Which field in the IAT Addenda Record contains Check Serial Number and Terminal information for a POP transaction?

Which field in the IAT Addenda Record contains Check Serial Number and Terminal information for a POP transaction?

• A. Payment Related Information Field
• B. Transaction Type Field
• C. Account Information Field
• D. Identification Number Field

Answer: (A)

The correct choice identifies the "Payment Related Information Field" as the field in the IAT Addenda Record that contains both the Check Serial Number and Terminal information for a POP transaction. In the context of ACH transactions, particularly those involving international wires or electronic payments, the IAT (International ACH Transaction) format is employed to facilitate global fund transfers. The Addenda Record is a supplemental record that provides additional details relevant to the transaction. Within the Payment Related Information Field, specific details pertinent to the transaction, such as the Check Serial Number, which helps in tracking and identifying specific checks, as well as Terminal information, which indicates the point of transaction initiation, are captured. This field is crucial for ensuring proper processing and reconciliation of the payments involved in the transaction. Other fields do not serve this purpose, as they are designated for different types of information. For example, the Transaction Type Field identifies the nature of the transaction but does not include specific check details. The Account Information Field focuses on the account details associated with the transaction, while the Identification Number Field typically pertains to unique transaction identifiers but does not include payment-related specifics like those found in the Payment Related Information Field.

The correct choice identifies the "Payment Related Information Field" as the field in the IAT Addenda Record that contains both the Check Serial Number and Terminal information for a POP transaction.

In the context of ACH transactions, particularly those involving international wires or electronic payments, the IAT (International ACH Transaction) format is employed to facilitate global fund transfers. The Addenda Record is a supplemental record that provides additional details relevant to the transaction.

Within the Payment Related Information Field, specific details pertinent to the transaction, such as the Check Serial Number, which helps in tracking and identifying specific checks, as well as Terminal information, which indicates the point of transaction initiation, are captured. This field is crucial for ensuring proper processing and reconciliation of the payments involved in the transaction.

Other fields do not serve this purpose, as they are designated for different types of information. For example, the Transaction Type Field identifies the nature of the transaction but does not include specific check details. The Account Information Field focuses on the account details associated with the transaction, while the Identification Number Field typically pertains to unique transaction identifiers but does not include payment-related specifics like those found in the Payment Related Information Field.