ACH/AFT Automated Payments
AFT support available in NLS 5.5.1 and later
The ACH (Automated Clearing House) and AFT (Automated Funds Transfer) function in NLS is used to set up automatic draws against customer checking accounts. These automatic draws are used to satisfy payments against loans in NLS.
ACH/AFT setup is broken down into the following key steps:
Global Automated Payments Setup: Your company’s ACH/AFT identifiers are entered into the system. This data will be used when an ACH/AFT file is created. This setup must be completed before a loan can be configured for ACH/AFT draws.
Automated Payments Configuration: The frequency and amount of the draw is set up on the customer loan along with ACH/AFT information pertaining to the customer’s checking account.
Create an ACH/AFT: The ACH/AFT is created for a range of dates in the future. All loans that are configured to have ACH/AFT draws within the date range selected will be included. The ACH/AFT file is created for transmission, and each loan with an ACH/AFT will generate a pending transaction, so that the payment will automatically be processed in NLS on the date for which the draw is scheduled.
NoteThe terms ACH file and NACHA file may be used interchangeably in NLS and in this user guide. The ACH file created by NLS complies with the specifications defined by NACHA hence it is also referred to as the NACHA file.