What type of transaction is initiated orally by a Receiver in a Single-Entry consumer debit scenario?

What type of transaction is initiated orally by a Receiver in a Single-Entry consumer debit scenario?

• A. Email Initiated Entry
• B. Telephone Initiated Entry
• C. Web Initiated Entry
• D. Voice Initiated Entry

Answer: (B)

In a Single-Entry consumer debit scenario, a transaction that is initiated orally by a Receiver is classified as a Telephone Initiated Entry. This type of entry involves the Receiver providing their authorization for a debit to be processed over the phone, typically during a conversation with a service provider or a financial institution representative. Telephone Initiated Entries are governed by NACHA rules, and they require the originator to verify the identity of the consumer who is authorizing the transaction. This helps to ensure that the transaction is legitimate and based on the consumer's consent given during that oral exchange. Other options, while they may seem related, do not accurately describe the specifically oral nature of the transaction. For instance, Email Initiated Entry refers to transactions initiated through email communication, which lacks the immediacy and direct interaction of a telephone conversation. Web Initiated Entry involves online transactions initiated through a website interface, while Voice Initiated Entry is not a standard term recognized in the context of NACHA transactions, making Telephone Initiated Entry the most appropriate designation in this scenario.

In a Single-Entry consumer debit scenario, a transaction that is initiated orally by a Receiver is classified as a Telephone Initiated Entry. This type of entry involves the Receiver providing their authorization for a debit to be processed over the phone, typically during a conversation with a service provider or a financial institution representative.

Telephone Initiated Entries are governed by NACHA rules, and they require the originator to verify the identity of the consumer who is authorizing the transaction. This helps to ensure that the transaction is legitimate and based on the consumer's consent given during that oral exchange.

Other options, while they may seem related, do not accurately describe the specifically oral nature of the transaction. For instance, Email Initiated Entry refers to transactions initiated through email communication, which lacks the immediacy and direct interaction of a telephone conversation. Web Initiated Entry involves online transactions initiated through a website interface, while Voice Initiated Entry is not a standard term recognized in the context of NACHA transactions, making Telephone Initiated Entry the most appropriate designation in this scenario.