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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...
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Lockbox
Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the box, take the funds, and process them accordingly.
Related Terms
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Interchange
Interchange is a small fee paid by a merchant's bank (acquirer) to a cardholder's bank (issuer) to compensate the issuer for the value and benefits that merchants...
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