First ACH Glossary, List of ACH Terms and Terminology

ABA NUMBER - Also referred to as a routing number, a nine-digit number used within the banking system to identify a specific financial institution. The number is used on checks and transactions affiliated to a specific financial institution so that they can be routed to the proper institution.

ACCOUNT NUMBER - A unique number sequence assigned to a checking or savings account holder by a bank. This number represents their bank account.

ACCOUNTS PAYABLE - The amount of money owed by a company for goods and services it has received. This includes any outstanding debt.

ACCOUNTS RECEIVABLE - The amount of money that is due to be collected from customers in the form of outstanding customer invoices.

ACCOUNTS RECEIVABLE CONVERSION (ARC) - The check conversion method in which paper checks received in the mail or through a lockbox location such as in remittance collection, are converted into electronic ACH debit payments.

ACH AUTHORIZATION - Agreement by a receiver to allow an ACH debit or credit entry to their account. Though authorizations are usually made in writing, sometimes they may be presented orally or similarly authenticated by other means such as the use of a PIN or a digital signature.

ACH NETWORK - Funds transfer system governed by the rules of the National Automated Clearing House Association (NACHA) which provides for the interbank clearing of electronic entries for participating financial institutions.

ACH OPERATOR - An organization that processes transactions between the originator and receiver. The Federal Reserve Bank and EPN (Electronic Payments Network) are currently the only two ACH operators.

ACH PROCESSING - The moving of money electronically by transmitting electronic data transactions using the Federal Reserve Banking system, transferring money between merchant and customer checking/savings accounts.

AFFADAVIT - A sworn statement by a consumer declaring that a particular ACH transaction was authorized or that the authorization for that transaction is to be or has been revoked.

AGREEMENT - A contract between the merchant and the third party ACH processor that defines the operational and legal relationship between the two entities when transferring funds electronically through the ACH.

AGREEMENT DATE - The date upon which a transaction is authorized by the customer to take place. The merchant, as the originator of the transaction, adheres to this date in agreement with the customer.

AP DUP (Approved Duplicate) - A transaction was successfully submitted, but another transaction with the same Effective Date, same dollar amount, same bank information, and same customer name already exists. The transaction receiving the AP DUP response will not be processed, but the original transaction will.

API (Application Programming Interface) - Platform independent specifications for merchants to connect and transact with the First ACH Payment Gateway via their own payment interface and reporting tools.

AUTHORIZATION - An agreement to allow an ACH debit of credit transaction to be applied one’s account. The authorization is required and can be in written form (Authorization Form) or voice recorded when accepting payments over the phone. The customer allows a business to process payments through the ACH Network to be withdrawn or deposited from his or her bank account.

AUTHORIZATION FORM - A written agreement allowing a business to debit or credit your account for payment. First ACH provides sample forms that can be used as is or that can be customized to suit your needs. See Authorization.

AUTOMATED CLEARING HOUSE (ACH) - A nationwide funds transfer system, governed by the NACHA Operating Rules, that provides for the interbank clearing of electronic entries for participating financial institutions. (NACHA)

AUTO RECURRING TRANSACTIONS - Recurring transactions that are set to occur automatically. With one single entry, transactions will occur at the frequency and interval programmed for as long as the system is set to bill that customer.

BACK OFFICE CONVERSION (BOC) - Electronic check conversion method that allows merchants that receive checks collected at checkout lanes and registers to process them later in a centralized location, such as a back office, where they may be converted in a batch. BOC is the SEC code for this transaction type.

BANKING HOLIDAY - A national holiday in which a financial institution is closed for business and therefore not processing ACH transactions.
BATCH A group of transactions accumulated and uploaded as a single unit for the purpose of settlement and data processing.

BATCH PROCESSING - A method of data processing and data communications transmission in which related transactions are grouped together and transmitted for processing collectively, usually by the same computer and under the same application.

BATCH UPLOAD - A means of submitting multiple transactions to First ACH at one time rather than entering transactions independently. This allows you to skip the form entry in the Payment Gateway, as ACH requests can be generated in another system and then uploaded to our system in a single batch file for submission to the ACH Network for payment.

BUSINESS DAY - A day on which a financial institution is open for business and running ACH transactions.

CCD (Cash Concentration of Disbursement) - A credit or debit to a commercial account.

