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On July 17, 2019, the Consumer Financial Protection Bureau (CFPB) released an updated advisory regarding scams targeting seniors. The 25-page advisory urges banks to report to the proper government authorities anytime suspicion arises that exploitation of …
On July 22, 2019, U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), the Federal Reserve, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and National Credit Union Administration issued a joint statement with …
When COVID-19 forced much of the world into lockdown it was unchartered territory for many, including Nacha Consulting , formerly Elevation Consulting. As it turns out, we’ve been busy in recent months, and noticed a common thread among our clients: they …
Nacha has approved eight new amendments to the Nacha Operating Rules governing the use of ACH payments. Many of the changes reflect a long-term strategy to modernize the ACH system, both through infrastructure improvements such as Same Day ACH; and making …
This time, it’s not optional. On July 1, 2020, the ACH Contact Registry opens for business. Unlike the existing voluntary contact database, participation is mandatory. A new Nacha Operating Rule requires all financial institutions using the ACH Network …
ORLANDO, Fla.— JP Nicols believes it’s time to “get serious about innovation”—although his definition of innovation might differ from financial institutions’. “It’s not just ‘innovation theater,’” said Nicols, managing director of FinTech Forge. He …
At 36 pages, the criteria for becoming a Nacha Certified Third-Party Sender “is a little daunting when you first look at it.” That’s what Becky Wagner thought—though she’s quick to add that Nacha helped at every step of the way. Wagner is a senior …
HERNDON, Va. , March 12, 2019 – The ACH Network set a record in February as volume exceeded 100 million ACH payments per banking day—an increase of 7.2 percent over February 2018. In each year there were 19 banking days in the month. Total Network volume …
In a recent interview with PaymentsJournal, Nacha’s Jane Larimer discusses how the ACH Network delivered stimulus payments on time. As part of the CARES Act, by the end of August, the government had distributed $270 billion in funds in stimulus …