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Questions CUs Should Ask Themselves to Prepare for IAT

Here are several questions organizations should ask themselves to prepare for IAT:

• Are you working with screening software vendors that are prepared to handle these new message formats?

• Are you set up to receive payments formatted as cross-border? (Even organizations that do not currently send or receive ACH payments need to be prepared to receive the new format)

• Are your systems updated accordingly?

• Has your process been reviewed with your ACH operator?

• Has your process been reviewed with your customers? (If you originate International ACH Transactions)

Federal Reserve Banks has a checklist available online enabling its member institutions to review their IAT preparedness. NACHA's Web sitewebsite at www.nacha.org also carries a wealth of information on the IAT conversion.

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