Processors now provide services to a variety of merchant accounts, including conventional retail and Internet-based establishments, prepaid travel, telemarketers, and Internet gaming enterprises. With the expansion of the Internet, retail borders have been eliminated. and debit and prepaid cards transactions. The check often is authorized by the customer remotely, by telephone or online, and, therefore, does not bear the customer's handwritten signature. The NACHA Web site includes additional information about the ACH payment system., remotely created checks (RCC),Ģ22 A remotely created check (sometimes called a "demand draft") is a check that is not created by the paying bank (often created by a payee or its service provider), drawn on a customer's bank account. The ACH Network is governed by the NACHA Operating Rules, which provides the legal foundation for the exchange of ACH and IAT payments. These merchant transactions primarily included credit card payments but also covered automated clearing house (ACH) transactionsĢ21 NACHA – The Electronic Payments Association (NACHA) is the administrator of the Automated Clearing House (ACH) Network. Traditionally, processors contracted primarily with retailers that had physical locations in order to process the retailers' transactions. Nonbank or third-party payment processors (processors) are bank customers that provide payment-processing services to merchants and other business entities.
Assess the adequacy of the bank’s systems to manage the risks associated with its relationships with third-party payment processors, and management’s ability to implement effective monitoring and reporting systems.
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