iat Archives • CardFlash® - Payment Card Industry News

Fundtech taps Federal Reserve Bank on ACH Compliance

5, Country, Priority, UNITED STATESBy Robert McKinley 12/13/2013

Fundtech global transaction banking solutions deployed Federal Reserve’s FedGlobal(R)ACH Payments as a part of Fundtech’s ACH solutions. Fundtech provides customers with access to the Federal Reserve Bank’s disclosure capabilities for International ACH Transactions (IAT). Financial institutions face challenges in complying with Regulation E of Section 1073 of the Dodd-Frank Wall Street Reform and Protection Act. The FedGlobal ACH Payments service facilitates disclosure requirements and error resolution for financial institutions involved in the outbound, cross-border transfer of funds. This service complements Fundtech’s ACH solutions which automate ACH processes and provide ACH processor connectivity.

RBS Citizens to Host Financial Forum

7, Country, Priority, UNITED STATESBy Robert McKinley 06/06/2012

RBS Citizens announced it will host a series of complimentary Financial Forum webinars related to issues in Cash and Treasury Management. The next webinar entitled Payments Risk and Security will be held June 13, 2012. The Financial Forum webinars are designed to provide corporate treasurers with up-to-date information on a variety of topics to assist…

International ACH Added to ACOM Software

5, Country, Priority, UNITED STATESBy Robert McKinley 09/27/2010

ACOM has incorporated with its “EZPayManager” payment software International ACH Transaction (IAT) capability, offering users simple cross-border ACH processes without the delays and security issues inherent to mailing checks. The initial implementation facilitates ACH transfers between the United States and Canada, with implementations for other countries to follow as needed. The company also expects to add the capability in its “EZPayManager/400” software for the IBM i market in the near future. ACOM has been automating document and payment processes for more than 4,000 organizations, across all industries.

NACHA Reports 18.76 Billion ACH Payments in 2009

5, Country, Priority, UNITED STATESBy Robert McKinley 04/09/2010

ACH payment volume increased by more than 475 million transactions in 2009, bringing year-end total transaction volume to 18.76 billion, a 2.6% increase over 2008 activity. This demonstrates strong volume increases in electronic payments such as consumer Internet transactions and B2B transactions. This, according to the NACHA Electronic Payments Association, also shows a decline in the unauthorized debit volume with ACH debits returned as unauthorized in 2009 having declined 9.6% since 2008 to now only constitute for 0.02% of total Network volume. ACH native electronic payments increased by 4.15% in 2009, showing an increased preference for non-check, fully-electronic, payment options and constituted for 12.19 billion transactions on the ACH Network. Meanwhile, Consumer Internet Transactions were up 8.75% to nearly 2.4 billion payments for 9.7% increase over 2008 and International ACH Transactions totaled 1.7 million with a dollar value of $7.4 billion.

International ACH Transactions Reviewed

5, Country, Priority, UNITED STATESBy Robert McKinley 07/28/2008

A new report has reviewed the challenges of implementing
international ACH transactions. Aite Group has released its report,
“International ACH
Transactions: United States Goes Global,” demonstrating the challenges
of implementing NACHA’s latest standard entry class code for the U.S.
automated clearing house (ACH) network, international ACH transaction
(IAT). Set for introduction on March 20, 2009 as the new standard entry
class code, IAT was designed to reduce exception processing and
eliminate the need for separate batches of international payment from
domestic payments. After having interviewed executives at 24 banks, one
credit union, four ACH system providers and the two ACH operators in
order to gauge preparedness for IAT, Aite Group discloses that 24% of
survey respondents lack confidence in their ability to process IATs by
NACHA’s deadline.

Capital Markets Acquires Payzone

5, Country, Priority, UNITED STATESBy Robert McKinley 05/27/2008

Chicago-based financial services solution provider Capital Markets Technologies has acquired EFT facilitator Payzone. Payzone was established primarily as an ACH payments facilitator, allowing international payments to be distributed to their ultimate destination automatically rather than by manual processing at the receiving bank. Due to Homeland Security requirements which now require that all international payments into the USA are routed and filtered through New York before travelling on the US branch banks, Payzone’s technology is set to see an increase in its usage.

LendingTools.com to Support New NACHA ACH Rules

5, Country, Priority, UNITED STATESBy Robert McKinley 04/28/2008

Applications service provider LendingTools.com will now support NACHA’s International ACH Transaction rules amendment to become effective in March of 2009. The rules change will allow ACH participants to easily identify international payments using the new IAT Standard Entry Class code. The amendment will also require IAT transactions to include addenda information that complies with the Bank Secrecy Act’s “Travel Rule” and programs administered by the Office of Foreign Assets Control. LendingTools.com receives information directly from NACHA’s ACH Rules publications for rule and standard entry class code changes. All changes to services affected by NACHA rules are overseen by LendingTools.com’s Accredited ACH Professionals, the regulatory and procedural compliance officer, and a management review committee. LendingTools.com, Inc. specializes in the design and delivery of web-based applications for the financial services industry and delivers them through correspondent processing organizations.

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Tag Archives: iat

Fundtech taps Federal Reserve Bank on ACH Compliance

RBS Citizens to Host Financial Forum

International ACH Added to ACOM Software

NACHA Reports 18.76 Billion ACH Payments in 2009

International ACH Transactions Reviewed

Capital Markets Acquires Payzone

LendingTools.com to Support New NACHA ACH Rules