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Electronically created payment order

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Definition Edit

An electronically created payment order refers to

payment orders received by merchants from consumers, typically by telephone or the Internet. These payment orders are processed through the check processing system although they were not initiated as paper checks. These payment orders are not subject to check law and are not warranted by the Federal Reserve Banks.[1]

References Edit

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

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