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Electronic check conversion

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Definition Edit

Electronic check conversion is

[t]he process by which a check is used as a source of information for the check number, the customer’s account number, and the number that identifies the financial institution. The information is used to make a one-time electronic payment from the customer’s account — an electronic fund transfer. The check itself is not the method of payment.[1]

References Edit

  1. FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).

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