Payment reference helps understand bank account payments. Can be numbers, letters, or informal messages. Used in business to match payments to projects
Payment reference number is a unique identifier for financial transactions. Banks automatically generate these numbers for tracking and processing. Reference numbers are crucial for merchants' cash flow management
Response codes are two-digit alphanumeric format. Most transactions use summary response code (00 or 08). Unknown codes should be reported to Westpac. No specific codes for card verification number mismatches
Bank transfers are free, fast payment method between accounts or banks. Funds can be transferred between same bank accounts or to others
Global network for banks to trade currencies directly between themselves. Most trading is proprietary, done on banks' own accounts. Part of interdealer market facilitated by interdealer brokers
ACH is an electronic payments system managed by Nacha since 1974. Trillions of dollars move between bank accounts daily through ACH network. Network processes payments 23 hours daily with four settlement times