Treasury Blogging STRATEGIC TREASURER

Your ACH Transaction Was Rejected

Phishing Warning: Over the past few days there have been many emails coming out trying to get people to go to a purported ACH or NACHA site. They contain a link that directs you to a Phishing site - which appears to go to nacha.org. This seems to show that the Phishers (or perhaps they are simply trying to load a virus - we didn't go to the site for obvious reasons )- are doing some more homework. This is evidenced by:

• Reasonable language (in english) - even though there are some technical errors that non-Treasury people wouldn't catch. They seem to be spending more time doing their homework.
  
• NACHA Information In the Email Source Description. These emails include sources such as
  
• • Electronic Payments Association
  • NACHA.org
  • Automated Clearing House (ACH) Network

Please, be careful. These are not real notifications.

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Dear bank account holder, The ACH transaction, recently initiated from your bank account (by you or any other person), was rejected by the Electronic Payments Association. Please review the transaction report by clicking the link below:

LINK NOT SHOWN

Copyright ©2009 by NACHA - The Electronic Payments Association

A Green Treasury for Everyone to Love

When any action or product gets wrapped up in the "it helps the children AND its good for the environment" message who is going to oppose it?  Anyone?

But this got me thinking - how can we push our pet causes under a green label (like getting rid of paper and checks)...  Seriously, we received a great email from JPMChase pointing us to their Eco-logical choice web pages (JPMorganChase.com/eco ).  Not only did they bring out some wonderful reasons to ditch paper - they even have some neat statistics and a survey (with different points) to help you determine how eco-friendly your treasury department is - and whether you may be in for an eco-tuneup. 

There are more than enough practical and business reasons to move towards greater automation without the environmental stewardship pitch - or is there?  Perhaps many of us DO need another type of trigger to leave the comfort of paper and head toward the wonderful world of electronics in Treasury.  Not everyone hates paper and checks as much as we do...at least not yet.  We can hope.

Not to be outdone, here is our list of five (5) things most treasury departments should act on or implement:

1. Assign an EFT Champion. Make it someone's key role to lead the effort to drive settlement activity (receipts and disbursements) to Automated Clearinghouse entries (electronic transactions if you will).   Leaders will need followers.
2.  Open up your very own UPIC.  You know - the uniform payment identification code of course.  Don't you have yours yet.  All of your customers can send an ACH to this account and it heads right over to your very own bank account.  Since the UPIC is one directional, no one can pull funds out of this account (control freaks take good notes).  And, you can keep that number even if you switch banks down the road - without having to tell your customers to change the address again...or ever.  See our treasury video call UPIC under the Hot Topics Section    Ask your bank for one today.  If they don't offer them yet, let them know they should get set up quickly.
3. Outsource your A/P Payment Creation. Have your bank create your electronic payment file and cut your checks.  You can have your eft champion drive the volume over from the dark side (paper) to the electronic world.
4. Simplify your bank account structure.  Really.  Less accounts, less muss, less exposure, less statements.  Not to mention less cost and fewer of those nasty paper cuts.  Fewer reconciliations.
5. Buy another monitor for someone who needs it.  Sure, it should be a low power consumption flat screen.  But, adding a 2nd monitor for all of those people who are printing off reams of paper - merely to enter it into their system - could help win you the 'green award' at your local treasury organization luncheon.  Of course it is faster and will save your company money too - but you are doing it for posterity.

Wasn't that easy?  Now, that seems great for our kids AND good for the environment.

-c