With the implementation of the new International ACH Transaction (IAT) Standard Entry Class (SEC) code on September 18, the fundamental definition of what constitutes an international ACH payment has changed. This affects all parties that rely on the ACH Network as the utility for sending international payments or for receiving payments initiated abroad. While financial institutions ultimately bear the responsibility for sending and receiving ACH payments through the Network, all parties in the chain need to understand the IAT rules, including processors, ISOs, and other vendors/providers that enable payment services, as well as the merchants themselves.
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