Reconciliation and Bank Settlement
What is ACH?
- ACH stands for Automated Clearing House. It is a facility that processes debits and credits between financial institutions electronically. In the WIC Program, the ACH will process transactions that occur between Conduent and retailers. Funds are settled directly to a retailers designated bank account via ACH for all approved transactions.
When are ACH Credits (Settlement) Available at the Bank?
- The host system generates an ACH credit immediately following system cut-off each day. The Conduent WIC system has a cut-off time of 10:00 a.m. Eastern Standard Time. Retailers have the option of using the Conduent host system cut-off time or may designate a terminal cut-off time of their own choosing in the Conduent Retailer Agreement or by calling the WIC Retailer Help Desk. If the selected cut-off time is after the host system cut-off time, the ACH credit is sent the next business day. Funds are sent to the retailer’s bank on a daily basis and are available based upon the individual bank’s rules.
Example: If the retailer’s cut-off is on or before 10:00 a.m. EST, payment for all WIC
transactions for that business day will be available on the following business day. If the
Retailer’s cut-off is after 10:00 a.m. EST, payment for all WIC transactions will be
available in two (2) business days.
How Will a Retailer Know if the Amount of the ACH Credit is Correct?
- The credit that the retailer receives through ACH corresponds to the WIC transaction total for the retailer’s business day. If the retailer’s designated cut-off time is after 10:00 a.m. Eastern Standard Time, the ACH credit amount is for the prior business day. If the Retailer’s cut-off time is before 10:00 a.m. Eastern Standard Time, the ACH credit amount is for the current business day. Individual bank guidelines also determine when an ACH credit/ debit is applied. This could delay an ACH reimbursement by an additional day after the respective business day.
- If a reimbursement credit does not arrive at a retailer’s bank within three banking days of the respective retail business day, the retailer should first contact their bank to determine if all ACH credits have been posted for that day. The retailer can then call the WIC Retailer Help Desk. A representative will research and resolve the problem.