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IPS Payments Glossary of Terms

I

Individual Identification Number
The number used in an ACH transaction by the originator to identify the receiver.
IT (Information Technology)
As defined by the Information Technology Association of America (ITAA) is: "the study, design, development, implementation, support or management of computer-based information systems, particularly software applications and computer hardware." In short, IT deals with the use of electronic computers and computer software to convert, store, protect, process, transmit and retrieve information.
Item
An electronic record representing the movement of funds.
IVR
Interactive Voice Response allows payment transactions to be originated through a telephone.

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