There is a demand for cross-border transactions for both consumer and business initiated transactions in the United States. The new IAT code requires recipients to become capable of identifying international ACH transactions. The new IAT code is used to facilitate international payments for companies with suppliers outside of the US along with the ability to accept payments from international customers.
Affirmative Technologies provides International ACH services that are secure, safe, and efficient. Fast payment and collection from international suppliers and customers was never easier than with our web-based payment platform that supports IAT originations.
Solution- How it Works
Financial institutions that are interested in originating IAT payments, but do not have a user interface to enter the payment information, are encouraged to contact Affirmative Technologies about getting started. Using Affirmative’s Web-based origination software provides your bank the opportunity to retain existing clients while reaching out to new markets with minimal up front investments.
Affirmative’s software adheres with NACHA Rules with OFAC compliance obligations and provides the following functionality:
- Provides a virtual terminal for originating IAT payments
- Creates NACHA formatted file for sending to a foreign bank for settlement
- Separates out IAT batches to comply with OFAC rules
- OFAC checking available on incoming payment transactions