CHARGEBACK - First ACH has received notification that the account holder is reversing the debit to their account because they did not authorize the debit, an appropriate authorization was not issued, the account holder does not recognize the debit, or in cases of identity fraud. First ACH will then debit the merchant’s bank account the amount of the original debit in reversal of the transaction and apply a chargeback fee of $25 to the merchant’s account. It then becomes the merchant’s responsibility to continue the dispute with the account holder’s bank.

CHECK CONVERSION - The process of converting a paper check into an ACH debit for payment. These debits are subject to the rules set forth by the National Automated Clearing House Association (NACHA).

CHECK VERIFICATION - A process used to determine if a customer has a history of issuing bad checks by comparing their account and/or identity information to a negative database.

CHECK VERIFY - A solution offered by First ACH that combines check verification against the SCAN database with the ability to automatically void select declined transactions, allowing merchants to mitigate the risk to their business associated with rejected transactions.

CHECKING ACCOUNT NUMBER - This is the second set of numbers (following the bank routing number) on the bottom left corner of the check. See Account Number.

CLEARING HOUSE - An association of depository institutions that facilitates the exchange or clearing of checks and electronic items among it’s members.

COLLECTED - First ACH has not received a reject notice and is preparing to send a Funding transaction.

COMMERCIALLY REASONABLE - A system, technology, practice or procedure frequently practiced among originators conducting similar types of business.

COMPANY BATCH/HEADER RECORD - Records(s) within an ACH file, which identify the originating entity of an ACH transaction(s) and the types of transactions within the batch being settled. This record also contains the effective date for all of the entries that are in the batch.

CREDIT (not credit card) - The entry of funds into an account. You pay someone and the funds are removed from your account and transferred into their account.

CUSTOMER - The customer of our customer, the merchant. The merchant’s customer is the payor for goods and services purchased from the merchant (the First ACH account holder) and will be debited through the ACH Network.

CUSTOMER DATABASE - The First ACH database in the Payment Gateway, which allows for the creation and saving of customer names and account information in the form of customer profiles. Saved customer profiles allow for faster payment entry and greater convenience in managing client contact and payment data in general.

DATA ENCRYPTION - The scrambling of sensitive information, such as account numbers or transaction information, to prevent unauthorized use. The Data Encryption Standard (DES) is the encryption format adopted by the financial industry and requires that information scrambling take place in a computer or terminal before transmission.

DEBIT - The removal of funds from an account. When someone pays you, funds are debited from their account to be placed into yours.

DEBIT ENTRY - A transaction record entered into the Payment Gateway for processing to represent the transfer or removal of funds from your customer’s account.

DIRECT DEBIT - A debit made to an account for payment; generally refers to the electronic and direct method via ACH. See Direct Payment.

DIRECT DEPOSIT - An ACH service that provides for the electronic transfer of funds directly into the account of a payee, usually an employee receiving pay or a Social Security beneficiary receiving retirement benefits.

DIRECT PAYMENT - A method of payment collection used in the ACH Network for claims, generally those that are repeated over a period of time for which the customer gives a merchant an authorization to debit his or her account.

DIRECT ENTRY - ACH Payment method through the First ACH Payment Gateway that includes the direct method input of debits, credits, ARC, and RCK transactions.

DISCOUNT RATE - A percentage amount charged per transaction processed. First ACH does not typically charge a discount rate for ACH transactions, though some special circumstances may exist that would require such a fee.

E-COMMERCE (Electronic Commerce) - The transacting of business electronically vs. paper or manual/face-to-face methods.

EFFECTIVE DATE - The date placed on an ACH transaction by the merchant, the originator of a transaction. This is the date the originator intends the transfer of funds to take place between the banks. Any transaction submitted with an invalid effective date (weekend, holiday, etc.) will automatically be scheduled for the first available effective date to occur after the invalid date.

ELECTRONIC BANKING - Banking in which funds are transferred through an exchange of electronic signals over a network connecting financial institutions, rather than the exchange of cash, paper checks, etc.

ELECTRONIC FUNDS TRANSFER (EFT) - A term used for whenever money is moved via ACH or wire transfer. This includes the transfer of funds initiated through a terminal, telephone, computer or magnetic tape for the purpose of instructing or authorizing a financial institution to debit or credit an account.

