||A central clearing facility, operated by an ACH Operator on behalf of depository
financial institutions, in which participating DFIs transmit or receive ACH entries.
||Checks are cleared through organizations known as Clearing Houses or Check Clearing
Houses. Checks are the most prolific form of payment mechanism. More info to follow.
||Smart Cards are not in particular a payment mechanism. They do however have many
potential applications in the Payment System. Smart Cards can be used for such varied
tasks as retaining consumer medical history to containing the means to authenticate and
transmit encrypted information to a payee.