Explaining an Addenda Record
Addenda records can be added to certain types of transactions within the ACH Network as a note or memo containing information about a specific payment.
The Benefits of Addenda Records
An addenda record is a customizable field that allows the business initiating the payment to attach a note or memo to that payment. That data can take any form the business wants it to, but it is typically supplementary data and pertinent payment details that help with payment identification and reconciliation later on. Addenda records are also called ACH addenda records or Nacha addenda records.
Provide Additional Transaction Information
When doing hundreds or thousands of payments each week, including addenda information provides insight into a specific transaction.
Improve Record Keeping
Addenda information simplifies the reconciliation process for accounting and finance teams.
Increase Communication
Addenda records allow for both financial institutions involved in an ACH transaction to communicate addenda information.
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