The Ordway Blog

CHAPS is the UK's same-day payment system for high-value sterling transfers, operated by the Bank of England with guaranteed settlement and no upper limit on transaction amounts.

BECS (Bulk Electronic Clearing System) is Australia's primary bank-to-bank payment infrastructure for direct debit and credit transactions, processing over $15 trillion AUD annually. The system enables businesses to automatically pull funds from customer bank accounts…

FedNow is the Federal Reserve's instant payment system that enables real-time, bank-to-bank transfers 24/7/365—settling transactions in seconds rather than the days required by ACH. Launched in July 2023, it represents the first new payment rail…

An IBAN (International Bank Account Number) is a standardized code of up to 34 alphanumeric characters that uniquely identifies a bank account for cross-border transfers. It's the international banking system's answer to a simple problem:…

A Bank Identifier Code (BIC) is an 8 to 11-character alphanumeric code that uniquely identifies a specific bank or branch worldwide. It's the global standard for routing international wire transfers and SEPA payments, ensuring funds…

BACS (Bankers' Automated Clearing Services) is the UK's electronic payment system for bank-to-bank transfers, processing billions of transactions annually for payroll, supplier payments, and recurring billing.

Pre-authorized debit (PAD) is a payment method that allows Canadian businesses to withdraw funds directly from a customer's bank account after receiving written consent.

SEPA Direct Debit is a standardized payment method that allows businesses to pull Euro-denominated payments directly from customer bank accounts across 36 European countries.