See: Automated clearing house.
A system managed by an entity established in the EEA (see EEA) that is subject to supervision and/or oversight by a competent authority and complies with the oversight requirements for the location of infrastructures offering services in euro. In an ancillary system, payments and financial instruments are exchanged and/or cleared and the resulting monetary obligations are settled in TARGET2 (see TARGET2).
An infrastructure that enables participants to exchange flows containing payment orders automatically, according to shared business rules and standards. An ACH can also clear the debit and credit positions of participants arising from the exchange of payment flows and calculate the balances (bilateral or multilateral) to be settled.