ELECTRONIC FUNDS TRANSFER ACT - The law passed by the US congress in 1978, which established the rights and obligations of consumers and their financial institutions regarding the use of electronic systems to transfer funds.

ELECTRONIC PAYMENT - An alternative to cash or paper checks for paying bills. Consumers can use PCs, telephones, or ATMs to send electronic transactions to their bank or bill payment provider to withdraw funds from their accounts and pay merchants.

ENROLLMENT - The process associated with a merchant selecting a First ACH plan and filling out the application to establish a relationship with First ACH.

ENTRY - An electronic transaction representing the entering and transfer of funds in the ACH system. This may also be called a request, transaction, or payment.

FEDERAL RESERVE BANK - The bank of the United States of America. The Federal Reserve loans and provides money to U.S. banking institutions and establishes national interest borrowing rates. See Federal Reserve System for greater detail.

FEDERAL RESERVE SYSTEM - The central bank of the United States created by Congress in 1913 to provide for a safer, more flexible, and stable national monetary and financial system. The Federal Reserve conducts U.S. monetary policy by influencing the economy to maximize employment, stability of prices, and to moderate long-term interest rates. The Federal Reserve System consists of a seven member Board of Governors in Washington, D.C., 12 regional Reserve banks, and member depository institutions that are subject to reserve requirements. All national banks are members and state chartered banks may elect to become members.

FILE HEADER RECORD - The first record of an ACH file containing information for the purpose of routing, validating, and tracking ACH entries contained within the file.

FILE TRAILER RECORD - The last record of an ACH file indicating the termination of information within the file. This is the end of data to be transmitted.

FINANCIAL INSTITUTION - Any bank, savings and loan, credit union or other financial institution capable of both accepting deposits and making loans. These institutions are subject to national and state banking laws.

FUNDING - The stage in the settlement process in which the merchant account is credited the funds from a sale of a customer purchase. The point in which the merchant is paid for their debit transaction.

FIRST ACH - The first choice in ACH business solutions. The leading provider of value and quality in ACH payments and solutions. Founded in 1998, First ACH is committed to customer satisfaction by providing the greatest value with the best quality and features available in ACH processing.

FUNDING REPORT - This report displays all transactions that are being credited to your account. It will list each individual transaction that comprises the entire credit to your account.

HTML (Hypertext Markup Language) - The coded language format inserted in a file intended for display on a Web browser page. This code tells the Web browser how to display a Web page's words and images for the user.

Invoice - A document issued by a seller to the buyer that indicates the products, quantities, and agreed prices for the products or services provided to the buyer. An invoice indicates the buyer must pay the seller according to the payment terms.

ISP (Internet Service Provider) - A company that provides Internet access. ISP’s sell access to their network which then connects you to the internet. Services offered by ISP’s differ between companies.

MERCHANT - This is First ACH’s customer and the business that is utilizing First ACH to enter ACH transactions into the Payments Gateway.

MERCHANT ACCOUNT - This is the name of a First ACH account opened by a merchant.

MERCHANT IDENTIFICATION NUMBER (MID) - This is the number that will help First ACH identify you. It could also be called a customer number, customer reference number, or simply an ID number.
MICR (Magnetic Ink Character Recognition) The technology that uses magnetic and/or optical recognition equipment to recognize magnetic ink printed characters used on a check. The MICR is usually associated with reading account information from checks and automating payment methods.

MICR READER/CHECK READER - An optical or magnetic device used by a merchant, which reads the MICR Numbers (routing/transit number, check number) encoded along the bottom of the check. This information is electronically read and stored, and then used later for electronic payment through the ACH Network.

NACHA FORMAT - The accepted and warranted ACH payment record format specifications provided by NACHA Operating Rules and Guidelines.

NATIONAL AUTOMATED CLEARING HOUSE ASSOCIATION (NACHA) - The national organization that maintains the operating rules, standards, and procedures that govern all ACH activities and procedures.

NON-SUFFICIENT FUNDS - An ACH return that indicates a receiver's bank account does not have the sufficient funds to cover a particular transaction.

NOTIFICATION OF CHANGE - Notification from a customer's bank (receiver’s bank) indicating that the bank account information provided for a particular transaction is incorrect or includes information that is incorrect, and the correction of that information. First ACH automatically updates the transaction data and customer database with this information, and sends an email containing this information to the merchant.

