International ACH. If your transaction originates from a financial agency that is outside of the territorial jurisdiction of the United States, it may be subject to additional review for compliance with the rules of the Office of Foreign Assets Control (OFAC). If additional review is required, the International ACH transaction will not be available to you until it passes final verification.
International ACH. 3.1. The International ACH Service will enable Company to create entries and files using a modified NACHA format for the purpose of debiting or crediting selected country accounts held outside the United States and send them electronically to Bank for transmission in accordance with the Rules (see Subsection 4.1), which for purposes of International ACH shall also include the International ACH Origination Reference Guide, the Cross-Border Payment Operating Rules, and any other applicable ACH rules, including those promulgated by a local ACH association or governmental body (“Other ACH Rules.”) For purposes of originating credits and debits to a USD or CAD denominated account located in Canada, the Other ACH Rules shall include the Rules of the Canadian Payments Association (the “CPA Rules”).
3.2. With respect to credit entries, Bank will convert the amount to be transferred from United States Dollars to the currency of a designated foreign government or intergovernmental organization (“Foreign Currency”) at Bank’s buying rate for exchange in effect on the date the entry is transmitted by Bank to the ACH or gateway operator. If the financial institution designated to receive the funds does not pay the beneficiary specified in the entry, or if the entry is subsequently determined to be erroneous, Bank will not be liable for a sum in excess of the value of the entry after it has been converted from Foreign Currency to United States Dollars at Bank’s selling rate for exchange at such time as the entry is returned to Bank.
3.3. With respect to debit entries (where permitted), Bank will convert the amount of each Entry from Foreign Currency at Bank’s selling rate for exchange in effect on the settlement date of the entry. If the financial institution designated to receive the entry subsequently returns it, Bank may charge the Account (see Subsection 8.02) for the sum equal to the value of the returned entry as measured in Foreign Currency at Bank’s buying rate for exchange at such time as the entry is returned to Bank.
3.4. Before Company may initiate any debit entries that settle to a USD or CAD denominated account located in Canada, it will be required to: (a) sign and return to Bank the Payee Letter of Undertaking for Canadian Pre-Authorized Debits provided by Bank; and (b) collect from each payor of a debit a debit authorization in a form which complies with the CPA Rules. Company acknowledges that Bank has provided it with a means for accessing the CPA Rule...
