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.