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NACHA also requires businesses to take responsibility for reversals in the event of errors or duplicate transactions. Businesses are expected to have procedures in place to promptly address and reverse erroneous ACH payments, maintaining integrity and trust in the ACH network.
It also helps prevent and detect theft and fraud earlier, assisting organizations to comply with financial regulations such as the Sarbanes-Oxley Act (SOX) , which mandates that publicly traded companies establish internal controls and procedures for financial reporting.
The aim is to ensure accuracy and prevent errors or fraud before payment processing. Company Policies: Guide internal procedures for invoice processing Now, let’s put them all together to understand the validation process: 1. Configure settings to catch potential duplicate invoices and prevent double payments.
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