AUTOMATED CLEARING HOUSE
(ACH) AUDIT
Nacha requires every participating financial institution and Third-Party Sender/Service Provider to conduct an annual audit of its ACH operations and related processes. An Accredited ACH Professional (AAP) from our team will conduct your annual ACH Audit and examine each facet of your ACH operations, including receipt processes, internal and external origination, and related agreements and forms. Every ACH Audit includes a preliminary exit meeting to review initial findings and recommendations, as well as a comprehensive ACH Audit Management Report at the conclusion of the review.
Wespay Advisors offers two types of ACH Audits, as below:
- Standard ACH Audit: Our rules-based ACH Audit is a two-day remotely performed service that reviews all aspects of your organization’s processing, spanning origination and receipt functions to ensure compliance with the most current ACH rules and regulations.
- Enhanced ACH Audit: A risk-based audit that includes all the features of the Standard ACH Audit in addition to an evaluation of the effectiveness of your organization’s risk controls via analysis of its documented policies and procedures. This is three-day engagement is designed to identify opportunities to strengthen the controls and mitigate the risks inherent to your organization’s ACH service. This service is designed to satisfy the Nacha requirement for completing both an ACH audit and ACH risk assessment.
Benefits of our ACH Audit Services:
- Knowledgeable and Accredited ACH Professionals (AAPs) will work with your team, including explaining the requirements throughout the process – training your team at the same time!
- Procedures and controls that can be strengthened are identified during the course of the review.
- Ensure compliance with industry requirements, including Nacha Rules, UCC4A, KYC/Onboarding policies, and more!
Why Choose Wespay Advisors?
Wespay Advisors’ staff of accredited payments experts has decades of experience working with hundreds of organizations to understand the threats and common solutions facing your business.
Our clients gave Wespay Advisors a remarkable average rating of 9.66 in 2024 and a net promoter score of 92, reflecting our commitment to excellence and customer satisfaction.
REAL-TIME PAYMENTS (RTP)
AUDIT
The Clearing House’s Real-Time Payments (RTP) network is a new core payments infrastructure providing consumers and businesses with the capability to send instantaneous payments on a 24/7/365 basis. Every financial institution that sends and/or receives RTPs must verify its compliance with the RTP Participation and Operating Rules on an annual basis.
Wespay Advisors can help your organization meet this requirement with our RTP Audit Service by leveraging our decade-plus expertise in performing payments audits. Each engagement includes a preliminary exit meeting to share initial findings and recommendations followed by a comprehensive RTP Audit Management Report detailing those areas.
The RTP Audit will include focus areas, such as:
- General Participant Responsibilities
- Continuous operation validation
- Message capabilities
- Payment acceptance and receiver statement formatting
- Receiving Participant Obligations
- Payment message response acceptance and timing
- Funds availability
- Multi-factor authentication
- Fraud and risk monitoring
- Errors and unauthorized payment process
- Sending Participant Obligations (if applicable)
- Message formatting
- Directory service compliance
Benefits of our RTP Audit Service:
- Knowledgeable and experienced auditor will work with your team to perform the audit and provide staff training to learn critical aspects of conducting an RTP Audit
- Identify procedures and controls that can be strengthened to mitigate risk and compliance with The Clearing House Rules
- An effective audit can serve as an early warning barometer and zero in on specific areas requiring additional attention to help ward off potential issues
Why Choose Wespay Advisors?
Wespay Advisors’ staff of accredited payments experts has decades of experience working with hundreds of organizations to understand the threats and common solutions facing your business.
Our clients gave Wespay Advisors a remarkable average rating of 9.66 in 2024 and a net promoter score of 92, reflecting our commitment to excellence and customer satisfaction.
FEDNOW
AUDIT
FedNow, the Federal Reserve’s new Instant Payment service, offers senders instant clearing capability, receivers instant access to received funds, and instant settlement to participating FIs. Wespay Advisors has leveraged its Instant Payments expertise to create a FedNow audit designed to evaluate the effectiveness of your organization’s FedNow controls and mitigate risk.
Every FedNow audit includes an exit meeting to share findings and provide recommendations for improving your internal policies and procedures.
The FedNow audit will include focus areas such as:
General Participant Responsibilities
- Participant’s Policy
- Service Continuity
Disclosures - Negative List requirements
Receiving Participant Obligations
- Message receipt
- Exception processing
- Notices to beneficiaries
Sending Participant Obligations (if applicable)
- Message processing
- Business Onboarding
- Fraud prevention
Requestion for Payment
- Requestion for Payment Policy
Benefits of our FedNow Audit Service:
- Knowledgeable and experienced auditor will work with your team to perform the audit and provide staff training to learn critical aspects of conducting a FedNow Audit.
- Identify procedures and controls that can be strengthened to mitigate risk and compliance with Operating Circular Eight and the FedNow Operating Procedures.
- An effective audit can serve as an early warning barometer and zero in on specific areas requiring additional attention to help prevent future issues.
Why Choose Wespay Advisors?
Wespay Advisors’ staff of accredited payments experts has decades of experience working with hundreds of organizations to understand the threats and common solutions facing your business.
Our clients gave Wespay Advisors a remarkable average rating of 9.66 in 2024 and a net promoter score of 92, reflecting our commitment to excellence and customer satisfaction.
INSTANT PAYMENTS ENHANCED AUDIT
A comprehensive evaluation of your organization’s Instant Payments services, such as RTP and FedNow, including the effectiveness of your organization’s controls, a comparison of your policies and procedures against industry sound practices, and an assessment of your compliance with applicable rules as described in the Real-Time Payments (RTP) Audit and FedNow Audit.
Why Choose Wespay Advisors?
Wespay Advisors’ staff of accredited payments experts has decades of experience working with hundreds of organizations to understand the threats and common solutions facing your business.
Our clients gave Wespay Advisors a remarkable average rating of 9.66 in 2024 and a net promoter score of 92, reflecting our commitment to excellence and customer satisfaction.
WIRE TRANSFER ENHANCED AUDIT
This audit includes a thorough review of the client’s Wire Transfer Risks and tests wires the FI transmits to verify that the FI complied with its controls, such as getting proper approvals, performing callbacks, etc. The Audit includes the following risk categories:
- Credit Risk
- Fraud Risk
- Operational Risk
- Compliance Risk
- Remittance Transfers
Why Choose Wespay Advisors?
Wespay Advisors’ staff of accredited payments experts has decades of experience working with hundreds of organizations to understand the threats and common solutions facing your business.
Our clients gave Wespay Advisors a remarkable average rating of 9.66 in 2024 and a net promoter score of 92, reflecting our commitment to excellence and customer satisfaction.
