IAT Effective Today: Are You Ready?

by Erin McCune on September 18, 2009

in ACH, Erin McCune, Globalization, NACHA

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The new International ACH format, IAT, goes into effect today. IAT is the single biggest change to the ACH network in decades. It affects all International ACH transactions that flow through the US ACH network, regardless of currency or country. The NACHA rule change both redefines what an International transaction is and creates a new International ACH transaction format. If you are unclear on what IAT is and how it impacts your business, payment processes, customers and vendors, please refer to my previous post: Countdown to IAT.

2009-09-18There’s nary a mention of IAT in the media or on the blogs today, but ever since my last post, my phone has been ringing off the hook. Current and prospective customers are asking, How can I use IAT to offer new global payment services for my customers? How can I gain competitive advantage in this emerging space? How does IAT fit into the payment landscape: does it complement or compete with wires?

If you want to have similar conversations let me know.

One Response to “IAT Effective Today: Are You Ready?”

  1. James O Lawrence says:

    We had two IATs today.

    We’re a $300M credit union with Fiserv as our processor. Despite numerous calls and offers to be a test pilot this summer, Fiserv did not let us know how they would be processing IATs until the last minute. And we never did get any testing. We handled the transactions OK, but would have been more comfortable if we had more assistance from Fiserv well before September 18.

    Thankfully I ave a great group who attended NEACH IAT conferences and teleseminars as well as reading the NEACH IAT manual, Federal Reserve documents, and NACHA releases.


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