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Establish ACH data file

NACHA files are uploaded by banks to trigger ACH payments. The information we collect from you  will be used to configure the Synctera platform to generate your bank-specific NACHA files. To complete the ACH NACHA file configuration in Synctera’s system, Synctera will need the information in Exhibit A.

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Establish cutoff and exchange times

The Synctera team will need information on the Bank’s holiday calendar and end-of-day cut off times in order to configure NACHA file generation timings that fit the Bank’s clearing windows. Synctera will need the information in Exhibit B. 

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Set up SFTP connection to process NACHA files

Synctera establishes a SFTP with you in order to process incoming and outgoing NACHA files. Synctera will need the public SSH key from you. Please see Exhibit C.

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Set up a new Fed Direct

Synctera recommends that you set up a new Fed Direct for Synctera FinTechs. If you already have Fed Direct via your core banking platform, we encourage you to stand-up Fed Direct separately. 

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Undergo file validation and testing

Synctera will conduct end-to-end testing to ensure that NACHA files are generated and configured as expected. 
  1. Synctera “Test” FinTech pushes/pulls funds - this is done via Postman.
  2. Synctera Platform generates a NACHA file
  3. Synctera Platform will drop the NACHA file in the SFTP
  4. The Bank should pick up this SFTP
  5. The Bank will send the NACHA file to Fed Direct

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Undergo end-to-end ACH testing

Synctera will test your ACH setup end-to-end by opening accounts at your bank as a FinTech proxy. This will allow Synctera to confirm that your configurations are correct in the Synctera Platform, and that NACHA files are generated as expected. Synctera will need applications forms from you to open the following General Ledger (GL) accounts:
  1. FBO account
  2. Operational account
  3. ACH settlement account
  4. Card settlement account
Synctera’s Finance team will then review the application forms and make the necessary requests to open accounts.

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Synctera ACH FAQ

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How are ACH returns processed?

When the FinTech originates ACH outgoing debits/credits, the external banks might have problems processing the credit/debit orders for the FinTech. In that scenario, the external will generate a return. Synctera will receive incoming returns for processing. Returns are linked to the original outgoing credit or debit by their ‘original trace Id’ field, therefore when making un-suspense decisions, we will need to check the original debit/credit and trace ID. Typically, the return will be posted to the suspense account for manual processing.