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Data redundancy occurs:
Check 21 Act
A law that makes check clearing much quicker by the use of a substitute check in place of the original check for electronic check processing.
Electronic Transfer
The digital movement of funds from one account to another, either within the same financial institution or between different ones.
Beneficiary
An person or entity designated to receive benefits or assets under a legal arrangement or instrument, such as a will, trust, or insurance policy.
Image Replacement Document
A document that substitutes for the original through the use of photographs or scanned copies, often used when the original is lost or inaccessible.
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