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Glossary
Glossary IPS Payments Glossary of Terms
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- UCC
- Is one of the uniform acts that has been publicized in attempts to harmonize the law of sales and other commercial transactions in 49 states (all except Louisiana) within the United States.
- Unauthorized
- An ACH item is “unauthorized” if it was never originally authorized, if it clears for more than was originally authorized, or if it settles earlier than was previously authorized.
- Uniform Commercial Code Article 4A
- The portion of the Uniform Commercial Code which deals with certain funds transfers, including ACH credit transactions not subject to the Electronic Fund Transfer Act of Regulation E. This law outlines the protections and responsibilities given to the parties to wholesale credit transactions, and sets the legal standard for commercially reasonable security procedures to be used in conjunction with those transactions.
- United States Code
- The compilation of the general and permanent laws of the United States. Citations to the United States Code look like “15 USC 1693” which is read as “Title 15 of the United States Code, Section 1693.”
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