ODFI (Originating Depository Financial Institution) - The financial institution that receives payment instructions from the merchant or originator and forwards payment entries to the correct ACH operator. The ODFI may deposit items directly with an ACH operator or may operate through a third-party processor, which is the actual sending point.

ORIGINATOR - Any individual or organization that initiates transaction entries into the Automated Clearing House Network. Usually, the originator is a merchant and thus our customer.

PAID - First ACH has sent a funding transaction to the merchant. A transaction will not appear on the Funding Report until it has reached a Paid status.

PAYMENT GATEWAY - The First ACH payment application accessible from the login located on the First ACH homepage. The Payment Gateway is the dedicated portal to enter and submit payment transactions for processing through First ACH to the ACH Network and the appropriate banks.

PAYROLL - The process of initiating credit transactions to employee bank accounts by a third party; such as payroll processors or accounting firms.

PCI Compliant - Satisfies the security requirements as outlined by the Payment Card Industry (PCI). Compliance with these specifications is required in order to process credit card transactions.

PDF (Portable Document Format) - A particular file format that captures all the elements of a printed document as an electronic image that you can view, navigate, print, or forward to someone else. PDF files are created using Adobe Acrobat, Acrobat Capture, or other similar products. Viewing and using these files requires a copy of the free Acrobat Reader, which can be easily downloaded online. Once you've downloaded the Reader, it open automatically whenever you want to look at a PDF file.

PIN (Personal Identification Number) -A confidential number, either provided to the customer or selected by the customer, verifying the user is an authorized user, thereby prohibiting unauthorized access to an account.

Plug-in - A hardware or software module that adds a specific feature or service to a larger system.

POS (Point of Sale) - The point where a transaction takes place, usually at a merchant’s store but can also include telemarketing (phone) and Internet sales.

PPD (Pre-arranged Payment or Deposit) - An ACH debit/credit transaction classified as an automated consumer payment entry. This is usually in the context of a standing obligation, which debits or credits consumer accounts at their financial institution to satisfy that obligation. Some examples of PPD transactions are Direct Deposit of payroll or Direct Payment of charitable contributions or benefits. PPD is the SEC code for this type of transaction.

RDFI (Receiving Depository Financial Institution) - The financial institution that is responsible for the receipt of ACH transactions. The RDFI may directly receive items from an ACH operator or may work through a third-party processor, which is the actual receiving point.

RECEIVED - The transaction has been successfully submitted to First ACH, and is waiting to be submitted to the receiving bank.

RECEIVER - Any individual or organization that has authorized an originator to initiate a transaction to their bank account. Usually, the receiver is the customer of our merchants.

RECURRING TRANSACTIONS - Transactions that are authorized by a customer to be submitted at regular intervals (i.e., weekly, monthly, quarterly, etc.) and on a predetermined basis. Recurring transactions may be programmed in the payment gateway manually or established as auto-recurring. Manual entry requires that a transaction be entered into our system for every interval to be charged. Auto-recurring only requires one entry, but the frequency must be established to set the payments to happen automatically after the time of entry.

REFUNDED - A credit has been submitted to a merchant customer’s bank account to “refund” an earlier debit.

REJECT (Returned Item) - First ACH has received notification from the receiving bank that a particular debit was not processed successfully. An ACH entry that has been rejected and returned by the customer or receiver’s bank because it cannot be posted due to some reason determined by a given return reason code (See Return Reason Codes). Examples include insufficient funds (NSF), closed account, etc.

REJECT CODES - Also called Return Reason Codes, these are alphanumeric codes that represent the reason for a failed or rejected transaction. See Return Reason Codes.

REJECT REPORT - A report that lists rejected transactions based on the reject date of effective date. This will enable the merchant to see in one clear shot which customers they must take further action on to collect their funds. An emailed report is sent to merchants for any rejected transactions occurring on a particular day.

RETURNED CHECK ENTRY (RCK) - The representment of a check that has gone through the check collection system and has been returned for non-sufficient funds or uncollected funds.

RESERVE - An amount of funds a funding source holds in its account to cover potential payment defaults. After the agreed upon time period has passed, the funding source then rebates the reserve to the merchant less any fees or charges for delinquency. This is sometimes called a bad debt reserve.

