Multiple choice

What do you mean by ECS in banking terms?

  1. Excess Credit Supervisor

  2. Exchange Clearing Standard

  3. Extra Cash Status

  4. Electronic Clearing Service

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

ECS (Electronic Clearing Service) is an electronic funds transfer mechanism used by banks for bulk transactions like salary payments, dividend distribution, and bill payments. It eliminates the need for physical instruments.