New changes for USA citizens regarding International transfers

[belgamo]

Picked this up from my bank. Also wondering if this could have something to do with the changes at ewalletexpress.


The National Automated Clearing House Association (NACHA), the association that oversees the electronic funds transfer system known as the ACH Network, is implementing a new rule on September 18, 2009, that may affect customers who send or receive electronic transactions.

The rule change, made at the request of the Office of Foreign Assets Control (OFAC), requires additional information on certain ACH transactions that will enable banks to identify and screen a payment transaction involving a financial agency's office located outside the United States.

As a result of the request, NACHA has created a new transaction code called IAT, which stands for International ACH Transaction. An IAT is an ACH entry that is part of a payment transaction involving a financial agency’s office that is not located in the territorial jurisdiction of the United States (all 50 states, U.S. territories, U.S. military bases and U.S. embassies).

[bb1web]

I don't want to start a mass reply but could those smarter than myself elaborate on what this means to us as affs and to players?


Thanks

[slotplayer]

I don't want to start a mass reply but could those smarter than myself elaborate on what this means to us as affs and to players?


Thanks

hmmm.

Q: What information should we expect to include in the mandatory addenda records for IAT?


A: The new format will accommodate the following data elements:

• Originator's name/address
• Beneficiary's name/address
• Originating bank name/ID/branch code
• Foreign correspondent bank name/ID/branch code
• Receiving bank name/ID/branch code
• Reason for payment

xhttp://www.frbservices.org/help/fedach_iat.html