July 3, 2024
2 months ago by Roshen Weliwatta
Financial Accounts Updates
On July 10th (Wednesday), Lithic will introduce the following changes.
- A new field,
is_for_benefit_of
, will be introduced to the Financial Accounts object . The purpose of this new field is to allow both Lithic and our customers to better identify financial account attributes. This change will be reflected on both old and new accounts based on the following logic:- All program-level owned financial accounts will have
is_for_benefit_of
set tofalse
. - All financial accounts created for end-user accounts will have
is_for_benefit_of
set totrue
. This behavior can be modified depending on the purposes of your program. Reach out to your Customer Success or Implementation Manager to discuss.
- All program-level owned financial accounts will have
- As part of an ACH transaction originated via the Lithic platform, a “company name” is included as part of the ACH file sent to NACHA. This is the company name that the receiving depository financial institution (typically the bank receiving the origination) sees in the ACH file that they receive as a result of the origination created by Lithic. We will be updating the “company name” to be the
legal_business_name
on file that is associated with the business account holder.- Note: If the Legal business name exceeds the NACHA defined 22 character limit, we will strip excess characters.
If you have any questions or concerns about this change, please reach out to [email protected].