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Payments 101: Important Terms

Across
A signed document giving NDR permission to draft funds from a client's bank account and conduct other banking transactions on their behalf.
An electronic payment method where funds are pulled or pushed from the clients account to the payee
The party receiving payments as indicated on the SIF letter, recording or email.
A number shared between NDR and certain creditors to make matching clients to accounts easier.
A CC status. NDR can begin to collect fees on CC's in "Committed/Completed" status. A CC with a status of "Ready to Pay" enters "Committed/Completed" status after the initial payment on the settlement is made.
Unique number tie to one financial institution.
an official agreement between the client and one of our client's creditors.
The date a payment has been added to the payee's account balance.
Down
A signed document given NDR permission to speak to a client's creditors on their behalf. Found on the DS on the "Attachments" tab.
A number that identifies a specific account
A CC status. CC's in RTP status have had their SIF approved by the client and the Payments team can begin to process creditor payments.
funds applied to a settlement by NDR that the client must then pay back.
Scheduling a creditor payment in Salesforce.
Power of Attorney. Replaced by ATC.
When the client does not have enough money in their dedicated savings account to make a creditor payment.
Legal document used to identify terms of settlement agreement (not a SIF)