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Direct Deposit of payroll, Social Security and other government benefits, and tax refunds.The United States ACH Network is a batch processing, store-and-forward system, governed by The NACHA Operating Rules, which provide for the interbank clearing of electronic payments for participating depository financial institutions. "We pro-actively partner with key system vendors and integrators to ensure that the XML ISO 20022 format - for SEPA and for worldwide payment instrument usage - can be generated or authorized in the vendor's system, as well as for feedback messages from the bank to be imported for reconciliation purposes.Financial Services File Formats and Document Standards There are many financial services file formats, document standards and message types, but what do they all mean and where are they used? ACH "We are keen to deliver end-to-end proven solutions that offer integration with the vendors of our clients", said Kerstin Schönwitz, Product Manager and CGI representative, Client Access, Global Transaction Banking, Deutsche Bank. Also, tight integration and cooperation with vendors complement the XML processing cycle while helping to promote XML market adoption.
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The latest XML message versions offer coverage of Deutsche Bank's global network and functional flexibility through built-in auto-population and validation logic of data. Additionally, it can result in cost savings as less customization is required." "This single harmonized format approach complements the strategy of many corporate treasurers towards standardization and centralization of their accounts payables workflows with their banks. "This launch of XML ISO 20022 version 03 is a milestone towards a global format standard in the corporate-to-bank communication," said David Watson, Head of Client Access, Global Transaction Banking, Deutsche Bank.
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Deutsche Bank, as one of the core participants of CGI, is supporting agreement on a common data usage in the XML format for a variety of local and global payment instruments. This roll-out builds on the November 2010 introduction of the XML ISO 20022 version 03 for SEPA payment instruments and focuses on the support of the XML payment initiation messages outside of SEPA, based on the harmonized implementation guidelines published by the Common Global Implementation (CGI) initiative.
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