Moves in at least two states requiring payroll processors to be licensed as "money transmitters" have the industry fearing a potentially expensive and disruptive new regulatory hurdle. ..
Date : Monday, August 20, 2018
A lesser-known wire transfer type is known as the "drawdown reverse wire," which is the opposite of a direct wire. Also known as Fedwire drawdowns, drawdown requests, drawdown wires, or simply drawdowns – NACHA tends to prefer "drawdown" over "reverse wire" – this type of wire transfer is unique because it's initiated by the receiver instead of the sender. Of course, the sender needs to authorize the receiver to do so with their bank, but the receiver only needs to do this once. ..