ACH (Credit Payment)
The Egyptian Automatic Clearing House (EG – ACH) is a nationwide Electronic Funds Transfer (EFT) network.
EG-ACH processes batches of interbank Credit and Debit transactions in Egyptian pounds between banks governed by the Egyptian Banks Company under the supervision of the Central Bank of Egypt (CBE).
EG- ACH facilitates all payment transfers such as: Salary distribution, Supplier Payment, Governmental Payment, Pension Distribution, and it is an easy technique for crediting beneficiaries’ accounts.
EG – ACH is processed through an application submitted by the customer requesting the transfer issuance. The application specifies the requested amount, the beneficiary's name and address or bank account number, and the name of bank and branch, in addition to, the purpose of the transfer.
The Bank allows for executing periodic ACH in specified amounts and dates upon fixed instructions from its customers.
AIB applies inward payment orders in Egyptian pounds from local banks participants’ in Automated Clearing House (ACH) for its customers.
Commission and charges are levied by the Bank for its ACH transfers, in accordance with the applicable laws and regulations applied.