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Does Your Business Need an Annual Audit for ACH Transactions?
Posted by John Robichaud on Wed, Jun 5, 2013 @ 09:32 AM

For several years, banks have been required to meet annual ACH transaction audit requirements. As more businesses have started to use the nation’s ACH network, a common electronic banking service used to transfer funds for collection and payment, the need for greater oversight and regulation has grown. As a result, new rules regarding the roles and responsibilities of what are called “third-party senders” were implemented. Third-party senders are entities that have contracted directly with an Originating Depository Financial Institution (ODFI) or bank for the purpose of releasing ACH entries into the network on behalf of other companies or entities. Under the new rules implemented, third-party senders must also now perform annual ACH audits in order to better protect the banks, related financial institutions, and the ACH network from violations, errors and control shortcomings by third-party senders.

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Topics: John Robichaud, ACH Audits, ACH Transaction Audit

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