Tag: Rules Compliance
Implementation Dates:
Nacha Rule compliance is often viewed as a necessary obligation, a box to check to satisfy auditor and examiner expectations.
SAN DIEGO—At a session titled “Achieving ACH Operational Compliance: Keys to Building a Strong Compliance Program,” Brent Phillips made a key point early on.
Last year’s car is undoubtedly just fine, as is the last iteration of your smartphone. But one thing that’s got to be replaced is an old version of the “Nacha Operating Rules and Guidelines.” Whether you have a paper book or online access, newer is more than just better.
As ACH volumes continue to surge, fraudsters have become more sophisticated, particularly in
Are you fully prepared to comply with the fast-approaching new Nacha Risk Management Rules? While it may seem like there is still ample time, the truth is that you should already be well into your readiness process.
As a senior consultant within Nacha’s consulting group, I observe that one critical area of non-compliance with the Nacha Rules is related to ACH authorizations. ACH authorizations are the foundation under which Entries may be transmitted through the ACH Network.
If the phrase “proof of audit” sends shivers down your spine, now’s the time to get your house in order, because Nacha is on the verge of ramping up enforcement.
NEW ORLEANS—It’s bad enough when anyone falls victim to credit-push fraud, but some cases really make Tim Thorson’s blood boil.
The Nacha Rules require financial institutions and Third-Party Senders (TPSs) to conduct Rules Compliance Audits and risk assessments of their ACH activities. The Rules also state an ODFI is responsible for all Entries originated through the ODFI, whether by an Originator or through a TPS.
Executive Summary
One of the new Rules that went into effect on Oct. 1, 2024, expands an RDFI’s voluntary exemption from the funds availability requirement of the Nacha Operating Rules. The Rule also requires an RDFI to take reasonable steps to notify an ODFI if the RDFI exercises this exemption.
It’s still early days, but Ross McFerrin sees great potential for pay by bank.