O

octet

A term used to refer to an 8-bit byte of data, usually in the context of internetworking.

online (vs. offline)

The communication that takes place in near real time on a computer network.

open-to-buy

The amount of credit available at a given time on a credit card holder’s account.

operator

A central clearing facility that provides distribution and settlement of ACH transactions. ACH operators clear debits and credits electronically, rather than through the physical movement of checks. Currently, there are four ACH operators: the Federal Reserve System, which clears approximately 80% of all ACH transactions, Visanet ACH, New York ACH, and American ACH.

original draft

The original copy of the forms and signature used in the transaction. Also referred to as the hard copy.

original transaction ID

The unique transaction ID that is used to process a secondary transaction, like a delayed capture, credit, or void.

Originating Depository Financial Institution

A financial institution that initiates and warrants electronic payments through the ACH network on behalf of its customers.

originator

A company or other business entity that creates entries for introduction into the ACH network. For example, a billing company produces debit entries from customers’ financial institution accounts who have authorized direct payment for products and services.

out of band

The process of using a medium of exchange different from the primary medium of data exchange. Most commonly refers to the practice of exchanging keys or other sensitive information to be used for network communication by telephone, by hard copy, or in person.