LendingTools says supports Nacha remittance rule change

Source: LendingTools.com

LendingTools.com, a leading application service provider (ASP) for correspondent institutions serving community banks, announced today it will support NACHA's International ACH Transactions (IAT) rules amendment effective March 20, 2009.

The International ACH 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 (OFAC).

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 is an Application Service Provider (ASP), using web-architected software to deliver community banking services through correspondent institutions. The company's Financial Portal and Transaction Services facilitate ACH file upload and validation, ACH origination, receipt of incoming ACH files, manual and automated returns, manual and automated corrections, Notifications of Change, settlement, risk management and integrated OFAC scanning. These services currently reach nationwide and its customers collectively comprising one of the 20 largest ACH originators.

LendingTools.com employs an accelerated service enhancement release concept to create a steady stream of improvements. Operating on a two-week release schedule, enhancements are developed, tested and delivered within the cycle. Major enhancements are delivered periodically as part of the same two-week cycle to minimize the impact on customers. The development of support for the new IAT rules will be performed in this fashion. The enhancement work will be completed well in advance of the effective date for the new code. The actual release of the functionality will be performed in concert with the new code's effective date.

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