Automated Clearing House (ACH) is an electronic payment method that serves as an alternative to issuing payments by check and wire. ACH payments and their associated remittance information are transmitted to the recipient banking institution, then directly deposited into the payee’s bank account. The ACH File Management System allows CUNY schools to apply the ACH they have received to the appropriate payment request.
ACH payment benefits the payee by allowing RFCUNY to remit payments quickly and more securely. ACH also allows staff at a CUNY school to verify the charges associated with an ACH payment received. Each department within each CUNY school is assigned a folder to verify the payment information and ensure the information corresponds to the actual payment made.
When an ACH payment is remitted by the Research Foundation, separate emails are automatically generated at the time of processing to alert the recipient or point of contact that a payment was made and will be deposited (on average) within one business day (length of time depends on the bank of the recipient).
Only eligible individuals at the CUNY schools may use the ACH File Management System. Requesting payment by ACH requires completion and submission of the ACH Payment Authorization form to the ACH Payment Team. The ACH Payment Team will determine eligibility and access to the ACH File Management System on behalf of a CUNY school.
Wire Transfer & Deposit Agreement Forms