Electronic Clearing

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August 31, 2024 3 min read Definitions

Electronic Clearing: The Process of Settling Transactions Electronically

Finance Banking Electronic Clearing E-Banking Digital Transactions Electronic Funds Transfer Clearing System

Electronic clearing refers to the settlement of financial transactions through electronic means without the need for physical exchange of instruments like checks or cash.

August 25, 2024 4 min read Definitions

Check Truncation: Ensuring Efficient Check Processing

Banking Finance Check Truncation Electronic Clearing Digital Banking Operational Efficiency Banking Technology

Check truncation is the process of converting a physical check into a digital image for electronic clearing and processing. It's designed to speed up the clearing process, reduce costs, and improve operational efficiency in the banking system.