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Settlement Date
The date an exchange of funds will be reflected on the books of the Federal Reserve Bank.
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Existing Relationship
There is an existing relationship between an originator and a receiver when there is either a written agreement in place or when the receiver has purchased goods or services from the receiver within the past two year.
Related Terms
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VAR Sheet
A VAR Sheet is a file containing information, such as merchant account information, bank account information, processor information, etc. This file is typically given to a payment...
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