Best practice for EFT/ACH remittance advice?

September 22, 2020

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Q. I am looking to see how other companies remit their EFT/ACH remittance advice to their suppliers/recipients.  Is your ACH remittance advice sent from your financial institution or is it sent directly from your ERP system?  If you send via ERP system, is the advice encrypted?  Does NACHA have a rule(or rules) on how/where remittance advice must be sent? A. (Answered by the IOFM Advisory Panel) ----- We have a third party software where we download payment data from our ERP into the…

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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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