The ACH Network is governed by Nacha which requires every participating financial institution and Third-Party Sender/Service Provider to conduct an annual audit of its ACH operations and related processes. An Accredited ACH Professional (AAP) from our team will conduct your annual ACH Audit and examine each facet of your ACH operations, including receipt processes, internal and external origination, and related agreements and forms. Each ACH Audit includes a preliminary exit meeting to review initial findings and recommendations, as well as a comprehensive ACH Audit Management Report at the conclusion of the review.

Wespay Advisors offers two types of ACH Audits, as below:

• Standard ACH Audit: Our rules-based ACH Audit is a two-day remotely performed service that reviews all aspects of your organization’s processing, spanning origination and receipt functions to ensure compliance with the most current ACH rules and regulations.

• Enhanced ACH Audit: Our Enhanced ACH Audit includes the rules-based aspects of our Standard ACH Audit, but also incorporates risk considerations via an ACH Risk Assessment. Beyond satisfying the Nacha Rules’ annual audit requirement, our three-day remotely performed service also examines your organization’s policies and procedures to identify opportunities to strengthen controls to mitigate the risks inherent in ACH processing. Our Enhanced ACH Audit is designed to satisfy your organization’s requirement for completing both an ACH Audit and ACH Risk Assessment – two services in one!

Benefits of our ACH Audit Services:

• Knowledgeable and Accredited ACH Professionals (AAPs) will work with your team, including explaining the requirements throughout the process – training your team at the same time!
• Procedures and controls that can be strengthened are identified during the course of the review
• Ensure compliance with industry requirements, including Nacha Rules, UCC4A, KYC/Onboarding policies, and more!

The Clearing House’s Real-Time Payments (RTP) network is a new core payments infrastructure providing consumers and businesses with the capability to send instantaneous payments on a 24/7/365 basis. Every financial institution that sends and/or receives RTPs must verify its compliance with the RTP Participation and Operating Rules on an annual basis.

Wespay Advisors can help your organization meet this requirement with our RTP Audit Service by leveraging our decade-plus expertise in performing Payments Audits. Each engagement includes a preliminary exit meeting to share initial findings and recommendations followed by a comprehensive RTP Audit Management Report detailing those areas.

The RTP Audit will include focus areas, such as:

• General Participant Responsibilities
  • Continuous operation validation
  • Message capabilities
  • Payment acceptance and receiver statement formatting
• Sending Participant Obligations (if applicable)
  • Message formatting
  • Directory service compliance
• Receiving Participant Obligations
  • Payment message response acceptance and timing
  • Funds availability
  • Multi-factor authentication
  • Fraud and risk monitoring
  • Errors and unauthorized payment process

 
Benefits of our RTP Audit Service:

• Knowledgeable and experienced auditor will work with your team to perform the audit and provide staff training to learn critical aspects of conducting an RTP Audit
• Identify procedures and controls that can be strengthened to mitigate risk and compliance with The Clearing House Rules
• An effective audit can serve as an early warning barometer and zero in on specific areas requiring additional attention to help ward off potential issues