IAT Teleconferences Scheduled 
posted 7/8/2008 1:11:02 PM by Denise Nowinski 

Effective March 20, 2009, an amendment to the NACHA Operating Rules (Rules) may have significant impact on how you process ACH files. All U.S. financial institutions, data processors and third party processors are affected by this change, including financial institutions that do not currently send or receive international ACH payments, as any financial institution may potentially receive an IAT transaction.

The amendment requires all ODFIs and Gateway Operators to identify all international payment transactions transmitted via the ACH Network as International ACH Transactions using a new Standard Entry Class (SEC) Code (IAT). In addition, all IAT transactions must include the specific data elements defined within the Bank Secrecy Act’s (BSA) “Travel Rule” so that all parties to the transaction have the information necessary to comply with U.S. law, which includes the programs administered by the Office of Foreign Assets Control (OFAC).

To help you understand and sort this out, Tricorp will be hosting two teleconferences presented by Sean Carter, AAP from NEACH. Sean Carter will provide an in-depth review of the new requirements set forth by NACHA and OFAC for the International ACH Transaction (IAT) code as it pertains to every financial institution in the ACH network. He will cover the rules for both inbound and outbound IAT entries, and how FIs must prepare themselves for the March 20, 2009 implementation date.

On July 31st, Tricorp a teleconference will be held from 1:00pm – 3:00pm. If you are interested in attending, you must register your CU for the conference by July 28th. There is no charge for this conference and any number of your employees may sit in on the call. You may register on-line or via e-mail to: dnowinski@tricorp.org. An e-mail will be sent to you confirming your registration. On the 28th, you will be e-mailed the PowerPoint presentation, the number to dial in to and the pass code required.

If you or any of your key staff people are unable to attend this teleconference at the end of this month, it will be presented again on September 30th from 1:00pm – 3:00pm with a registration deadline of September 24th. For more information or if you have any questions, please contact Denise Nowinski at 1-800-346-1936 ext.210.