Addition of U.S. Treasury to the ACH Contact Registry
This rule will modify the Nacha Operating Rules to allow the U.S. Treasury’s Bureau of the Fiscal Service (BFS) to participate in the ACH Contact Registry. This will enable financial institutions and BFS to more easily connect with each other regarding ACH payments and exceptions using correct contact information for ACH operations and risk management. Use cases include communications regarding improper payments or claims of non-receipt of ACH payments, and financial institution questions about ACH payments sent by BFS.
Technical
The rule is effective upon approval.
Nacha will work with BFS to define and implement technical requirements for its contact listings in the ACH Contact Registry, and BFS may begin participating as soon as it has developed procedures to support its use of the Registry.
Impact
The rule will not require operational changes for ACH participants.
Anticipated FI Benefits
The ability to add BFS contacts to the ACH Contact Registry will improve FI workflows and efficiency by enabling direct communications with appropriate contacts at BFS equipped to address issues and inquiries related to ACH Entries originated or received by the federal government.
RDFIs often turn to their Payment Association for assistance regarding ACH Reclamation procedures and the necessary documentation along with questions around suspicious payments due to a lack of accurate contact information within BFS. The ACH Contact Registry will serve as a critical tool to bridge this communication gap.
If an FI receives a call purporting to be from BFS, the FI will be able to validate the caller by calling a number listed in the ACH Contact Registry.
Anticipated Benefits for BFS
Utilizing the ACH Contact Registry will enable BFS to connect directly with the right contacts at financial institutions. This will be particularly valuable during the recovery of improper payments and investigating claims of ACH Non-Receipt (Trace Requests). The recovery process is very time-dependent, and typically a verbal exchange is the best method for communication between BFS and the RDFI. By obtaining correct contact information from the Registry, BFS will be able to not only reach the appropriate individuals but also assist the RDFI in verifying the legitimacy of the caller from Fiscal Service.
Additionally, if BFS reaches an FI and the FI believes the call may be a scam, the FI can validate the call by contacting the BFS representative at a number listed in the ACH Contact Registry.
Anticipated Impacts
Participating DFIs: This rule will not require participating DFIs to make any operational changes. DFIs may want to modify internal procedures to look up BFS contacts in the Registry as needed.
BFS: BFS will need to populate the ACH Contact Registry with specific contact information for personnel or departments able to respond to inquiries about ACH Entries it originates or receives. BFS will also need to determine whether to register contacts for additional personnel or departments.
