of initiation requests to a bank. The bank gathers all transaction initiations for an ACH that arrive from different customers (combining manual and file-based). On a periodic basis, the bank creates a file that it dispatches to the ACH either at the end of day or in cycles throughout the day. The ACH operator combines the information submitted by the banks within each cycle (generally ACHs have several cycles throughout the day). The ACH operator informs each bank of the net settlement amount for which they are responsible for the cycle. The ACH operator ensures that the settlement amounts are received from all participants for the cycle, so that the cycle can be executed. The ACH operator informs the destinator's bank of the transaction details. When transaction arrives in the destination bank, the bank executes the transaction: such as crediting the payment to the beneficiary, while the ordering customer's bank debits the ordering customer's account. Existing systems There are various ACH systems around the world. The World Bank identified 87 systems in their 2010 Survey and 98 systems in their 2012 survey, while other sources have made qualitative analysis of a smaller number of ACH systems. In addition, there are various ACH associations such as the European Automated Clearing House Association. Uses of the ACH payment system There are various usages of ACH systems; the terminology related to different types of transactions varying in different countries. Most ACH payment systems support the following types: Credit Transfer: non-immediate transfer of funds between accounts at different financial institutions for payments by retail customers and non-urgent business-to-business payments. Direct debit payment of consumer bills such as mortgages, loans, utilities, insurance premiums, rents, and any other regular or membership style payment. These type of payments are usually used by businesses that collect ongoing payments from the same customer. See also Clearing (finance) Clearing house (finance) Electronic funds transfer Pan-European automated clearing house Payment system Society for Worldwide Interbank Financial Telecommunication Wire transfer References Payment networks Electronic funds transfer Banking terms Payment clearing systems