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Treasury Management Services Alerts

Important ACH Information

The cutoff time for ACH is 4:00PM CST/5:00PM EST the prior business day.  We recommend submitting your file before 2:00PM CST/3:00PM EST the prior business day to ensure you have time to correct the file in the event it is rejected for one of the reasons listed above.

 

Important Positive Pay Information

Treasury Management is the in the process of making changes to our Positive Pay process. If a check is voided in Positive Pay, a stop payment must also be entered into Business Online Banking. If for some reason a stop payment is not issued, you need to decision this item when it appears in your Positive Pay exceptions with “Refer to Maker” as the decision. Additionally, if a stop payment is entered, you will want to issue a void in Positive Pay to ensure that the item is removed from current listing of outstanding checks

Upcoming Changes to Online Wire Transfers

Timing: July 11th - 14th

  • July 11th - Outgoing Domestic wires will be unavailable after 4:00 pm EST.
  • Outgoing International wires will be unavailable after 3:30 pm EST.
  • Online Wires and Branch wire capabilities will not be available until July 14th

What is Happening?

The Federal Reserve is implementing ISO 20022 requirements.  We will be updating our business online banking platform to implement the required fields needed to support ISO 20022. FAIM format will be retired and replaced with ISO 20022.

Why the Change?

  • More accurate/compliant processes.
  • Improved fraud prevention.
  • Less manual Intervention.

What is Changing/Required?

  • Beneficiary FI address data required (currently already required in BOLB).
  • Intermediary FI (if applicable) address data required.
  • Reference for Beneficiary field is expanding to 35 characters.
  • IMAD column renamed “Identifier”.

Expectations Beginning July 14th:

Customers will need to update any recipients and templates to include Beneficiary addresses and, if applicable, Intermediary Bank addresses.  Failure to do so will result in the customer seeing an error on the screen in BOLB and will not be able to draft or process a wire for that recipient.

Any recurring or future wire payments created before the update with an effective date after July 11th, will be cancelled by Treasury Management; customers will be notified to set up a new recurring wire payment beginning July 14th.