Education & Training

Question:
My company needs to send more remittance information that what is permitted by the IAT format. How can I do this?

Answer:
One solution is to use an IAT to move the funds and include a re-association number in the remittance and also create a $0 CTX that includes all the remittance. Because the remittance is associated with an international payment, the parties should review the CTX remittance information for OFAC compliance. Another solution would be to send the remittance outside of the ACH Network. Each FI may handle this differently, so the Originator and Receiver should work with their financial institutions for a solution. NACHA is currently evaluating this issue and is considering alternatives to support additional remittance information.