Electronic Clearing Service is a
mode of electronic funds transfer from one bank
account to another bank account using the
services of a Clearing House. This is normally
for bulk transfers from one account to many
accounts or vice-versa. This can be used both for
making payments like distribution of dividend,
interest, salary, pension, etc. by institutions or
for collection of amounts for purposes such as
payments to utility companies like telephone,
electricity, or charges such as house tax, water
tax, etc or for loan installments of financial
institutions/banks or regular investments of
persons.