Document information and change log

Document Information

Change log

Gender And Entity Neutrality

The masculine form is used solely for the sake of better readability. It always refers to persons of any gender identity (m/f/diverse). This document uses the abbreviation “Give” for all legal entities and subsidiaries.

Table of Contents

Objective        4

Responsibilities        4

Procedure        4

File Creation        4

Data Validation        4

Balancing        4

Reconciliation        4

Testing (Optional)        5

Submission        5

Processing        5

Settlement        5

Confirmation and Reporting        5

Record Keeping        5

Conclusion        6

Objective

To ensure the accuracy and integrity of ACH files before submission for electronic payment processing through the Automated Clearing House network.

Responsibilities

• Originator: The entity creating and initiating the ACH file.
• ACH Coordinator: The individual responsible for overseeing the ACH file creation and balancing process.
• Financial Institution: The bank or financial institution acting as the Originator's ACH processor.

Procedure

• File Creation:

• The Originator compiles a batch of electronic payment transactions to be included in the ACH file. Transactions may include payroll deposits, bill payments, or vendor payments.
• Ensure that all required fields are correctly filled out, including account numbers, routing numbers, transaction amounts, and effective dates.

• Data Validation:

• Verify the accuracy and completeness of all data within the ACH file.
• Validate that transaction amounts are within acceptable limits and comply with ACH network rules.
• Ensure that all required fields are populated, and data is correctly formatted.

• Balancing:

• Calculate the total amount of credits (money going out) and debits (money coming in) within the ACH file.
• Verify that the total credits match the total debits. If discrepancies are identified, investigate and reconcile them.

• Reconciliation:

• Investigate and rectify any discrepancies found during the balancing process.
• This may involve reviewing and correcting data errors, adjusting transaction amounts, or validating account information.
• Ensure that the ACH file is balanced before proceeding to the next step.

• Testing (Optional):

• Consider conducting testing and validation of the ACH file in a controlled environment before the actual submission.
• Testing helps identify and address issues or imbalances early in the process, reducing the risk of errors during live processing.

• Submission:

• Submit the balanced and validated ACH file to the designated ACH operator or network.
• Utilize secure channels provided by the ACH network for submission.
• Ensure compliance with submission deadlines and network rules.

• Processing:

• The ACH network processes the submitted file, routing electronic payments to the appropriate financial institutions for settlement.
• Monitor the processing status to ensure that transactions are being handled correctly.

• Settlement:

• As transactions are processed, funds are transferred between banks and accounts as specified in the ACH file.
• Settlement typically occurs within a specific timeframe, such as one to two business days.

• Confirmation and Reporting:

• Receive confirmation reports from the ACH network, detailing the status of each transaction within the ACH file.
• Review and reconcile confirmation reports to ensure the accuracy of processed transactions.

• Record Keeping:

• Maintain detailed records of the ACH file, confirmation reports, and any associated documentation.
• Store records securely for auditing, compliance, and dispute resolution purposes.

Conclusion

The ACH File Balancing procedure is a critical step in ensuring the accuracy and reliability of electronic payment transactions processed through the ACH network. By following this procedure diligently, Give can minimize errors, reduce financial discrepancies, and maintain the integrity of their electronic funds transfers.

The information contained herein is intended to provide a general overview of the Company’s policies and procedures relating to compliance with this Policy and does not constitute legal advice or a complete description of the laws and regulations relating to this Policy. The Company has made every effort to ensure the accuracy and completeness of this Policy.  This document is intended to provide guidance to employees of Company on how to comply with applicable laws and regulations related to this Policy. Employees should consult with the Legal or Compliance Department if they have any questions about the Policy or how to comply with it. Company reserves the right to modify or update this Policy at any time without notice. Employees are responsible for reviewing the Policy on a regular basis to ensure that they are aware of any changes. This Policy applies to all employees of Company, regardless of their position or location unless stated otherwise in the Policy. Employees are responsible for complying with the Policy and for reporting any suspected violations to their respective supervisor, the Legal Department, AMLCO or respective recipient of such violation as outlined in this Policy.