Lesson plan
Universal Payment Identification Code
A Universal Payment Identification Code (UPIC) is an identifier (or banking address) for a bank account in the United States used to receive electronic credit payments. A UPIC acts exactly like a US bank account number and protects sensitive banking information. The actual bank account number, including the bank's ABA routing transit number, are masked by the UPIC. Only credit transactions to an account can be initiated with a UPIC. All direct debits are blocked, which should mitigate unauthorized transactions to an account. Other benefits of UPICs include: * UPICs mask confidential banking information, reducing the risk of fraud while facilitating secure electronic payments. * UPICs are restricted to credit payments, preventing unauthorized debits. * UPICs remain with the customer regardless of banking relationships, making any change of bank or account transparent to trading partners. * UPICs point to a single bank account. However, one account can have several UPICs Concerns with UPIC include: * UPICs only work for NACHA's Automated Clearing House (ACH) credit transactions. Fedwire credits cannot use UPICs. * A bank must use the Electronic Payments Network for ACH processing to issue UPICs.
Article summary
A Universal Payment Identification Code (UPIC) is an identifier (or banking address) for a bank account in the United States used to receive electronic credit payments. A UPIC acts exactly like a US bank account number and protects sensitive banking information. The actual bank account number, including the bank's ABA routing transit number, are masked by the UPIC. Only credit transactions to an account can be initiated with a UPIC. All direct debits are blocked, which should mitigate unauthorized transactions to an account. Other benefits of UPICs include: * UPICs mask confidential banking information, reducing the risk of fraud while facilitating secure electronic payments. * UPICs are restricted to credit payments, preventing unauthorized debits. * UPICs remain with the customer regardless of banking relationships, making any change of bank or account transparent to trading partners. * UPICs point to a single bank account. However, one account can have several UPICs Concerns with UPIC include: * UPICs only work for NACHA's Automated Clearing House (ACH) credit transactions. Fedwire credits cannot use UPICs. * A bank must use the Electronic Payments Network for ACH processing to issue UPICs.
Key claims
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Discussion questions
- Summarise the article in your own words. Which single claim would you verify first, and why?
- Which claim in this article is most likely to be revised as the sources update? How would you check its current status?
- If two sources disagreed about one of these facts, what would you need in order to trust one over the other?
Bibliography
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Key claims and bibliography are generated from the same tracked claims and sources as the article page.