Holiday Payment Processing Deadlines

Positive Pay Exceptions

If you use Positive Pay, make sure you have resources available to respond to your Positive Pay exceptions on Tuesday, May 28. Unanswered Positive Pay exceptions will be paid or returned in accordance with the default your company has selected.

ACH Processing / Wire Transfers / Fund Transfers 

Because the Federal Reserve will be closed, any ACH transactions scheduled to settle on Monday, May 27 will settle the following business day. 

• Please make the necessary adjustments to settle your ACH files, either on Friday, May 24 or Tuesday, May 28.
• If you have future-dated or recurring wire transfers, or funds transfers scheduled to occur on Monday, May 27, it may be necessary to adjust the settlement dates for those transactions.

Summer Vacation Planning

Summer vacations will soon be in full swing. With many employees taking time off and fewer employees to manage operations, it is important to ensure the necessary coverage for transaction approvals and to keep your financial information secure.

Transaction Dual Approvals

Be sure you have adequate coverage for transactions that require dual approval to process—where one employee initiates a transaction and another, unique, employee approves the transaction. Now is also a good time to review user entitlements to ensure important transactions (like payroll files) are approved and processed in a timely manner.

Positive Pay Exceptions

If you use Positive Pay, make sure you have adequate employee access to respond to Positive Pay exceptions. Unanswered Positive Pay exceptions will be paid or returned in accordance with the default your company has selected.

Security Tokens for ACH and Wire Approval

For most clients, a security token is required for approval of ACH and wire transactions. Ensure employees who will be approving these transactions have a required security token. If they don’t have one, we can assist them with downloading a virtual token.

Cyber Security

Unfortunately, cyber criminals increase their activity during summer holidays. Stay vigilant and carefully validate payment requests sent by email from within, or from outside your organization.