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What does AWACS mean?

Posted by Peter Brady on Wed 27th September 2006 at 07:00 AM, Filed in Credit Tips,  Glossary

AWACS Advice of Wrong Account for Automated Credits Service. If a Direct Credit has incorrect account destination information the receiving bank will attempt to locate the correct account and advise the originating organisation of the details. AWACS is the automated system used by the banks to notify the organisation of the correct details to be used for future payments.

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