Cachet Transmission Delay

On September 14, 2012, one of Cachet's sponsor banks had a problem processing one of our ACH files. Although there was nothing wrong with the ACH file or the transactions within the file, our sponsor bank had a technical problem that prevented the file from processing. We are still working with the bank to try to determine why their system aborted the file. Please note that all other files for the day were processed successfully; therefore, not all Remarketers or Clients were affected.

 

The delay was NOT due to a Cachet processing error. Our bank has provided a sincere letter of apology explaining the circumstances. This letter is being forwarded for distribution to only those Remarketers affected.

 

The Cachet Operations team worked diligently from the early morning hours and throughout the day with our Bank to determine what could be done to remedy the situation for each and every client. Over Cachet’s twelve (12) year history, our record has been solid. We realize this is a stressful time for the Remarketers and Clients who were affected. Rest assured that our staff is dedicated to finding a solution to prevent issues like this from occurring in the future.

 

We sincerely apologize for the inconvenience to our Remarketers as well as their clients and employees. 

 

If you have an questions or concerns regarding a missed transaction on September 14, 2012, please contact Cachet at (626) 578-9400 or via email at cachet@cachetbanq.com  

Cachet Transmission Delay Update

Cachet processed any delayed transactions in two batches. All payroll providers who allowed their file to process in tact and without modifications, were sent to the Federal Reserve Bank (FRB) on Friday. We have received confirmation from the Federal Reserve Bank (FRB). Those payroll providers that required changes to their files because of manual checks or other adjustments, were processed on Saturday. The receiving banks should pull the ACH data and post the funds for all of the above transactions on Monday. The timeline for when transactions are processed and received, are based upon the FRB and NACHA rules for EFT transactions. This is standard in the banking industry.  Unfortunately, the timing in which transactions are posted to each bank are completely out of Cachet’s control. Cachet staff and management are doing everything we can to assist our clients in resolving this matter. We thank everyone for their patience and apologize for the inconvenience this delay may have caused.