The Electronic Check Council (ECC) is a US organization that provides a forum for stakeholders of
NACHA-The Electronic Payments Association
Nacha manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data in the United States, and is an association for the payments industry. The ACH Network serves as a netwo ...
to design, propose, monitor, and promote solutions that enable the conversion of paper
checks
Check or cheque, may refer to:
Places
* Check, Virginia
Arts, entertainment, and media
* ''Check'' (film), a 2021 Indian Telugu-language film
* ''The Checks'' (episode), a 1996 TV episode of ''Seinfeld''
Games and sports
* Check (chess), a thr ...
to electronic entries.
The council was founded in 1995 and currently has more than 140 members, including
financial institution
Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial inst ...
s,
vendor
In a supply chain, a vendor, supplier, provider or a seller, is an enterprise that contributes goods or services. Generally, a supply chain vendor manufactures inventory/stock items and sells them to the next link in the chain. Today, these terms ...
s,
retailer
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, an ...
s, processors, networks and
associations
Association may refer to:
*Club (organization), an association of two or more people united by a common interest or goal
*Trade association, an organization founded and funded by businesses that operate in a specific industry
*Voluntary associatio ...
.
Goals
* Support the testing of
electronic check
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of ...
applications through pilot programs.
* Implement electronic check applications that show the greatest potential.
* Support research to address consumer, legal, regulatory and
risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environme ...
issues of electronic check applications.
* Provide a forum for all stakeholders in the electronic check arena.
* Promote the development and use of electronic check applications.
Process
Developments at the ECC all start with discussion and development of solutions in small group settings. These smaller groups are designated as work groups and
ad hoc
Ad hoc is a Latin phrase meaning literally 'to this'. In English, it typically signifies a solution for a specific purpose, problem, or task rather than a generalized solution adaptable to collateral instances. (Compare with '' a priori''.)
C ...
groups that focus on specific areas of electronic check development.
A work group is an ongoing group that tackles a number of issues over a period of time related specifically either to a particular Standard Entry Class Code (such as
POP
Pop or POP may refer to:
Arts, entertainment, and media Music
* Pop music, a musical genre Artists
* POP, a Japanese idol group now known as Gang Parade
* Pop!, a UK pop group
* Pop! featuring Angie Hart, an Australian band
Albums
* ''Pop'' (G ...
,
ARC, etc.) or to a specific topic that impacts all
eCheck
Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of ...
Standard Entry Class Codes (such as
marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to empha ...
).
An ad hoc group (or subgroup) tackles one specific issue and disbands once the issue has been resolved.
See also
*
Automated Clearing House
An automated clearing house (ACH) is a computer-based electronic network for processing transactions, usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits. Th ...
*
Direct Deposit
A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account. Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' acco ...
External links
Electronic Check Verification
Cheques
{{US-finance-company-stub