International ACH Origination
Credit unions can provide their members with low-cost remittances to Mexico and Canada through Catalyst Corporate’s International ACH Origination Service.*
Many credit union select employee groups (SEGs) are located in other countries or have employees living abroad. Credit unions can send payroll, loan proceeds and other payments securely, predictably and at minimal cost through the ACH system.
Features & Benefits:
- International ACH is a cost-effective alternative to international wire transfers.
- Transactions are originated in and settled in U.S. dollars.
- No fees are deducted from the payment in the receiving country.
- Competitive exchange rates are available on the Federal Reserve Bank’s website daily.
- Transactions are in NACHA format.
- The Federal Reserve Bank's international counterparts convert the items to the receiving country's format.
- Participants in Catalyst Corporate's International ACH service may use the Federal Reserve Bank's “Formatting Aid” to generate member disclosures that support compliance with regulations found in Section 1073 of the Dodd-Frank Wall Street Consumer Finance and Reform Act.
- Generally, transactions settle in the receiving country within two business days.
*Contact Catalyst Corporate regarding ACH transactions to additional countries.