Are you thinking about updating your Originator/Third-Party Sender agreements? Just a couple of helpful hints…
Depending on the number of Originators and Third-Party Senders your financial institution has, this can become a cumbersome process. Some things to take into consideration prior to the mass re-issue of agreements:
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Who and how will the process be tracked?
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Who will be responsible for reviewing the new agreements for completeness?
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Who can answer questions from Originators and Third-Party Senders about information contained in the new agreement?
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If Originators or Third-Party Senders want to modify the new agreement, who will have the authority to make amendments?
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Who will be responsible for follow-up on agreements not received back?
The process should be monitored and progress tracked with regular reporting to upper management of how the project is progressing.