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Identifying Third Party Relationships

ACH Origination Curriculum

Third Parties are the talk of the town, but do you really understand what the talk is all about? One type of Third Party is a Third Party Sender.  A Third-Party Sender looks like a typical originating customer but is actually a customer that originates ACH transactions for its own customers. This type of customer creates an additional level of risk for an ODFI because the originating institution may not actually realize what types of businesses it is working with. To protect itself from this type of risk, the ODFI not only needs to know their customers (KYC) and their customer’s customer (KYCC), but also their customer’s customer’s customer (KYCCC).  This course will help define each type of third-party, what actions they perform in the ACH network, and how this affects the liabilities, risks, and audit requirements they face. You will uncover:

  •          New definitions of third parties
  •          Types of agreements needed
  •          Risks associated with third-parties
  •          Audit Requirements 

>> 1.2 AAP Continuing Education Credits



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