The ABCs of Payments

by Erin McCune on March 29, 2007

in Payments News

This month, Exchange, the monthly magazine of the Association of Financial Professionals (AFP), published a handy A to Z glossary of payment acronyms. Some are obvious, some were a stretch (K and Q),  and you may already be familiar with most of these terms, but you just might learn something new:

Payment Acronyms, A-Z

ACH       Automated Clearing HouseAbc_blocks

BOC        Back Office Conversions
COGS     Costs of Goods Sold
DTC        Depository Transfer Check
EFT        Electronic Funds Transfer
FAS        Financial Accounting Standards
GDR       Global Depository Receipt
HPR       Highly Protected Risk
IRD       Image Replacement Document
JIT        Just-in-Time Inventory
KFC       Kansas City Financial Center
L/C        Letter of Credit
MICR    Magnetic Ink Character Recognition
NACHA    National Automated Clearing House Association
OBSA    Off-Balance Sheet Arrangements
POP       Point-of-Purchase
Q             Fifth letter of a NASDAQ stock symbol specifying its bankruptcy proceedings
RCK       Re-Presented Check Entries
STP        Straight Through Processing
TEL        Telephone Initiated Entry
UCC       Uniform Commercial Code
VAT      Value Added Tax
WIP       Work-in-Progress
XBRL     eXtensible Business Reporting Language
YTM     Yield-to-Maturity
ZBA       Zero Balance Accounts

Read more:

The ABCs of Payments
AFP Exchange
Association of Financial Professionals (AFP)
March 2007

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