All The Tools Necessary for ACH ORIGINATION PDF
Preview All The Tools Necessary for ACH ORIGINATION
All The Tools Necessary for ACH ORIGINATION Presented by Payments Central November 15, 2004 Presented By… Jennifer Gatts, AAP Stephanie Tisch [email protected] [email protected] PAYMENTS CENTRAL, INC. 3380 Tremont Road Columbus, OH 43221 Phone: 800-288-2204 Fax: 614-457-4824 www.paymentscentral.org What is ACH? • Payment mechanism used to replace paper payments with electronic transactions. • It is a batch processing system. ACH Credit Flow ACH $ $ - + ODFI ACH Operator RDFI $ $ Authorization + - Receiver Originator ACH Credits • annuities • customer-initiated transactions • corporate-to-corporate payments • dividends • interest payments • payrolls • - private • - government • pensions • - private • - government • Social Security payments • state tax payments • government vendor payments ACH Debit Flow ACH $ $ - - ODFI ACH Operator RDFI $ $ Authorization - - Receiver Originator ACH Debits • association/club dues • cash concentration • distributor/dealer payments • corporate-to-corporate payments • government savings bond purchases • contributions to IRAs, SEPs, 401Ks, etc. • holiday or vacation club payments • insurance payments • mortgage and installment loan payments • point of sale purchases • safe deposit box rentals • utility payments • tax payments • charitable donations Anatomy of an ACH File File Header Record • Each ACH file contains one file header record • Primarily contains ODFI information. • FedLine Users have this record automatically generated Batch Header Record • One Batch Header Record is generated for each batch of similar ACH items in an ACH file. • ACH files can contain more than one batch. • The Batch Header Record may be created by either the ODFI or the Originator. • Contains information referencing the Originator
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