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ACH Operations Bulletin #3-2024-Open Banking and ACH Payments: The Impact of the CFPB’s Personal Financial Data Rights Final Rule
Executive Summary On October 22, 2024 the Consumer Financial Protection Bureau (“CFPB”) released its final rule implementing section 1033 of the Consumer Financial Protection Act (the “Personal Financial Data Rights Final Rule” or “Final Rule”). 1 This …
Invoking the Exemption from the Funds Availability Requirement, and the RDFI’s Associated Notification Requirement
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 …
Nine Nacha staffers attended the Association for Financial Professionals' 2024 conference in Nashville, Tennessee, held Oct. 20-23. That’s more than 10% of our entire staff! Throughout the event, the Nacha team shared valuable insights on ACH payments and …
Nacha’s Payments Innovation Alliance Leads Industry Effort to Define and Shape the Future of Pay by Bank
Nacha’s Payments Innovation Alliance, a membership program that brings together diverse global stakeholders seeking to transform the payments industry, will address the question “What is Pay by Bank?” through a new project team open to all existing and …
The ACH Network is the backbone of the U.S. financial system and benefits consumers, businesses and government agencies. While many consumers are unaware of the name ACH, they are aware of electronic bank transfers, electronic funds transfers and similar …
There’s new functionality in Nacha’s Risk Management Portal that’s going to be very useful to financial institutions seeking more information on International ACH Transactions (IATs). Housed in the Portal’s Secure Exchange module, the IAT Exception – …
Nacha Wants to Hear from You on Rules Proposals and New Ideas on Same Day ACH and Other 'Faster ACH' Topics
Same Day ACH has been live since September 2016 and since its debut Nacha has consistently made enhancements to meet the needs of ACH end users. Nacha now has a proposal to better serve Same Day ACH customers in the West, plus a proposed change that would …
Nacha’s Payments Innovation Alliance Commemorates Cybersecurity Awareness Month by Releasing Materials to Educate the Public About AI-Based Scams
Nacha’s Payments Innovation Alliance, a membership program that brings together diverse global stakeholders seeking to transform the payments industry, has published new materials aimed at raising awareness of AI-based scams, including a new report, …
Nacha Announces LexisNexis® Risk Solutions as Preferred Partner for Official Registrar of Routing Numbers
RESTON, Virginia , Oct. 21, 2024 – Nacha is proud to welcome LexisNexis® Risk Solutions as the exclusive Preferred Partner in the category of Official Registrar of Routing Numbers. With its comprehensive and up-to-date routing data, LexisNexis® Risk …