RESERVE REPORT - If a merchant’s funds have not appeared on the funding report, then maybe the processor is holding the money. The reserve report will detail what transactions are being held, and how much money is due to the merchant.

RETRY 1 ACCEPTED - The second attempt to debit a customer’s account has been submitted to the bank for processing.

RETRY 1 COLLECTED - The second attempt to debit a customer’s account was successful, and First ACH is in the process of sending a funding transaction to the merchant.

RETRY 1 RECEIVED - The second attempt to debit a customer’s account has been submitted successfully to First ACH, and it is waiting to be submitted to the bank for processing.

RETRY 2 ACCEPTED - The third and final attempt to debit a customer’s account has been submitted to the bank for processing.

RETRY 2 COLLECTED - The third and final attempt to debit a customer’s account was successful, and First ACH is in the process of sending a funding transaction to the merchant.

RETRY 2 RECEIVED - The third and final attempt to debit a customer’s account has been submitted successfully to First ACH, and it is waiting to be submitted to the bank for processing.

RETURN/RETURNED - First ACH has received notification from the receiving bank that a particular credit transaction was not processed successfully. An ACH entry has been rejected and returned by the customer or receiver’s bank because it cannot be posted, due to some reason determined by a given return reason code (See Return Reason Codes). Examples include insufficient funds (NSF), closed account, etc.

R01 - Insufficient Funds
R02 - Account Closed
R03 - No Account / Unable to Locate Account
R04 - Invalid Account Number
R05 - Unauthorized Debit to Consumer Account Using Corporate SEC Code
R06 - Returned per ODFI's Request
R07 - Authorization Revoked by Customer
R08 - Payment Stopped or Stop Payment on Item
R09 - Uncollected Funds
R10 - Customer Advises Not Authorized
R11 - Check Truncation Entry Return
R12 - Branch sold to another DFI
R13 - RDFI not qualified to participate
R14 - Representment payee deceased or unable to continue in that capacity
R15 - Beneficiary of account holder deceased
R16 - Account Frozen
R17 - File record edit criteria
R18 - Improper effective entry date
R19 - Amount field error
R20 - Non-Transaction Account
R21 - Invalid company identification
R22 - Invalid individual ID number
R23 - Credit entry refused by receiver
R24 - Duplicate entry
R25 - Addenda error
R26 - Mandatory field error
R27 - Trace number error
R28 - Routing number check digit error
R29 - Corporate customer advises not authorized
R30 - RDFI not participant in check truncation program
R31 - Permissible return entry
R32 - RDFI non-settlement
R33 - Return of XCK entry
R34 - Limited participation DFI
R35 - Return of improper debit entry
R36 - Return of improper credit entry
R38 - Stop Payment on Source Document
R40 - Return of ENR entry by Federal Government Agency (ENR Only)
R41 - Invalid transaction code (ENR Only)
R42 - Routing number/check digit error (ENR only)
R43 - Invalid DFI account number (ENR only)
R44 - Invalid individual ID number (ENR only)
R45 - Invalid individual name/company name (ENR only)
R46 - Invalid representative payee indicator (ENR only)
R47 - Duplicate enrollment
R50 - State Law Affecting RCK Acceptance
R51 - Item is Ineligible, Notice Not Provided, Signature not genuine
R52 - Stop Payment on Item
R61 - Misrouted return
R62 - Incorrect trace number
R63 - Incorrect dollar amount
R64 - Incorrect individual identification
R65 - Incorrect transaction code
R66 - Incorrect company identification
R67 - Duplicate return
R68 - Untimely return
R69 - Multiple Errors
R70 - Permissible return entry not accepted
R71 - Misrouted dishonored return
R72 - Untimely dishonored return
R73 - Timely original return
R74 - Corrected return
R80 - Cross-Border Payment Coding Error
R81 - Non-Participant in Cross-Border Program
R82 - Invalid Foreign Receiving DFI Identification
R83 - Foreign Receiving DFI Unable to Settle
C01 - Incorrect DFI Account Number
C02 - Incorrect Transit / Routing Number
C03 - Incorrect Transit / Routing Number and Incorrect DFI Account Number
C04 - Incorrect Individual Name
C05 - Incorrect Transaction Code
C06 - Incorrect DFI Account Number and Incorrect Transaction Code
C07 - Incorrect Transit / Routing Number, Incorrect DFI Account Number, Incorrect Transaction Code
C08 - Reserved
C09 - Incorrect Individual Identification Number
C10 - Incorrect Company Name
C11 - Incorrect Company Identification
C12 Incorrect Company Name and Company Identification
C13 - Addenda Format Error
C61 - Misrouted Notification of Change
C62 - Incorrect Trace Number
C63 - Incorrect Company Identification Number
C64 - Incorrect Individual Identification Number
C65 - Incorrectly Formatted Corrected Data
C66 - Incorrect Discretionary Data
C67 - Routing Number Not From Original Entry Detail Record
C68 - DFI Account Number Not From Original Entry Detail Record
C69 - Incorrect Transaction Code

