DIFFERENT ANGLE by Kenneth Rijock
We are being reminded by the Federal Reserve that the new NACHA Rule for international ACH payments takes effect in one year. On 20 March, 2009, NACHA rules will require every ACH payment entering or exiting the US to be identified and formatted as an international ACH (IAT) Transaction. I have given an Internet address in the main article which contains several helpful hyperlinks for education and training.
- Name and physical address of the originator.
- Name and physical address of the receiver/beneficiary.
- Originating bank name, identification number and branch country code.
- Correspondent bank name, identification number and branch country code (if applicable).
- Receiving bank name, identification number and branch country code.
- Reason for the patyment.
NACHA Rules
http://www.frbservices,org/files/communications/pdf/fedach/032008_nacha_rules_iat.pdf
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
Print Article
Email Article
SEND ARTICLE TO A FRIEND
More Articles
Subscribe to Newsletter
Please be advised that the World-Check server will be undergoing maintenance from Saturday 29th at 11.00am (GMT+1) to 1:00pm (GMT+1) on Sunday November 30th 2008.
During this period you may e
...morePlease take note of the following content change to be applied to the Data-File on 19 December, 2008. In order to avoid any potential problems please ensure that your datab...more
Make this my homepage
Bookmark
