ACH Policies Advisory Services
Our ACH Policies Advisory Service provides a complete solution to review your current ACH policies against our inventory of electronic payment regulations and industry sound practices to recognize potential gaps and strengthen existing policy language. The resulting report can be presented to your Board of Directors, or committee thereof, as a part of your obligation to define your organization’s ACH strategy and risk tolerance.
This Service Includes:
- Initial survey to catalogue your ACH policies
- Analysis by WesPay professional staff against current regulations, guidance, and industry sound practices to:
- Identify potential gaps
- Advise on content and key verbiage of your existing policies
- Conversation with WesPay staff to discuss the results and your next steps in utilizing the results
The cost of this service depends on your financial institution’s deposit assets. The service is designed to be conducted remotely. Clients may also request onsite completion for an additional fee. Contact us for a price quote and to schedule a consultation.
Benefits To Your Organization
In today’s environment of rapidly evolving financial regulation, keeping current with ACH-related requirements can be a challenge. Regulators at both state and federal levels require Board-approved policies to define the scope, strategy, and risk tolerance of an organization’s ACH service.
One effective way to promote compliance and manage risk within your ACH program is to develop a comprehensive set of policies which guide the critical aspects of your ACH business, whether your role is as a receiving institution, originating for corporate customers, processing consumer transfers, or supervising third party relationships. Defining the policies relevant to the scope of your business allows you to focus on developing effective controls of your operational processes.
WesPay’s experienced and industry-certified staff is a great resource for your financial institution.