[Treasury-News] International ACH Transactions

[COY, Brady T]

Do you originate and/or receive any Payroll, Pension, and/or Vendor payments that involve one of the following:
*       Non-U.S. headquartered companies with U.S. operations
*       Pensioners or employees located outside of the U.S. and possibly have funds forwarded to a non-U.S. financial institution.
*       Vendors located outside the U.S.
*       Receiving ACH credit entries from offshore entities
If you can answer "Yes", "Maybe" or "I don't know" you may be subject to the upcoming change in International payment processing that will be implemented by the "NATIONAL AUTOMATED CLEARINGHOUSE ASSOCIATION" on September 18, 2009.  This new payment type is referred to as an INTERNATIONAL ACH TRANSACTION OR "IAT".
How to prepare for this change
*       Determine how you will identify transactions processed today to individuals or entities that reside outside the United States.
*       If you discover that you do or think you may have international transactions, OST is asking your agency to provide an inventory of the approximate number of these transactions along with what country the funds are going to.
*       Submit this information via email to : Rhonda.bachmann at ost.state.or.us<mailto:Rhonda.bachmann at ost.state.or.us>
*       If you have questions, please contact Rhonda Bachmann at Oregon State Treasury.
*       Attend the May 28th, 2009 Cash Management Forum in Salem.  More information about the forum will follow.
*       For a High Level overview of IAT go to the US Bank IAT Website:  http://www.usbank.com/iat






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