eModal Fee Payment Registration | Updated Information Needed
Evolving Know Your Customer [KYC] and Money Transmissions Laws [MTL] require you to update your eModal account registration and account settlement information.
Please update your account information by 01 March 2023
This will also great efficiencies in the reconcilation and settlement process ultimately leading to a faster flow of funds into your banking account. This must be completed as soon as possible to not disrupt the processing of on terminal fees. Please contact your AeM Customer Success Manager for more information.
Please update your account information by 01 March 2023
This will also great efficiencies in the reconcilation and settlement process ultimately leading to a faster flow of funds into your banking account. This must be completed as soon as possible to not disrupt the processing of on terminal fees. Please contact your AeM Customer Success Manager for more information.
Instructional Video
How to update your eModal Fee Payment Account.
eModal Fee Payment Registration Instructions
What you need to do to update your account information.
Click Here
Overview:
Advent eModal [AeM] is planning to upgrade and transition its backend payment processing to a multi-vendor solution on or around March 1, 2023. This transition should be largely invisible to you and your customers outside of some administrative and compliance related items which are detailed herein.
Why are we doing this?
Advent eModal is constantly seeking ways to improve and upgrade our technology and service offerings to the intermodal stakeholder community. Changing market conditions, regulatory and compliance initiatives, security and risk mitigation are all factors in our approach. Specifically, this transition will allow us:
What You Need to Do:
Customer/Seller will need to designate a financial point person for each selling entity who has the authority to complete KYC forms and fulfill ongoing compliance related requirements as needed to verify the seller's identity. Reference the onboarding instructions and video provided above.
This information must be completed prior to continue the payout of funds.
We expect that the timing of payouts and availability of reconciliation reporting initially will not change. However, we will work directly with your teams if there are any slight settlement or timing variations.
Advent eModal [AeM] is planning to upgrade and transition its backend payment processing to a multi-vendor solution on or around March 1, 2023. This transition should be largely invisible to you and your customers outside of some administrative and compliance related items which are detailed herein.
Why are we doing this?
Advent eModal is constantly seeking ways to improve and upgrade our technology and service offerings to the intermodal stakeholder community. Changing market conditions, regulatory and compliance initiatives, security and risk mitigation are all factors in our approach. Specifically, this transition will allow us:
- To further support industry regulation requirements such as OSRA and ongoing legislation regarding new fees and growing transaction volumes.
- To further support government Know your Customer (KYC), Money Transmission Laws (MTL) and sanction screening laws that are imposed on the payment processing industry. These vary from country to country and state by state and carry penalties and fines for violations.
- To support an expanding variety of payment method demand, such as credit and debit cards, ACH, digital wallets and other local payment methods.
- To offer a base global solution for our customers that want to expand internationally.
- To optimize our fraud prevention services and allow for utilization of other payment optimization tools.
- To provide system redundancy and reliability at scale.
- To allow for transition to daily / automated settlement.
What You Need to Do:
Customer/Seller will need to designate a financial point person for each selling entity who has the authority to complete KYC forms and fulfill ongoing compliance related requirements as needed to verify the seller's identity. Reference the onboarding instructions and video provided above.
This information must be completed prior to continue the payout of funds.
We expect that the timing of payouts and availability of reconciliation reporting initially will not change. However, we will work directly with your teams if there are any slight settlement or timing variations.
