Electronic payments go global
May 16, 2008 by Valerie HelmbreckPosted in: Communication, Compliance, Software
The countdown’s started and there’s less than a year to go beforebusinesses will be able to receive ACH payments from international customers.
This means organizations will have fewer excuses for not collecting international accounts. But they will need to be prepared for the new law, that goes into effect March 20, 2009, mandating that financial institutions be set up to handle these kinds of payments.
Now’s the time for companies to start figuring out:
- How many customers will be impacted by the change?
- How will we test the process, both internally and with vendors?
With about 10 months to plan your strategy, you should be well set up to manage international electronic payments — or, if your organization doesn’t already have a system for electronic payments, now might be the time to determine how you’ll approach the process
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Tags: ACH, electronic payments, Federal Reserve, international
