It only takes one unscreened IAT transaction
to put you in the doghouse.

The penalties are high but the cost is low, so why not enroll now?

EPN, the ACH business of The Clearing House Payments Company, is urging financial institutions to prepare for the new IAT transactions before the September 18, 2009 deadline.

On September 18, NACHA will require every ACH payment entering the US to be identified and formatted as an International ACH Transaction (IAT). Even financial institutions that do not currently send or receive international ACH payments are affected by this rule because ANY financial institution may potentially receive an IAT transaction.
 
And if EPN doesn’t process your ACH payments, we’re still a great option for your OFAC screening service. Below are some resources to help you get ready for the new IAT.

Below are some resources to help you get ready for the new IAT.

• EPN’s Web Based OFAC Screening Service. This web-based service is the industry’s only centralized database for screening cross-border ACH transactions safely, securely and cost-effectively. And there’s no hassle for you – The lists are maintained and automatically updated by EPN and we send you emails when your ACH files are ready for review.

Click here to watch a 5-minute demonstration of EPN’s
Web-based Centralized OFAC Screening Service.

• Register for a Class on-line! Cross border ACH will have an impact on all ACH participants. Learn the responsibilities as an RDFI/Receiver and ODFI/Originator. Check back periodically for new classes to be scheduled soon. These will be free for members program sponsored by EPN to help you in preparing for the IAT implementation on September 18, 2009.
  
• NACHA IAT Industry Information

• Webinars on EPN products and services

• IAT Readiness Checklist
• Office of Foreign Assets Control (OFAC) "official" Web Site

• IAT Transactions To Impose New OFAC Screening Requirements On Financial Institutions