The Automated Clearing House (ACH), known locally as Transach, is the electronic payment system used by Trinidad & Tobago banks to move funds between accounts — including paying your employees by direct deposit. It’s operated by Trinidad and Tobago Interbank Payments System (TTIPS) and is jointly owned by the major commercial banks and the Central Bank.
In practice, TTPay creates a file containing all the payment instructions for a pay period, which you then upload to your bank. The bank sorts and forwards the payments, and funds are usually available to employees the next business day.
Creating the ACH file in TTPay
Where to find it: Data XChange > Electronic Banking ACH > Trinidad & Tobago > Company’s Bank
Steps
- Enter the Period and other customizations (Worksheet Range, Bank Range, etc.)
- Set the effective date — this should be the actual date the file will be uploaded to the bank.
- Click Generate.
Before uploading the file to the bank, print a Payroll Bank Transfer Report to view each commercial bank, how much is being transferred, and which employee it’s going to.