The ACH Agreement Form is a fundamental document used in the Australian financial services sector to establish and govern electronic payment processing relationships. This agreement is essential when an account holder wishes to initiate or receive electronic funds transfers through the Automated Clearing House system. The document complies with Australian banking and payment systems regulations, including oversight by the Reserve Bank of Australia (RBA) and the Australian Prudential Regulation Authority (APRA). It covers critical aspects such as transaction authorization, security protocols, processing timeframes, fee structures, and liability allocation. The ACH Agreement Form is particularly important for businesses that process regular electronic payments such as payroll, vendor payments, or customer collections, and includes specific provisions for compliance with Australian privacy laws and anti-money laundering regulations.
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1. Parties: Identifies the financial institution and the account holder entering into the ACH agreement
2. Background: Explains the purpose of the agreement and the ACH services to be provided
3. Definitions: Defines key terms used throughout the agreement including ACH, business day, credit entry, debit entry, etc.
4. Authorization: Details the account holder's authorization for ACH transactions and the scope of permitted activities
5. Service Terms: Outlines the basic terms and conditions of the ACH services provided
6. Security Procedures: Specifies security measures and protocols for ACH transactions
7. Fees and Charges: Details all fees associated with ACH services and payment terms
8. Obligations and Responsibilities: Lists the duties and responsibilities of both parties
9. Processing Requirements: Specifies timing, format, and other technical requirements for ACH transactions
10. Error Resolution: Procedures for handling errors, disputes, and unauthorized transactions
11. Privacy and Data Protection: Addresses the handling and protection of customer information
12. Term and Termination: Specifies the duration of the agreement and termination procedures
13. General Provisions: Standard legal provisions including governing law, notices, amendments, etc.
14. Execution: Signature blocks and execution details
1. International Transactions: Additional terms for cross-border ACH transactions, if offered
2. Same-Day ACH Processing: Specific terms for same-day ACH processing services, if available
3. Batch Processing: Terms specific to batch processing of multiple transactions
4. Third-Party Service Providers: Terms relating to the use of third-party service providers or processors
5. Business Continuity: Procedures for handling system outages and disaster recovery
6. Special Industry Requirements: Additional terms for specific industries (e.g., healthcare, government)
7. API Integration: Terms for API-based ACH processing if technical integration is offered
1. Schedule A - Fee Schedule: Detailed breakdown of all fees and charges
2. Schedule B - Processing Windows: Specific cut-off times and processing schedules
3. Schedule C - Technical Specifications: Technical requirements for file formats and transmission
4. Schedule D - Security Protocols: Detailed security procedures and requirements
5. Appendix 1 - Account Details: Specification of accounts authorized for ACH transactions
6. Appendix 2 - Authorized Representatives: List of persons authorized to act on behalf of the account holder
7. Appendix 3 - Service Level Agreement: Detailed service levels and performance standards
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Retail
Healthcare
Education
Government
Non-profit Organizations
Technology
Manufacturing
Professional Services
Insurance
Real Estate
Telecommunications
Utilities
E-commerce
Relevant Teams
Legal
Finance
Treasury
Accounts Payable
Accounts Receivable
Compliance
Risk Management
Operations
Payroll
Banking Operations
Financial Control
Payment Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Financial Controller
Accounts Payable Manager
Accounts Receivable Manager
Payment Operations Manager
Compliance Officer
Legal Counsel
Banking Relationship Manager
Finance Director
Company Secretary
Risk Manager
Operations Manager
Payroll Manager
Financial Services Administrator
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