RETURNED CHECK - A check transaction that was presented for payment but could not be processed by the customer’s financial institution.

REVERSAL - Any ACH transactions already processed but initiated by the customer to be refunded. A merchant may contest and reverse chargebacks by producing the authorization for the sale. Authorizations are required to be stored for two years.

ROUTING NUMBER - Also referred to as an ABA number, it is a nine-digit number used within the banking system to identify a specific financial institution. The number is used on checks, and transactions affiliated to a specific financial institution, so that they can be routed to the proper institution.

SETTLEMENT - The transfer and accounting of funds between any two parties. Settlement is a daily occurrence.

SETTLEMENT DATE - The date on which a settlement occurred. This would be the actual date that funds officially changed hands.

SHOPPING CART - Software that runs on a website to collect and record purchasing decisions of a visitor. The visitor adds items to their cart for purchase until they are ready to “check out” and pay for those items.
SIC (Standard Industry Classification ) CODE The official four-digit numeric identifier representing the merchant business type.

SOURCE DOCUMENT - A check, share draft, or written authorization used to create an ACH entry.

SSL (Secure Socket Layer) - 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.

STANDARD ENTRY CLASS (SEC) CODES - The three-character code within an ACH company/batch header, which identifies the type of transactions in the batch (e.g. TEL, ARC, RCK, etc.). This code is representative of these transaction types and often synonymous.

STATEMENT (or Report) - A merchant’s statement, or summary of monthly charges, is viewable online and printable.

TELEPHONE BILL PAYMENT - A service that permits customers to pay bills electronically and over the phone. The customer gives a company the authority to debit his or her account for a specific amount.

TRANSACTION - An ACH payment entry representing an advance or transfer of funds, purchase of goods or services, or any other debit/credit request initiated for payment between a business and a customer.

THIRD-PARTY SERVICE PROVIDER - A provider of ACH services operating on behalf of the merchant or originator by processing ACH entries. The Third-Party Service Provider can create ACH files on behalf of the originator; act as a sending point or receiving point on behalf of the originating and receiving banks, etc. Third-party service providers can include data processors, correspondent banks, or any financial institutions that provides ACH services to other financial institutions. First ACH is a Third Party service provider.

TRANSACTION REPORT - A report allowing the user to view any historical or future transactions submitted to the First ACH Gateway. The report provides a detailed depiction of the transaction, including current status, history, and customer’s information.

TRANSACTION STATUS - The current state of a transaction. This is what is happening to the transaction as recorded by the First ACH system.

Risk Review
Received
Accepted
Collected
Retry 1 Received
Retry 1 Accepted
Retry 1 Collected
Retry 2 Received
Retry 2 Accepted
Retry 2 Collected
Refunded
Returned
Chargeback
Paid
Uncollected
Void
Risk Void
Ap Dup

UNCOLLECTED - The receiving bank has notified First ACH that the transaction is no good. This is typically due to the amount of the check exceeding the amount in the customer’s account. No funding will be created for this transaction. Once a transaction is updated to uncollected a reject notification will be sent to the primary user on the account, and the information will be viewable on the reject report.

VIRTUAL CHECK - The First ACH Virtual Check application allows you to accept ACH transactions via the web. Your customer initiates the payment transaction, entering their account information into a web based virtual check – just like one would fill out a paper check. Set up at check out, this makes for additional payment option and an excellent alternative to credit cards.

VOID - If a merchant does not want a transaction to be processed they can cancel, or “void”, the transaction. The transaction will still be searchable from the transaction search screen, but it will not be sent to the bank. This status, or action can only be taken when a transaction is in Risk Review, or one of the ‘received’ statuses.