International ACH Transaction: An ACH entry that is part of a payment transaction involving a financial agency’s An institution authorized by law to accept deposits, issue money orders or transfer funds. office that is not located in the territorial jurisdiction of the United States.
With the implementation of the IAT rule in 2009, all international transactions made via the ACH Network are required to use the IAT SEC code. This new rule applies to all ACH participants and was designed to simplify the process of identifying international transactions by requiring that IAT entries include specific data elements defined by the Bank Secrecy Act’s (BSA) “Travel Rule.”
Are you ready to learn more? If you have already reviewed the changes that will come with IAT, please choose the description that best fits your organization to learn how IAT will impact your institution:
To learn more, listen below to a three part presentation on "Understanding New Requirements in the ACH Network: International ACH Transaction IAT," presented by Elena Whisler and John Morris from the Retail Payments Office at the Federal Reserve Bank of Atlanta. The information is provided in an audio format with corresponding slides for each section. To help you follow along, we recommend you first download and save the presentation slides to your computer prior to launching the audio format.
Under the new IAT SEC code, the Federal Reserve Banks will play an important role, both as an ACH Operator and a Gateway Operator. To learn more, about this dual role please see the below presentation.
Do you still have questions? Please review the Frequently Asked Questions document for commonly asked questions about IAT. You may also contact us to submit a question not found on the FAQs and will receive an email response regarding your inquiry.
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For more information about FedGlobalSM Services or IAT, visit the service offerings pages , contact your FedACH Sales Specialist or contact us now and receive an email response to your immediate questions.
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