Account Takeover

Similar to identity theft, this type of fraud happens when an unauthorized individual gain access through online banking applications, capturing the account information to create and write bad checks.

Account-Centric ECM Software

Account-centric enterprise content management solutions allow users to access account holder information based on their account numbers.

ACH (Automated Clearing House)

ACH (Automated Clearing House) is an electronic payment network that enables banks, credit unions, businesses, and consumers to securely send and receive funds between accounts for transactions such as direct deposit, bill payments, recurring payments, and account transfers.

Adverse Action

An adverse action notice is a document sent to a loan applicant stating a bank’s rationale for denying a loan. It may also contain a counteroffer, such as a lesser amount or a request for an approved co-borrower.

Agentic AI

Agentic AI refers to artificial intelligence systems that can autonomously plan, reason, make decisions, and take action to achieve specific goals with limited human intervention.

Aging Exceptions

The term “aging exceptions” refers to a group of critical exceptions that have not been resolved within a reasonable amount of time.

Altered Checks

Altered check fraud occurs when a fraudster changes the amounts and Payee from a stolen check.

API

API is short for “application programming interface.” Technology companies like Alogent rely on APIs to connect multiple software applications, thereby enabling a two-way exchange of information to support users’ needs.

Audit & Exam Prep

Audit and exam prep is a process that financial institutions go through in order to adequately prepare for upcoming audits and exams.

Authorized Signer Form

An authorized signer form is a document that allows an account holder to grant a range of clearance levels to individuals to perform certain functions within a bank account.

Real-Time Payments (RTP)

Real-Time Payments (RTP) is a U.S.-based instant payment infrastructure operated by The Clearing House, designed to enable the immediate transfer of funds between participating financial institutions. RTP transactions are initiated, cleared, and settled within seconds, and are available 24/7/365, meaning transactions can be initiated, cleared, and settled within seconds—any time of day, including weekends and holidays.

Key Features 

  • Instant Settlement: Funds are transferred and made available to the recipient in real time, with immediate confirmation and finality.
  • Irrevocable Transactions: Once processed, RTP payments cannot be reversed, reducing fraud risk and enhancing trust.
  • Rich Messaging Capabilities: RTP supports ISO 20022 messaging, allowing for detailed remittance information and advanced features like Request for Payment (RfP), which enables billers to request payment directly from customers.

Strategic Value for Financial Institutions

For banks and credit unions, RTP offers a platform to:

  • Modernize payment services with real-time capabilities for consumer, business, and government transactions.
  • Enhance customer experience by enabling instant bill pay, payroll, disbursements, and peer-to-peer payments.
  • Improve operational efficiency through faster settlement cycles and reduced reliance on batch processing.
  • Drive innovation by building new products and services around real-time payment flows, such as just-in-time funding, instant lending, and dynamic invoicing.

Ecosystem Role

RTP is a foundational component of the U.S. instant payments ecosystem, working alongside the FedNow service launched by the Federal Reserve. While RTP is privately operated, it is widely adopted by large and mid-sized institutions and continues to expand its reach. Its interoperability with other systems and support for advanced use cases makes it a strategic asset for institutions aiming to stay competitive in a rapidly evolving payments landscape.

Read more about instant payments and their play with banks and credit unions.

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