Canadian Standard 015 (Standard 015) is a Payments Canada specification that defines the file formats, data requirements, and image exchange standards used for the electronic clearing and exchange of cheque images and associated payment information between Canadian financial institutions.
In banking, a cash letter is a bundle of checks or other negotiable instruments that a bank or credit union sends to another financial institution or a clearinghouse for processing and collection.
CHAPS (Clearing House Automated Payment System) is the UK’s high-value, real-time gross settlement (RTGS) payment system operated by the Bank of England. It enables same-day electronic transfers in British pounds (GBP) for large or time-critical transactions between banks, businesses, and individuals.
Deposit chargebacks occur when a bank or credit union reverses funds previously credited to a customer account because a deposited check or payment has been returned unpaid by the paying institution.
Check 21 refers to the Check Clearing for the 21st Century Act, which became effective in the United States in 2004. It was enacted to facilitate more efficient check processing and clearing by allowing financial institutions to process checks electronically.
Check fraud can be defined as using paper or electronic checks to obtain money illegally and can occur at any step in the user journey or from any deposit channel.
This type of fraud involves two accounts from different financial institutions. Here the account owner writes a check from one account and deposits it into the other account so as to inflate the balance and then withdraw the funds.
With Check washing, checks are washed with chemicals to erase the information and populated with new information.
Cold storage in banking provides a snapshot of each day’s activity at a financial institution. Cold storage houses a variety of reports, statements, notices, and images generated by a bank’s core system as part of its nightly processing.
Collateral is something of value that a borrower pledges at a bank’s or credit union's request to mitigate the financial institution’s risk in the event of nonpayment.
In banking, an exception is an item that needs attention because it does not meet certain predefined requirements. Collateral exceptions pertain to borrowers’ assets that are pledged for loans.
Collateral imaging involves the use of technology to scan, save, and organize collateral-related documents.