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.