Moneytransfer Articles

ECS (Electronic Clearing Service)

Shirjeel Yunus

Updated on 28-Nov-2023 203 Views

What is ECS? The motto of digital India is to go cashless and there are many services and apps available which helps users to make cashless payment. One such mode of payment is CS which can be expanded as Electronic Clearing Service. It is a method that is used by big organizations to transfer funds in bulk electronically. ECS is used for transferring those funds that have to be sent periodically. This type of fund transfer includes fees, salaries, interest, pensions, loan installments, dividends, etc. Bills can also be paid and dues can be cleared through this method. It can ...