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A new Nacha Rule that’s been in effect for just over a year is proving to be quite successful. The rule repurposed an existing, little-used return reason code—R11—to be used when an RDFI’s customer claims that there was an error with an otherwise …
One basic tenet of the Nacha Operating Rules is that an Originating Depository Financial Institution (ODFI) assumes responsibility for many warranties and indemnifications to each Receiving Depository Financial Institution (RDFI) and ACH Operator. Until …
On June 30, Nacha will implement three new rules: Supplementing Data Security: The existing ACH Security Framework Rule -- including its data protection requirements -- will be supplemented to explicitly require large, non-FI Originators, Third-Party …
You’ve got questions. We’ve got answers. Lots of answers. Four new Nacha Operating Rules take effect later this year, and your preparations should be underway. But questions are inevitable and Nacha is here to help. On June 30, 2021, three of the new …
Supplementing Fraud Detection Standards for WEB Debits As the ACH Network grows, part of that growth can be attributed to an increase in consumer payments made via the internet and mobile devices. With that growth comes a need to ensure account …
RMAG’s Considerations for FIs Regarding Their Third-Party Senders’ Compliance with Audit and Risk Assessment Requirements
Nacha’s new Third-Party Sender Roles and Responsibilities Rule changes come into effect on September 30, 2022. The overarching purpose of the Rule change is to further clarify the roles and responsibilities of Third-Party Senders (TPSs) in the ACH Network …
Changes are coming to the way ACH Network participants use Micro-Entries following approval of a new Nacha Rule —one you should be looking to adopt even before it takes effect. “We know Micro-Entries happen in the ACH Network and they’re a good tool for …
Phase Two of Nacha’s Supplementing Data Security Rule will be implemented June 30, and Third-Party Senders, Third-Party Service Providers, and Originators should be preparing for compliance. The Nacha Operating Rule requires that account information be …
With one new Nacha Rule just taking effect last month and two others right behind in September, Nacha has a wealth of new and refreshed materials to help you along. On June 30, Phase Two of Supplementing Data Security Requirements took effect, expanding …