Payments Primers

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Payments Primers
Complying with NACHA's New WEB Debit Rule

On March 19, NACHA made effective a new rule which strengthens the requirements for originators of WEB debits. In an attempt to curtail fraud, the rule requires companies to validate new accounts. Though it won't be enforced for a year, it's important to know about the rule change so your company can remain compliant.

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Payments Primers
What is Double-Entry Accounting?

When maintaining your books, there are a number of accounting methods you can use to keep track of your company’s financial information. One of them is double-entry accounting. What is it, and when should it be used?

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Payments Primers
What Happens When the Fed Goes Down?

The Federal Reserve (“The Fed”) promotes the stability of the financial system, including playing an important role in maintaining the integrity of the US payments system. What happens when the FedACH, FedWire, and National Settlement Service are offline?

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Payments Primers
Why is Our Bank Asking About Compliance?

A regular source of frustration for startups who move money for customers is trying to understand the rules that banks impose on those clients they deem to be third party senders (TPS), or as banks call them, third party payment providers (TP3’s). A third party sender is a company that uses its own bank account to make or receive payments on behalf of its customers or users. 

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Payments Primers
How Do Banks Report Balances and Transactions?

If you need to track the complete lifecycle of a payment from the time it is approved and sent to the bank, through completion, you need to reconcile it to a cash transaction. A bank statement is precisely what’s needed: a chronological list of credit and debit transactions with corresponding bank balances at any point in time. 

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Payments Primers
What is Direct Transmission?‍

‍‍When evaluating options for payment processing, one option to consider is working directly with your bank. The term for this setup is called “direct transmission.”

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Payments Primers
What Are SWIFT Codes?

Originally taking place over telegraph, the means of sending wire messages have been replaced: first by the telephone network, and then it in turn by the internet. Yet the core idea of how wire transfers work has remained the same.

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Payments Primers
How RTP Works: A Look at ISO 20022

Among the many improvements that Real-Time Payments brings to the money transfer ecosystem, one of the most overlooked is its adherence to the global standard ISO 20022.

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Payments Primers
The Difference Between A Third-Party Sender And A Third-Party Service Provider

In payments, there are two common setups: third-party sender and third-party service provider. For any company that needs to move money, it’s good to understand the differences.

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Payments Primers
ACH Timings

ACH money movement is a common payment method for money transfers or automated payments. It’s relatively easy and cheap, but timing can be confusing. Since we get so many questions around ACH timings, we wanted to clear up timing for companies utilizing ACH and what they can expect.

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