More Payment Data in US Wire Transfers

On April 14, 2010, In ACH Automated Clearing House, Electronic, STP, Uncategorized, By Craig Jeffery

At NACHA’s Payments 2010 Conference, there is a very timely and interesting topic being presented on changes to wire transfer information. Additional information will be able to be included with the wire transfer in the near future…we encourage you to attend the session. The session details can be found at the Payments Website. The session description is from their website.

B2B Payments Take A Big Leap Of Convenience

613/614

10:00 a.m. – 11:15 a.m.

The Payments Biz

At the end of 2010, a new era of B2B electronic payments will begin for banks and their corporate customers. That’s when the nation’s two wire transfer systems, CHIPS and Fedwire, will be able to include remittance information with a wire payment. For payments professionals, this change will rationalize the front end of the payments system by creating parity between the ACH and wire transfer in terms of convenience, ease of use, cost, efficiency, and environmental benefits. Panelists discuss the potentially significant impacts this development will have on all parties in the payments value chain. Topics include: opportunities for banks to embrace the wire remittance standard as it becomes effective at the end of 2010; potential impact to wire and ACH usage and volumes; steps banks, corporations, and vendors should take to prepare payments professionals to realize the benefits of the new standard; and best practices for implementing a comprehensive native electronic payments strategy.

Level: Advanced

Susan Boeri

Manager, Treasury Services, GE Corporate Treasury

Claudia Swendseid

Senior Vice President, Federal Reserve Bank of Minneapolis

Paul Trozzo

SVP, Product Group Manager, PNC Bank Treasury Management

Moderator: Rossana F. Salaris, AAP

Senior Vice President, The Clearing House

 
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Your ACH Transaction Was Rejected

On November 12, 2009, In ACH Automated Clearing House, Fraud, Fraud Friday, Green Treasury, By Craig Jeffery

Phishing Warning: Over the past few days there have been many emails coming out trying to get people to go to a purported ACH or NACHA site. They contain a link that directs you to a Phishing site – which appears to go to nacha.org. This seems to show that the Phishers (or perhaps they are simply trying to load a virus – we didn’t go to the site for obvious reasons )- are doing some more homework. This is evidenced by:

  • Reasonable language (in english) - even though there are some technical errors that non-Treasury people wouldn’t catch. They seem to be spending more time doing their homework.
  • NACHA Information In the Email Source Description. These emails include sources such as
    • Electronic Payments Association
    • NACHA.org
    • Automated Clearing House (ACH) Network

Please, be careful. These are not real notifications.

*******

Dear bank account holder,
The ACH transaction, recently initiated from your bank account (by you or any other person), was rejected by the Electronic Payments Association. Please review the transaction report by clicking the link below:

LINK NOT SHOWN

Copyright
©2009 by NACHA – The Electronic Payments Association

 
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Benefits of BOC over POP

On February 28, 2007, In ACH Automated Clearing House, By Craig Jeffery

On March 15, 2007, the Back Office Conversion (or BOC) format becomes active and the partying begins.  Well, maybe not partying, but there is some good news that may make you smile.  Read more at NACHA – the electronic payments association

Conversion in the ACH world is when a check is used simply to gather the necessary bank information to create an electronic transaction (converting a check to an ACH).

The POP entry (point of purchase) works well for some retailers, but not for others (too costly, lines would slow up, too much training).  There are many retailers and companies that will find a benefit of BOC over POP.  Converting these checks in the back office. 

Depending on the business (remember, we said depending on the business), some of the benefits for using Back Office Conversion will be:

  • Faster processing for the retailer and less slow up in the line.
  • Less capital expense.  One machine or less machines necessary than to have one at each and every teller line.
  • Outsourcing an option.  You can use your bank or third party provider to process these checks, rather than processing them in-house.
  • Less staff training and easier posting requirements

For some organizations, Back Office Conversion eliminates some of the key issues that arose from Point of Purchase offerings and should act to help close that second to last mile on the retail payment space.  POP helped close the gap somewhat.  Check 21 offerings (RDC) and  ARC continued the movement.  Now,  Back Office Conversion should help complete the second to last mile (penultimate mile if you will).   the final mile…the ultimate mile will be getting rid of checks entirely – not using them to create an ACH but beginning and ending a transaction as electronic.

BOC moves us closer to this goal and it is worth breaking out the purified water in celebration.

Can’t wait. We’ll examine BOC in more detail – from Opting out, to BOC language requirements to eligibility and check destruction.

 
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