Third-Party Sender/Third-Party Service Provider Risk Assessment
PaymentsFirst offers Third-Party Sender and Third-Party Service Provider ACH risk assessments. It is a sound business practice for companies that perform ACH services on behalf of customers or on behalf of financial institutions to assess the risk of their ACH activities. The Nacha Operating Rules and Guidelines requires Third-Party Senders to perform a risk assessment of their ACH activities and implement a risk management program since when acting as a Third-Party Sender they assume many responsibilities of the ODFI. You should expect verification of compliance as part of your next ACH Audit and/or regulatory examination. The PaymentsFirst ACH Risk Assessment is a thorough assessment of ACH activities and your overall risk management program. The written report evaluates inherent risk and provides recommendations and risk ratings of your residual risk. PaymentsFirst is a licensed Direct Member of Nacha and our team of consultants are ACH experts.
The PaymentsFirst Third-Party Sender and Third-Party Service Provider services include:
- Prior to and onsite checklists
- Client questionnaire
- Review of sound business practices and internal controls
- Review of agreements
- Exit interview
- Written report including findings and/or recommendations
- Certification form
- Access to auditor for questions
Tip: Schedule early to ensure availability, efficient preparation time, and to avoid additional charges.