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Tag: International ACH (IAT)
During a town hall at Smarter Faster Payments 2022, Federal Reserve representatives shared developments including a rethinking of some of the ways the Fed operates.
As electronic payments have grown, so has their use across national borders. To ensure that cross-border payments are both efficient and secure, Nacha worked with the Office of Foreign Assets Control (OFAC) to develop an ACH format that includes information on all parties to the transactions.