Do you understand the primary payment systems in the US? How many are there? This is a prime opportunity for the frontline and new employees to learn about payment options, how transactions flow, funds availability, and related rules. Discover how to answer accountholder questions with confidence!
- Distinguish which payment system was used, including the parties involved and how the payment was authorized by the accountholder
- Define the parts and parties of a check and the parties to an ACH transaction, wire transfer, and card payment
- Understand the basic transaction flow for ACH, card, wire, and check payments, including how they may affect funds availability for accountholders
- Explain options for accountholders wanting to send or receive funds into your financial institution
- Start a conversation internally using our key takeaways to learn more about when transactions post, cutoff times, unauthorized and stop payment requests, and more
Financial institutions regularly hire new staff due to retirement, promotion, or turnover. As part of their comprehensive training, new employees must achieve a basic understanding of the four main payment systems. This session is designed to give new operations staff that baseline understanding. It will address checks, ACH, cards, and wire participants, plus rules and key considerations for all staff. After this session, attendees will be more confident in answering accountholders’ transaction inquiries.