What is ACH?

An Automated Clearing House (ACH) Payment is a form of electronic funds transfer that provides a secure, efficient method of receiving payment through the ACH Network. The ACH Network is a batch-oriented processing and delivery system that provides for the distribution and settlement of electronic transactions and payments among financial institutions.

What are the benefits of ACH?

ACH payments offer the following benefits:

  • Eliminates the handling of paper checks
  • Reduces any payment problems due to lost, stolen or misdirected checks
  • Eliminates mail delays
  • Provides for greater payment certainty for cash planning
  • Provides an opportunity to electronically update and streamline your cash application and receivables operations

How do I receive my remittance detail?

ConocoPhillips Company transmits XML payment instruction to our bank. The XML transaction is a standardized electronic file format that contains the payment/remittance information. Our bank then reformats the XML and transmits the payment in the NACHA format selected by you. Other options are receiving the remittance detail via e-mail, fax or downloading the detail from the ConocoPhillips My Vendor Portal (MyVP) website. For more information and instruction on MyVP, click on Invoice Payment & Status.

NACHA Format Options:

  • CCD Format – Cash Concentration or Disbursement entry is a NACHA payment format that accommodates only the payment amount. This option does not allow remittance detail to be provided electronically. You may request that ConocoPhillips Company fax or email the remittance detail if you have selected the CCD Format option. Please be sure to provide a fax number or email address on the enrollment form.
  • CTX Format – Corporate Trade Exchange is a NACHA format that incorporates multiple addenda records that are structured in variable length fields. The addenda records are the remittance detail for the ACH payment. The CTX Format is the suggested format as it is completely electronic and therefore the most efficient.

We recommend that you review the NACHA Format options with your bank or financial institution.

How do I sign up?

Complete the attached form and fax or mail to us as indicated on the bottom of the form.

ACH Enrollment Form