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Doesn't ACH stand for Automated Clearing House? Which part of the process has yet to be automated? Clearly it is poorly named if it isn't fully automated which
by uiri 9y ago
Doesn't ACH stand for Automated Clearing House? Which part of the process has yet to be automated? Clearly it is poorly named if it isn't fully automated which seems to be the case. It is possible that it is fully automated but because money is important, you need maintenance staff to be available to correct any mistakes.
- will_hughes 9y agoIt's automated. It doesn't mean continuously operating. I'd recommend listening to this planet money episode[1] where they describe how the ACH came to be. It's called automated, because it's a step up from the original method of payment processing between banks: handing physical slips of paper between each other. [1] http://www.npr.org/sections/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy http://www.npr.org/sections/money/2013/10/04/229224964/episo...
- sizzle 9y agoThanks for the link