The Office of the Comptroller of Puerto Rico issued this Monday a circular letter to guide officials on the controls they must have to safeguard the public funds that are remitted through transfers via the Electronic Payment System (ACH network).
The Office of the Comptroller drafted this letter with the intention that these controls be carried out, whether for the direct payment of payroll or for goods and services provided by Government suppliers through the ACH network.
The ACH network is an electronic funds transfer system administered by the National Automated Clearing House Association (NACHA).
As the letter details, the Government of Puerto Rico, aligned with this information age, established the public policy that all disbursements of public funds be made through electronic methods.
As a result, government entities have incorporated into their operations and the services they offer an alternative that allows them to carry out all collection or payment processes electronically through the ACH network.
In view of this, the Office of the Comptroller recommended that the principal officials of the entities that use the ACH network to make payments, and the personnel designated to work with the electronic transfer process, consider several aspects, among other things.
Among those aspects are formalizing a written agreement with the financial institution where they maintain their accounts, in which they agree to be governed by the rules established in the ACH network, and requesting and obtaining written consent from employees and suppliers, establishing that every payment transaction is carried out by electronic transfer.
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