ACH Processing Resolution Update
posted on Monday, May 1, 2023 in Company News
On Tuesday, April 25, 2023, an ACH file from 2015 was sent in error on behalf of some current and former SHAZAM Inc. financial institution clients. As a result, accountholders saw inaccurate activity in their accounts.
This incident was an isolated ACH processing error. No personal accountholder or company financial institution information was compromised.
None of our other critical payment and processing systems, including Core, EFT, digital or merchant processing platforms, were impacted.
When SHAZAM realized the scope of the problem, we immediately started the process of reversing the error and contacted the Federal Reserve. All reversal files were accepted and processed by the Fed the evening of April 25, 2023. The reversal files had a settlement date of April 26, 2023.
SHAZAM is aware that some receiving depository financial institutions (RDFIs) have not fully processed the original and/or the reversal files. As a result, this issue has not been resolved for these originating depository financial institutions (ODFIs) and their accountholders.
We are actively engaging with these financial institutions, the Fed and Nacha®. SHAZAM continues to work with financial institutions impacted and will keep them apprised as information becomes available.
SHAZAM’s intent is to always strive for transparency. We apologize for the disruption and frustration this caused financial institutions and accountholders.
Financial institutions with account-related questions may contact SHAZAM client support at 1-800-537-5427, option 4.
For media inquiries, please email PR@SHAZAM.net.
Tags
- ach
- banking
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