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wire transfer

hi all,

please let me know what is wire transfer?



Former Member
Former Member replied

Hi Venu

In US, EFT/wires are called ACH or ABA. This means Automated Clearing House. This is a network of Federal agencies and or Banks/FIs who use the Clearing house for clearing the Direct deposit payments among themselves. Even the recipient uses the information for updating his books (receivables).

S Jayaram

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