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IPS Payments Glossary of Terms

S

SCAN
Shared Check Authorization Network.
SEC (Standard Entry Class) codes
The three-character code within an ACH company/batch header, which identifies the type of transactions within that batch (e.g. CCD, CTX, PPS, etc.).
Settlement Date
The date on which an exchange of funds with respect to an entry is reflected on the books of the Federal Reserve Bank(s).
SSL
Uses a cryptographic system that uses two keys to encrypt data − a public key known to everyone and a private or secret key known only to the recipient of the message. Both Netscape Navigator and Internet Explorer support SSL and many Websites use the protocol to obtain confidential user information, such as credit card numbers.

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