return reason code." (See the NACHA Operating Rules and Guidelines for complete return reason code listing.)

Reversal
Any ACH entries or files sent within required deadlines to "correct" or reverse previously originated erroneous entries or files.

Routing Number
A nine-digit number (eight digits and a check digit) that identifies a specific financial institution. Also referred to as the ABA number. Numbers are assigned by the Thomson Financial Publishing and are listed in its publication entitled Key to Routing Numbers.

Sending Point
A processing site from which entries are transmitted to the ACH Operator. It may be the ODFI on its own behalf or a financial institution or private data processing service bureau on behalf of the ODFI.

Settlement
A transfer of funds between two parties in cash, or on the books of a mutual depository institution, to complete one or more prior transactions, made subject to final accounting. Settlement for the ACH Network usually occurs through the Federal Reserve.

Settlement Date
The date on which an exchange of funds with respect to an entry is reflected on the books of the Federal Reserve Bank(s).

Standard Entry Class Codes
Three character code within an ACH Company/Batch Header record that identifies payment types within an ACH batch (e.g., CCD, CTX, etc.).

Transaction Code
The two digit code in the ACH record that determines whether an entry is a debit or a credit to a DDA account, savings account, or general ledger account, or whether an entry is a credi

 

Q9. What is SWIFT?


Ans:

The Society for Worldwide Interbank Financial Telecommunication ("SWIFT") operates a worldwide financial messaging network. Messages are securely and reliably exchanged between banks and other financial institutions. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes are popularly known as "BIC codes".

The majority of international interbank messages use the SWIFT network. As of December 2007 SWIFT linked 8,332 financial institutions in 208 countries.[1] SWIFT does not facilitate funds transfer. Financial institutions would need a corresponding banking relationship for financial transactions.[clarify] Not all financial institutions have banking business relationships, but rather peripheral. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.

SWIFT is a cooperative society under Belgian law and it is owned by its member financial institutions. SWIFT has offices around the world. SWIFT headquarters are located in La Hulpe, Belgium, near Brussels. An average of 2.4 million messages, with aggregate value of $2 trillion, were processed by SWIFT per day in 1995.

It was founded in Brussels in 1973, supported by 239 banks in 15 countries. It started to establish common standards (See SWIFT Standards) for financial transactions and a shared data processing system and worldwide communications network. Fundamental operating procedures, rules for liability etc., were established in 1975 and the first message was sent in 1977. to a loan account.

 
 
 
 

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