Understanding, establishing and maintaining sound business practices is the key to protecting your organization, so NACHA strives to provide the knowledge and resources needed to guide you in managing your organizational risk.
WEB Standard Entry Class (SEC) code transactions, or Internet-Initiated/Mobile Entries, are one of the fastest growing areas of Direct Payment via ACH. As more organizations look for sound business practices and solutions to offer WEB payment options, NACHA developed eResources to support businesses and financial institutions in implementing and using the WEB code.
These eResources will help organizations broaden payment options for customers of all types, realize efficiencies of electronic payments, and have necessary guidance to fully understand ways to address compliance, security and risk factors. They seek to expand knowledge and understanding among all stakeholders in the industry, supporting effective implementation of WEB transactions.
Payments-related regulatory guidance helps to ensure the security and efficient exchange of ACH transactions and other electronic payments. Regulatory bodies such as FinCEN, FFIEC, OCC and others issue and update guidance regularly, and it is important that financial institutions and other ACH Network participants are aware fof and understand the implications new regulations and guidance can have on their operations.
Today, fraud threats can take many forms. Threats and fraud can be perpetuated through cyber attacks, email compromise, account takeover, social engineering and even vendor impersonation fraud. While these threats are not about a direct compromise of the ACH Network or other payment systems, they exploit vulnerabilities or gaps in processes or procedures. NACHA is committed to helping financial institutions, businesses, other organizations and consumers protect themselves and prevent fraudulent activity.