MyECheck, Inc. (fka MYEC)

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I'm glad you brought that up...I contacted the ABA Registrar with Accuity. Here is my email correspondence:

-----Original Message-----
From: ******************************
Sent: Friday, March 07, 2014 2:18 PM
To: RBI-US DL BankersAccuity Registrar
Subject: ETI Routing Number Requirements

Hello,

I'm trying to gather some information about the requirements for obtaining an ETI routing number. Such as the costs, eligibility, etc. To make a long story short, I'm an investor in a small check processing company (MyECheck) and they have recently stated that they have obtained an ETI routing number and I wanted a better understanding of what that means and what the significance of that would be.


I apologize if this is not the appropriate email address to be submitting this request.


Thank you,

******** *******

Good afternoon Mr. ******,

Accuity assigns an ETI (Electronic Transaction Identifier) per the Routing Number Administrative Board Routing Number Policy. The current Policy states the following:

"B. Electronic Transaction Identifiers

Electronic Transaction Identifiers (ETIs) are special purpose numbers designated for use as electronic addresses of organizations which are not banks but process payment transactions on behalf of banks. Assignment of an ETI allows these organizations to receive or transmit electronic files, consisting of one or more payment transaction messages, on behalf of the financial institution for which the processing service is being provided.

An ETI does not identify the bank obligated to settle for the transaction and cannot be used to identify a party to be debited or credited in a financial transaction. ETIs may not appear on checks or drafts.

Assignment of an ETI is subject to confirmation by a Federal Reserve Bank that it has agreed to receive or transmit payment transactions to the applicant organization based on the use of an ETI and that the applicant has been designated by one or more banks as its processor.

Eligible organizations include:

- Non-bank subsidiaries of banks or bank holding companies,

- Clearinghouses, and

- Independent non-bank affiliated processors."

ETIs are assigned to processors, and the numbers identify the entity that sends or receives payments files. As part of the application process, the Federal Reserve contacts the applicant to determine if the ETI is necessary. Once the business case is approved by the Federal Reserve, Accuity will assign the number.

The Routing Number Policy is on our website at www.accuity.com. The information on ETIs is Section II.B. The ETI application is also on our website, and the application states that the application fee for the first ETI is $500, and there’s a licensing fee that begins the following year which is currently $98.

Regards,

Jean


Jean McCord
Sr Routing Number Manager – ABA Registrar

Accuity
4709 Golf Rd
Skokie, IL 60076
T 847-933-8147
F 847-933-8040
[e-mail]
www.accuity.com